Max Keiser ‘Bitch-Slaps’ Bob Geldof on Bitcoin

Sir Bob Geldof Warns Bitcoin ‘Simply Won’t Work’

“You can’t just have a free for all. It just won’t work because we will form structural organisations within that as it’s the kind of thing we do.”

“You couldn’t have a system that deals with value through cash or money or any other value system. It won’t work. Bitcoin is a type of that, It simply won’t work. Nice but it won’t work.”

Based on his flimsy argument, methinks Bob is probably one of the incoherent shrieking trolls one often finds shrieking here! Alas, Max had this to say:

Journalist Max Keiser, a major Bitcoin evangelist, reacted scathingly to Geldof’s assessment of Bitcoin.

He told HuffPostUK: “The Bitcoin revolution is happening with or without Bob Geldof or Russell Brand.

“When I interviewed Bob on my radio show in Paris a few years back, I asked him if he thought he had enough basic knowledge about economics to make weighty proclamations and he said, “Yes,” wherein I asked him a very simple question that any first year economics student would know; ‘what is the relationship between interest rates and bond prices” and he hadn’t a clue.

“If you listen to Russell, it’s clear he is equally clueless when it comes to economics and finance. So to ask these guys what their opinion is on Bitcoin is a worthless exercise, it’s like asking a blind man his opinion on a Turner.”

35 comments on “Max Keiser ‘Bitch-Slaps’ Bob Geldof on Bitcoin
  1. gussy says:

    A suggestion. Invite Bob Geldof (we Irish don’t recognise titles) on your show, and give him a good larruping.

  2. James Brown says:

    Cue the ‘interest rates and bond prices relationship’ DuckDuckGo searches…

  3. Nat says:

    Well, this is the final nail in the coffin of BitCoin!

    Still, without reading what either of them actually said, there is nothing here to explain what they mean by “it won’t work”.

    They are right in some ways, that “it won’t work” if they mean replace the dollar or they mean be a decentralised currency with no controls by anyone.

    Already it is headed towards that tip-over point of 33% control where a couple of mining pools are close to the magic 33% share that allows them to influence the blockchain – it’s no longer 51% folks after some university research looked deeper into BTC.

    Gavin Anderseen (whatever his name is), one of those handed developmentaly control by Satoshi has said how BitCoin will HAVE to be centralised to handle the blockchain. That centralisation will no doubt require organisations and the very control structures that Geldoff says humans tend towards. I’d agree…

    If it were to tend to replacing the dollar then I’m afraid that will only happen with people controling it..

    It’s boundry-less features, low costs, inability to be cut off from it (like PayPal does) and crypto ledger will succeed though in some form or other.

  4. Hegelian Dialectic says:

    Indeed. Bob’s views on Bitcoin are every bit as retarded as his views on climate change. Re: http://www.dailymail.co.uk/news/article-2446613/The-end-world-nigh-says-Bob-Geldof-predicts-climate-change-wipe-humans.html Buy-the-by, I hear you like apples. How do you like THEM apples?

  5. @gussy – he’d NEVER appear on the Keiser Report cuz he’d never want to be told something like that . . .

  6. Nat says:

    Basically, whilst it remains small (look at the tiny amounts traded on MtGox in between pumps and dumps) it can fulfill every dream..

    As it gets bigger, those dreams start to fall apart and big compromises have to be made. Who makes those compromises? Groups of people, commitees .

    Or perhpas those who have spent a while positioning themselves as influential in BTC with big BTC holdings – I suspect that is many people’s motivations anyway, to be the new feudal lords of a small pond.

  7. Enviro mental says:

    incoherent indeed.
    he should be asked to explain what a bitcoin is.

