re: The Cryptocurrency & NFT Thread I am surrounded by BitCoin investors. Out 10 people, in my team, 8 are invested into crypto currency. I am the one of two who is keeping out of this game. Daily discussions run around this topic and through these discussions I found that all these 8 people are Monkey investors, I call them monkey because they do not know anything about economics but they are following and guided by one big time crypto investor. The one big time investor had made more than 1 crore of wealth in crypto currency. Others have bought dream of Crypto currency is the future.
I am staying away from this sham because my sense says that this is not the future. Definitely, Crypto has potential to replace Gold Standards for currencies, but there is no currency today which is relying on gold standards. Everybody moved away from Gold Standard because Governments wanted more control. And there no substatial reason that world will move again to Gold Standard from Fiat Currency. So I assume that there is no chance for Crypto Currencies as well.
Now logic of having thousands of different crypto currencies, Altcoins is not adding any sense. If you want to bring one crypto to replace Gold standard then why are you having thousands of altcoins.
One more illogical point I see in crypto that control of currency. Fiat Currencies, share markets are controlled and regulated by Governments. But cryptos are controlled by developers. Who are they to decide the future course? basically they are really powerful people these days. They decide when to do hard fork, when to upgrade algorithm of blockchain and in turn control the trading market situations. If they want they can bring all investors to their knees. They can ruin the life of many people in one stroke.
If this is scene according to my understanding, then I do not understand why people are investing in it. Aren't these simple things eveybody should understand. Many people are invested because they want to exit the right time. And definition of right time is the problem and they remain invested forever due to their greed. Their greed is making them to invest into crap currencies which are increasing 10 times in a day, sometimes falling.
I believe that value is going to increase further and increase a lot. But the day it starts falling, it will become zero. The day it starts falling there will be no buyer. It will behave same as penny stock. I always try to warn about this to friends but no use. Because you never know when is the peak and when is the time, it could be now or it could be several years away.
Edit: I get lot of queries from my rural friends about bitcoin. And these friends easily buy the dream of overnight Millionaire. I am really afraid of these people, what will happen to them if this turns out to be bubble. One question really comes in my mind, is Government Really sleeping? Why are they waiting for catastrophe failure? Same questions I always get when I see QNet MLM thing. Money is going out of India just like that. Are we waiting for economic disaster?
Last edited by sushantr5 : 4th December 2017 at 16:12.
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