Bitcoin is “Enron in the making”

Billionaire Saudi Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, expressed skepticism about cryptocurrencies in an interview with CNBC on 23 October, warning that bitcoin was like “Enron in the making”.

Prince Alwaleed, whose company invests in major U.S. companies such as Citigroup and Twitter, said a lack of regulation made such cryptocurrencies risky.

“I just don’t believe in this bitcoin thing. I think it’s going to implode one day. It’s Enron in the making,” he said, referring to the U.S. energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud.

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I fully agree.  As strutured there is no way BitCoint can survive long term.  Theres no assets behind it.  It all built on good will.  Good goes away fast when someone starts figuring out how to make fake currency .