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SOBRE LIÇÕES ANTIGAS, CRIPTOMOEDAS E A BUSCA DO FUNDAMENTO DAS COISAS

"No entanto, o dinheiro é somente uma ficção e todo seu valor é o que a lei lhe dá. Caso mude
a opinião dos que fazem uso dele, não terá mais nenhuma utilidade e não proporcionará mais
a menor das coisas necessárias à vida. Mesmo quem tivesse uma enorme quantidade desse
dinheiro não obteria, por meio dele, os mais alimentos necessários à vida.

Ora, é absurdo chamar de riqueza uma coisa cuja abundância não impede de se morrer de
fome; prova disso é o Midas da fábula, a quem o céu, para puni-lo de sua insaciável avareza,
concedera o dom de transformar em ouro tudo o que tocasse.

As pessoas sensatas, portanto, colocam em outro lugar as riquezas e preferem (e nisto estão
certas) outro gênero de aquisição."

(ARISTÓTELES, Política, 323 a.C.)

"A maior bolha da história humana, a mãe de todas as bolhas, está desabando."

"Existem mais de 1300 criptomoedas ou operações de oferta inicial de moedas, e a maioria


delas é ainda pior do que a mais conhecida. Isto constitui uma bolha com o poder de duas ou
três."

(NOURIEL ROUBINI, The Guardian, 2018 d.C.)

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Bitcoin and its rivals offer no shelter from the storm


http://econ.st/2Ex1NsG

The bitcoin bubble


https://t.co/IC43OAZ9Vl
The Rise and Fall of bitcoin
http://econ.st/2EPVbSD

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Bitcoin biggest bubble in history, says economist who predicted


2008 crash
02.02.18
The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of
bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and
destined for a crash.

Nouriel Roubini, professor of economics at New York University, said bitcoin was “the mother of all
bubbles” favoured by “charlatans and swindlers” as it fell below $8,000 (£5,600) early on Friday,
marking a 30% drop since the beginning of the week as investors became increasingly twitchy
about a clampdown on cryptocurrencies by regulators. Later it rallied, climbing back over $8,600 by
3pm (GMT).

Bitcoin has lost more than half its value since hitting a peak of near $20,000 in the week before
Christmas. Dubbed “Dr Doom”, Roubini said the sharp fall was the beginning of a crash that would
see the value of the digital currency plummet “all the way down to zero”.

The latest sell-off follows reports that US regulators are investigating whether the spike in the price
of bitcoin in 2017 was the result of market manipulation. India’s finance minister said the country
did not recognise the cryptocurrency as legal tender, pledging to fight their use for “illegitimate
activities”.

Digital currencies have also been hit by the news that Facebook is banning all adverts for
cryptocurrencies. Ethereum, ripple, litecoin and other digital currencies all suffered double-digit
percentage falls on Friday as investors took fright.

“Policymakers and regulators are getting worried. Pretty much every G20 policymaker is talking
about a crackdown,” Roubini told Bloomberg Television. “We can’t allow it to become the next
Swiss bank account for use by criminals and people evading tax.”

He added that the 1,300 cryptocurrencies or initial coin offerings currently in existence were “a
scam”. “Most of them are even worse [than bitcoin] and don’t have any intrinsic value like bitcoin.
So if bitcoin is a bubble, it’s a bubble to the power of two or three.”

Critics have warned that bitcoin has all the hallmarks of a classic speculative bubble that could
burst, like the dotcom boom and the US sub-prime housing crash that triggered the global financial
crisis. Last year it rose in value by more than 900%, making it the best performing asset of 2017.
Robert Shiller, the Nobel prize-winning economist, said last week that while bitcoin was a “really
clever idea”, it would not become apermanent part of the financial world.

“I tend to think of bitcoin as an experiment. It is an interesting experiment, but it’s not a


permanent feature of our lives,” he said, speaking at the World Economic Forum in Davos.

Bitcoin is not recognised by any central bank and currently allows people to bypass banks and
traditional payment methods to pay for goods and services. Banks and other financial institutions
have been concerned about bitcoin’s early associations with money laundering and online crime,
and it has not been adopted by any government.

However, the spike in the price is forcing regulators and institutions to consider how to respond.

Jon Cunliffe, deputy governor for financial stability at the Bank of England, has said that bitcoin is
too small to pose a risk to the global economy. However, he warned that investors should “do their
homework” before backing the digital currency.

“The wheels are coming off the bitcoin bandwagon,” said Neil Wilson, analyst at ETX Capital. “The
regulatory crunch appears closer than ever and sooner or later this market could be headed back
down to earth. Selling pressure at the moment is intense as there has been nothing but bad news
for bitcoin bulls of late. Trying to catch the falling knife is a risky game.”

Article Credited to The Guardian