This site has been warning people for the last 6 months not to buy BitCoin, it’s not just a bubble, and it is an almighty mega bubble like the world has never seen. But something happened yesterday that might make us change our minds. Mark Carney the Chief Entertainer at the Bank of England warned people against buying it.
But surely if he is agreeing with us this makes our warnings more credible – right?
No No No, Mark Carney is the worst Governor of the Bank of England in the history of the organisation. The guy is a clown; he is simply the worst predictor of events since the press labeled the Titanic unsinkable. If Mr Carney is telling people not to buy BitCoin, then maybe they should start to consider doing so because this guy has never been right. Not a single one of his predictions as Governor has come true, or even been close to being accurate.
In 2012-13 Mr Carney predicted that interest rates would rise, it never happened and this site told you that he was wrong as he was telling you. It was obvious that rates would not rise. Carney told you that should the British vote to leave the EU, mega-tsunamis would wipe out civilisation the day after the vote – Never happened.
We now find it rather troubling that Mr Carney is agreeing with us on something. He has said that BitCoin should be regulated; there is no chance that this can happen. It’s not possible to do regardless of his rhetoric. The best that authorities can do is to regulate the way people buy in and cash out of BitCoin. They can prohibit banks and credit card companies from allowing payments to be made to merchant account holders who are using it to transfer to coins.
This isn’t a foolproof method but it would cause people enough of an inconvenience that they will think twice about using these cryptocurrencies types. At the moment, because of the complexities of cashing in and out of the coin. Users can lose in processing fees something like 20% of their cash from just buying in and taking that money straight back out.
At the moment our recommendation is to still stay out of BitCoin, but we are watching it closely now that the Chief Clown has given his views.