Monday, October 16, 2017

Gary Shilling will not invest in Bitcoin

Gary Shilling talks to BusinessInsider on why is not investing in Bitcoin.

It's a black box and I'm not a believer in black boxes. I recently met with a friend of mine, a West Coast venture capitalist. He was very early on this. He's made a lot of money on this and so on. I cornered him at a cocktail party and I said:
"Now listen, I want you to explain to me what this really is." 
"Well you know, ok it's a controlled deal and these miners. There's only so many of them."
And I said: "How about the guys behind this?" 
"Well you know nobody ... well we think we know who he is." 
Actually back in the ... Back in the South Sea Bubble, which is one of the great speculations. And there's a book by a guy named MacKay. It's a classic book. But he describes in there the South Sea Bubble, which was one of the great speculations. And this one guy comes out, puts an Ad on the paper, he said:
"Great discovery, wonderful investment, but I won't tell you the details." And a lot of suckers in London invested in this. And the last line was: The guy collected all the money, closed up, left for the continent that evening never to be heard of again." 
Similarities of South Sea Bubble and Bitcoin ?

I'm just very suspicious of things that are not transparent. If I can't understand it, I don't want to invest in it.