The "BIG SHORT" doesn't see the VALUE in CRYPTOCURRENCIES - "More Old Guys Crapping on New Stuff"
I read this at first glance and I am still dumbfounded by the thought that this guy, one of the smartest people in the room, can't grasp the value of crypto. It literally makes no sense. In a world where people are constantly trying to commit fraud and hack identities, he doesn't see the value in a system (and/or systems) that have NEVER been hacked...
This is Steve Eisman.
He was one of the main character's in Michael Lewis' book "The Big Short", and was one of the guys on wall street who bet against the subprime mortgage crisis. He saw a pattern with the help of others and understood that what was going on could not continue to go on with the housing bubble and profited from it bigtime
The guy is really smart...and yet he does not see "Value" in the cryptocurrency space. This is what he said...
Eisman says, "I don't see the purpose of it. What value does it bring? Noone has been able to answer that question for me."
Well Steve, Let me dumb it down for you.
Cryptocurrencies allow for digital transactions to be sent, received, and transferred on a peer to peer decentralized, unhackable (until proven otherwise) network where there is no centralized authority and that is directly verifiable by anyone in the world cutting out the middle men who constantly fucks you in day to day life.
For someone to be so smart running hedge funds moving big money and to not see the value in this space tells me he is either trying to slow the space down so the older generations have time to catch up, or he got to where he is because of blind, dumb, luck.
The more I read about the hedge fund guys calling crypto rat poinson, and worthless, and have no value, causes me to be even more bullish than my 2017 $11,000 dollar call that I made in 2016.
It truly shows HOW FAR the world is still behind on this movement and to everyone in the younger generation who does not embrace this now for the next 5-10 years....it is your own loss...
Follow me on Twitter @heyimsnuffles
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Oh come on he is just speaking for his board of directors and protecting his own personal wealth...right?