Reading the posts in this forum, it could easily be seen that many of those who bought bitcoins don't know what they are doing. They act only because they have been influenced by all the talk about how great bitcoin is - about blockchain, hashrate, proof-of-work, 256 bits private keys, difficulty level, SHA256, 21 million limit... - how it could end world hunger, put wealth into every creature on earth...the greatest creation in mankind's history since Eve was created from a rib bone plucked from Adam's,...
Seeing your history translates it to you thinking and defining Bitcoins as a Pyramid scheme itself, the way Dimon said.
There's nothing wrong when you say that, as everyone has their own thinking and it differs from point-to-point.
Let me evaluate those words which ^influenced^ everyone here.
Blockchain is the best technology that could eradicate corruption from almost every field.
Hashrate is the mining power that's generated through combination of internet, electricity and mining equipment to generate bitcoins and run blockchain. PoW is the "type of protocol" miners need to follow (for Bitcoins) in order to generate it.
Private keys are something without which we hold nothing even if we have more than 1k Bitcoins on an address that's possessed by an exchange.
Difficulty level is the level that determines the current difficulty of the "mathematical problem" that mining power needs to solve.
SHA256 is the algorithm on which Bitcoin works. 21 million total Bitcoins will ever be mined.
Now, who compared Bitcoins to the world's "greatest creation" in mankind history? Satoshi never told Bitcoins would end world hunger, but it can at least give you something as an "extra income" to pay bills or buy some grocery for a few days of the month. Those who earn it, know about the potential as well as value of it.
Investment is almost the same as speculation and the difference is only a fine line. Unless you explicitly do not "invest" for profit, the medium of investment is immaterial; you go where there is the most profit in the shortest time frame. If coffee futures will make you a 1000% profit in a year, go for it! Only don't do Heroin futures, etc.
Everyone invests for profit as "investments" are meant to be bound by expectations that it will yield us something in the future, which makes speculation directly correlated to it. If you were at my place, wouldn't you buy the same coffee futures you told us to, when you know (or have some insider info) that it will yield you a 10x profit in short term?
Success as an investor means timing - ability to read signs and to pick highs and lows relatively well.
The only line that impressed me as well as the real truth.
