Tuesday, January 2, 2018

Hamodia: A Discussion about Bitcoin "Short on substance and large on Flash and Glitz"

From the Hamodia Financial Event The New Tax Law and Bitcoin: What You Need To Know: Watch Video Below.
Why are Heimishe people more susceptible to these scams?

Rabbi Issamar Ginzberg,(see video below minute mark 1:14:00) renowned marketing strategist and Hamodia columnist, gave a characteristically lively and humorous 20-minute presentation, punctuated by some attention-grabbing visual gags, laying out in brief how bitcoin works. He also gave some insight into psychological factors that, in his view, are contributing to the popularity of bitcoin and other cryptocurrencies. In sum, his experience and understanding led him to the conclusion that bitcoin is short on substance and large on flash and glitz that are enticing many to jump onto something they don’t quite understand.

Mr. Naftali (Mark) Horowitz, (Video 1:33:45) managing director and financial advisor at J.P. Morgan, followed, and spoke in even starker terms about what he deemed a scam in the tradition of many schemes and cons that have befallen the world at large and the frum community in particular. He cautioned against the human tendency of confirmation bias, seeking information that only confirms a rosy view of reality without taking opposing views into account. And he insisted that to purchase bitcoin, with no product or revenue stream behind it, cannot be deemed an investment but is mere speculation, akin to seeking profits through gambling. He called for potential investors to follow the example of Warren Buffett or JPMorgan Chase CEO Jamie Dimon, who have both said purchasing bitcoin is a bad idea, and advised, instead, to pursue sound, long-term investments. Read More at Hamodia.com

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