It confounds me when smart people fall prey to the scams. Recently learnt from a person that they sent money to an online site to buy crypto currency only to be shown in computer blips that their money has quadrupled in a day, the site entices the person to deposit more funds, after depositing 3500 USD the site is refusing to either buy currency or allowing withdrawal of funds. This is the scam site: http://coinbull.io/
There are 1000s of such site right now all over the world given 730 Billion Crypto market cap, and 40 Billion daily trading.
D-Day may be approaching sooner than I thought.
Questions and answers worth pondering:
What is the value provided by a crypto currency ? Exchange of black money or white without the bank fees (un-tethered to an individual/corporate identity).
How much does it cost to launch a new crypto currency ? Few thousand dollars.
How many crypto currencies can be launched ? Infinite.
How many have been launched? 1400.
Are their going to bet network effects like that in Facebook, Twitter ? No, Bitcoin the biggest will fall to less than 5% of global market cap, people are investing to play the greater fool game, not stay invested in it for their retirement. Its a quick casino gamble.
MCAP of Bitcoin relative to the other coins has already fallen from 90% to 30%
Don’t ask me more because I am the person who has missed three bull runs back to back. Technology run of 1990s, Housing run of 2003-2007, and this Crypto bull.
I was looking for PUT options on the crypto buy could not find on reliable brokers platforms.
Disclosure: No investment in crypto currencies. Views are personal notions and do not represent any organisation or company. Investment in stock market can (and many a times do) result in loss of principal capital.