  8. jk says:

    @Nat

    “Already it is headed towards that tip-over point of 33% control where a couple of mining pools are close to the magic 33% share that allows them to influence the blockchain – it’s no longer 51% folks after some university research looked deeper into BTC.”

    it is the number of nodes that store the transaction log, computing power is about mining really. authors/universities/people claim lots of things. is the research published, as in peer reviewed? even if it is, i have lost count of peer reviewed papers that are questionable at best to outright false.

    the only way to prove it is to go ahead and corrupt the blockchain instead of claiming it is possible. you need alot of computing power and a majority of nodes to rewright the blockchain (virtual machines maybe?). it’s financially impractical, you would be best off putting that computing power to mine; it’s a large investment to try and corrupt the blockchain and you would not get a financial reward as confidence would be lost. not matter what, people don’t invest time or money for no return; unless it threatened TPTB…

  9. Rioting like a chimp says:

    Agree with the haven’t got a clue comment re economics. I think the day the central planners announce on mass media that someone will be sent down for BTC tax evasion since they can track the blockchain then it’s all over. The whole BTC is a commodity ruling is to strangle it to death and support the fiat paper currencies.

  10. Hutch Hutchison says:

    He’s absolutely right, bitcoin is garbage cluttering up your hard drive.
    I can help with that, simply dump all your worthless trash bitcoin to this address –

    17kPfcLkdh7DbCBXrCgVd8ocnMa7ni8kKQ

    – and you can free up valuable hard drive space again.

  11. Nat says:

    @Hutch Hutchinson

    Then you still have the wallet.dat taking up the same space!

    Just delete it and destroy your private keys forever, wipe from memory.

  12. Nat says:

    @jk

    The incentive is to be able to mine more than their fair share. We also have Alaistaire Carnegie on here talking about having found a way to mine faster than normal. This is a different thing though.

    Here is the Cornell University research paper:
    <a href="http://arxiv-web3.library.cornell.edu/abs/1311.0243v1"http://arxiv-web3.library.cornell.edu/abs/1311.0243v1

    But then here is some educated talk disputing the findings:

    http://bitcoin.stackexchange.com/questions/12014/is-the-finite-blockchain-idea-secure

  13. Nat says:

    @jk

    The idea being that any group able to mine faster, more than their fair share, will attract further miners into the group until that group becomes the majority..

    At that point, BitCoin ceases to be de-centralised before it needs to be and therefore effectively run by this majority group.

    I guess that is the kind of idea that B Geldoff is talking about, that some self-interested people – should there be any flaws in the BitCoin to allow it – WILL group together for their own gain in order to be rulers of BTC! Human nature and all that.

    Same as in science-fiction, post-appocalypse imaginings like Day of the Triffids, Mad Max (!) etc with a divided populace all fending for themselves game theory says you’re better off forming groups, collectives from the outset.

    Decentralisation might not really work – too much incentive to team together and be pseudo-decentralised until you just end up with say a duopoly or people running different versions.

  14. Nat says:

    Of course, people like Stacy might be saying “it’s already happening, they’re already wrong!” but we won’t know until a lot of time has passed – it’s all just hope and belief for the moment.

  15. Boy it can and is working!

  16. Brian Deed says:

    I threw mud at him, glastonbury festival, he said ‘If you don’t stop throwing mud me and the boys are off’ he’s a pussy.

  17. jk says:

    @Nat

    Thanks for the link. Paper appears submitted but not accepted. If I am not mistaken you can’t just go mining like it’s going out of fashion. Inflation in terms of newly issued bitcoin is controled in the protocol. The faster new bitcoin are being mined the harder the blocks/algorithm become to solve. Otherwise all would be mined before 2140. Surely, unless the price goes through the roof, it will not be financially viable as cost will escalate? Let’s say it happens, confidence will be lost in bitcoin and the large pool will not be financially rewarded. Agreed though, the diversity of characters on this planet can be surprising.

    I don’t think much of that bob imbecile.

  18. jischinger says:

    Oh the irony, here’s a guy whose made an awful lot of money off the poor while the poor have gotten poorer

    that’s got to tell ya something, and the fact that he accepted the title Sir… how different is this guy from Sir Jimmy Savile?

