Quote:
Originally Posted by jscott
There are greedy & there are stupid, you sir are both
- greedy: you support traditional finance aka fiat currency which steals value and time, through inflation, from unknowing citizens, usually this theft from people who already poor and less educated. 
- stupid: you repeatedly criticize a technology, asset, a money, that you are unwilling to understand. This is ignorance at its finest. |
I understand it, and see it has great use.
However the mistake people have made is to see it as a quick way to make a quick profit.
Its a bubble like all bubbles. Like all these bubbles, people believe and claim this one is different because of xy and z.
Like all bubbles, those who make money, buy at the start, then sell high, even if the price may go up. They sell and move on.
Most people buy when things get more expensive, and rather than sell, will hold on hoping it gets more value. But greed stops them selling. Then when it crashes they loose.
Nor does it have any connection to anything of worth. Plus there are many many crypto coins. You can set up a few thousand crypto coin yourself.
The real money makers are those who set up the coins, and one suspects have found ways to artificially keep the coins rising in value.
The great problem too is trade. If you can find a moron who will trade (sell) you something in exchange for such coins, then great. But I would be surprised if firms would give you hard cash in exchange for such coins, when next day they could be worthless.
But then again, we live in a world of very stupid people who seem to have vast amounts of money to pee away with no problems at all.