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Director of the Netherlands Stockholder’s Association Paul Koster seems to have something against bitcoin, and is calling for a full, legitimate ban on the cryptocurrency.
Koster argues that due to the recent price drop bitcoin is just too unstable, and he warns financial institutions and banks to avoid it:
“These volatile Bitcoin price fluctuations prove that this market is not supervised and/or regulated by any government or institution. As a result, it is impossible for banks, consumers, investors and retailers to estimate the potential risks of getting involved with Bitcoin.”
The director went on further to explain his distrust of bitcoin, saying:
“I really can’t understand why a newly-developed financial system outside of our current legal financial model is legitimate. I do understand technology is advancing at an accelerated pace, but I strongly feel central bankers should be wary and reluctant about getting involved in ‘other’ financial systems. In fact, it would be better if they prohibited Bitcoin immediately.”
Many seem to feel that Koster simply doesn’t understand bitcoin. Investments are usually risky no matter what, and as any professional investor will tell you the higher the risk, the greater the potential return. In the case of bitcoin, the price hasn’t always been bad. Many recall one of its highest points at the end of 2013, when one bitcoin was worth over $1,000 USD.
What do you all think? Does Koster have a point, or is his bitcoin knowledge limited? Post your thoughts and comments below.
bks3bks 
Zyo 
Bitman 
Miguel Arapahalise 
Nicolas D. 
Bitcoins and Gravy 
Ronald 
Eric K 
Sounds like he does understand bitcoin. –bks
Yeah banning Bitcoin is like banning bittorrent in some way. Will be illegal for banks but anyone to really want to use it will be able too. Those kind of action just reinforce the idea to go in a full end-end encrypted web.
When the price is moving up to fast, it’s a ponzi, when it’s going down it’s a bad investment. The Bitcoin experiment is 6 years old, nobody forced nobody to participate in it.
best comment. kudos!
if there were no other currencies the volatility would be meaningless
Given the same argument,
First question:
Why bad performing stock should not be banned ? Why not oil ?
Second question:
Why the euro should not be banned ? (it is crashing)
Third question:
If people starts to distrust central bankers, on what moral principle should they be obliged, by law, to trust them ?
He’s just a tool and a puppet for men who are much more powerful than he is.
Ignore him.
Oil price dropped,… We must bann therefore oil!!!???
Indeed Paul Koster does not understand Bitcoin nor bitcoin. (Yes there is a difference). If it was for him we would still cocking our meals on wooden fires. Please Mr Koster before you make any more silly remarks, as a chairman look into the technology of cryptocurrencies. I ended my subscription of the VEB…