I had lunch with a friend who is familiar with financial markets. We talked for a while and then I asked what she knew about BITCOMs. She said, "Not a thing but I'll ask the hot shots in my office."
Throughout the ages people have used false claims in hope of enticing us. Whether it was a Circus Pitchman promoting an illusion, or a speculator selling worthless land or a financial wizard offering a double our money back opportunity, we are taken in by colorful characters and their offers.
Now comes the "First Exchange-Traded Fund for BITCOMS." Described in the New York Times Business News Section on July 2 as "an alternative crypto-currency that exists outside the realms of governments and central banks - a virtual currency."
The article sounded like the same kind of thinking that conceived the scheme for hidden derivatives
which caused the financial havoc that is still with us. I sure hope not!
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