    Geldof is fully and completely invested in the system.
    Brand, as it turns out, found a profitable gimmick.

    This is what the left needs to wake up to.

    Those who think these now very wealthy people are speaking up or representing your best interest are in fact making big paper, living large off of speaking up and pretending to represent your best interests.

    These are the so called “liberals” of the worst kind – hypocritical profiteers.

    The sad fact is, you’re on your own; the popularity of bitcoin exemplifies that.

    I’ve come to the conclusion that we are all living in an endless Scorsese flick and if you’re not careful or fail to fall in line you’re gonna get whacked.

  19. Tamir says:

    Great. Continue mocking (some) of your readers. That will bring you far. The facts are much more simple that you can grasp: Air is air is air is Bitcoin. Goodnight.

  20. Tamir says:

    A short survey: how many of you are suicidal (as in actually dare to _own_ virtual currencies) ?
    I think they are legitimate means of exchange (not by governments of course). I would not ban then, but fucking tax then. No reason not to tax virtual currency exchanges like any other. Then we’ll see.

  21. Blah Blah says:

    Relationship between interest rates and bond prices?
    As bond prices fall QE goes into overdrive.
    Geldof has always been a self serving vain bellend, just ask Midge Ure. Not sure of the validity of this piece, talentless pop star makes comments on crypto-currency. That is a bit like asking Wayne Rooney to comment on Cartesian Dualism.

  22. JB says:

    I don’t think Bitcoin is a Currency, it’s more like a hedge against Fiat Currency. It’s value is determined by how much people want to pay and the value of their Fiat Krap. It has no value of it’s own.

  23. jischinger says:

    @Tamir let’s tax a trade every time one is made on the stock market

  24. Dread Astair says:

    I tap dance for bitcoin. Watch this…

    Tip tap, clickety clickerty c-c-c-clickety tippety tap.
    A-tap a-tap a-tap a-tap a-tap-a-rappety-tap.
    Tip-a-tap-a-click-a-clack-a-tippety tippety tap.
    Tip-tap tip-tap tip-tap-tip tap-tip tap-tippety-cerlack.

    Thank you thank you, donations in the hat please

    1F4uLdQU8hDdnuSqLpSuCffZSkeKdJhBFy

  25. Hutch Hutchison says:

    @Nat

    “Then you still have the wallet.dat taking up the same space!

    Just delete it and destroy your private keys forever, wipe from memory.”

    Don’t say that you bring up painful memories.
    Let’s just say that 21000000 coin cap is not an accurate number.

  26. Hutch Hutchison says:

    But I might have a bounty for anyone who can retrieve fucked up keys.

  27. LoungeLizard says:

    Bob, obviously, didn’t get in early enough. I wonder what would happen we all offered to donate to one of his ‘Charitable causes’ via Bitcoin. I bet it would work then…

  28. boogoo says:

    MAx isn’t any better than the people he points his finger at ..His head is just as far up his own ass as the people he critics..Keep reading your own press Max and deleting anyone who disagrees with you..nice pump on the quark by the way..just as good as your SLA scam! Once a wall street crook..always one!

  29. Fred says:

    He hadn’t a clue! I’m sure he still hasn’t a clue, poor guy.

  30. LL WTF Cool Jim says:

    “Surveillance and secrecy will never be attractive features of a democratic government, but they are not inimical to it, either”

    This is quite well written and interesting. Thought you might find it a good read Stacy.

    http://www.newrepublic.com/article/116253/edward-snowden-glenn-greenwald-julian-assange-what-they-believe

  31. boogar says:

    AND TO ADD…How much have you done personally to help the poor of the world HANDS ON!! Bob has done more and given much more than anyone I have seen in the public space…Maybe shut your big mouth and get out and DO something for those in need Max..

    or just go and work on your next pump and dump scam!

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