BIS: BTC is “Bubble, Ponzi, An Environmental Disaster”

The general manager of the Bank for International Settlements Agustin Carstens сriticizes about cryptocurrencies and "novel technology"
07 February 2018   303

The general manager of the Bank for International Settlements (BIS), the "central bank of all central banks," Agustin Carstens, severely criticized bitcoin and other crypto-currencies as unattractive technology and an inconsistent payment system. This is reported by CCN.

Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster.
 

Agustin Carstens

The general manager, Bank for International Settlements

He urged regulators around the world to put pressure on the cryptocurrency industry, so it did not undermine people's confidence in central banks. 

Authorities are edging closer and closer to clamping down to contain the risks related to cryptocurrencies. There is a strong case for policy intervention [intended to] safeguard payment systems.
 

Agustin Carstens

The general manager, Bank for International Settlements

In his opinion, if it does not deprive the industry of "oxygen", regulators will always be able to tip the scales in their favor. At the same time, Carstens said that digital currencies are actively used for illegal activities. 

Mt. Gox Trustee Can Sell 2000 BTC Soon

Possible sale of such a large batch can lead to a further fall of the bitcoin price
26 April 2018   167

Head of the Board of Trustees of MtGox, Nobuaki Kobayashi, is probably preparing to sell a new batch of bitcoins, this time at a rate of 2,000 BTC.

This assumption was made by the bitcoin-investor and the head of the Altana Digital Currency Fund, Alistair Milne. In support of his words, he brought to Twitter a link to the trustee's MtGox address.

Alistair Milne Twitter
Alistair Milne Twitter

Apparently, on the morning of Thursday, April 26, from the address indicated, 2,000 were transferred to another address. Some of the funds that were there before (8,000 BTC) were almost immediately expended.

Possible simultaneous sale of such a large batch can lead to a further drawdown of the bitcoin price.

Bitcoin Price Chart
Bitcoin Price Chart

Trading on Wednesday evening at around $ 9,000, on the night of Thursday, the first crypto currency continued the decline started yesterday, dropping at a certain point to $ 8,650. At the time of publication, however, there has been a slight increase - according to Coinmarketcap, the weighted average bitcoine rate at that time is $ 8 790.