Zillow CEO obfuscates bitcoin with delicious irony.
Spencer Rascoff, the CEO of the real estate marketing company, Zillow, was on Bloomberg recently. During this program, the discussion turned to bitcoin, and the direction it has been heading lately. Rascoff made the following statement:
I'm skeptical of bitcoin, I just think it's a, theres too much shadiness associated with a currency that's not maintained by some sort of government or central bank. And I think it will blow up at some point, with some big scandal where someone loses 50, a 100 million dollars, and I don't think it's going to be here in five years ~Spencer Rascoff, CEO Zillow
In general, it is good to be skeptical of new technologies; however, it's comical when absurd statements are made about a technology, that Rascoff apparently has no understanding of. Then, to link it to a government, and central bank, that have created, sponsored, and allowed the most vile forms of "Shadiness" in the last 50 years. Let's compare some of the finer points of the current government & central bank as it relates to "Shadiness".
- Debt monetization (QE or QEinfinity)
- Purchase of worthless mortgage securities to save member banks
- Removal of mark-to-market accounting (mark-to-fantasy)
- $1.2 Quadrillion worth of financial derivatives (current)
- 0% interest rates for banks
- Creating the largest financial bubble in world history.
- Revolving door between government jobs & investment banks
- PPT (plunge protection team)
- HFT (High frequency trading)
- $125 Trillion in national debt, unfunded liabilities included.
- S&L debacle (savings & loan)
- USD lost 96% of its value over the last century.
These are just a handful of the seemingly never ending list of "Shadiness" the central bank(s), and government have thrust upon the populace. The debauchery continues today, and one of the beneficiaries of the current status quo, is the real estate market. Is there any question why Rascoff would obfuscate reality when something like bitcoin challenges the foundation of the debt-based monetary system, his industry benefits from? What Rascoff, and others do not understand, is that bitcoin was created as a result of the current "Shady" central banks & over zealous governments. Bitcoin is the solution.
Link to interview can be found Here.