The 'block chain' isn't worth billions of dollars - sorry.
While it's true that no one knows where the cryptocurrency markets will go (just as with any market), the blockchain solved an unsolved problem in computer science. The technology is worth an enormous amount. It is a new fundamental technology, similar to how fundamental TCP/IP technology led to the massive and diverse internet. A decade from now we will see large numbers of corporations and other entities using blockchain in ways we can't imagine today. It is worth $$$.
Topic: Let it be known this is all a scam (Read 147 times)
The 'block chain' isn't worth billions of dollars - sorry.
While it's true that no one knows where the cryptocurrency markets will go (just as with any market), the blockchain solved an unsolved problem in computer science. The technology is worth an enormous amount. It is a new fundamental technology, similar to how fundamental TCP/IP technology led to the massive and diverse internet. A decade from now we will see large numbers of corporations and other entities using blockchain in ways we can't imagine today. It is worth $$$.
On any stock exchanges, there is manipulation. From this you can not escape. Someone dissolves false rumors, someone buys a huge number of coins to market the pump. It's a lot of money and big boss games. Not only crypto currency involved in this. You can do it in many branches. Medications that do not help, but are heavily advertised, cost a lot, they are bought, but they are useless, etc. Scum is everywhere. However, in Cryptocurrency, this scam is only 20%.
You can't just manipulate prices "without paying a cent". And it gets harder to do so the larger the valuations become. The higher the Bitcoin price is, the lower the volatility will become as a much greater volume will be required to cause price movements in either direction.
In short, while there are still problems (like the Tether scam for example), it's not true that the prices can just be altered easily at no cost. Otherwise everybody would be in BCash now, since they tried to do just that and failed.
In short, while there are still problems (like the Tether scam for example), it's not true that the prices can just be altered easily at no cost. Otherwise everybody would be in BCash now, since they tried to do just that and failed.
Is anyone paying attention? If you're in it only for the money - sure, it can be made, but realize it is a game of musical chairs. If you're a "believer" - then I've really got nothing to say to you other than try to be a little more skeptical and hopefully you'll learn something.
Why am I saying this is all a scam?
Ever heard of Mt. Gox? Well, according to it's owner, it was "hacked" for quite a bit of bitcoins some years ago. Now, the owner did not disclose that 'the hackers' had stolen some 600k bitcoins (or whatever the obscene amount was) for some time. But during the time between the hack and when the hack was disclosed to the public - bitcoin went up from $100 to roughly $1k (then crashed when the hack was made public). (read up more about this here: https://cointelegraph.com/news/mt-gox-trial-update-karpeles-admits-willy-bot-existence)
What's so interesting about this story? Nothing.. except for the fact that Mr Karpales (owner of mt gox) - recently admitted to the japanese prosecutors that he ran some fake trading bots to artificially drive the price of bitcoin from $100 to $1000.. He said he did it in an attempt to cover the losses incurred from the alleged hack.
Think about that for a second. How could an exchange manipulate the price of bitcoin so much - and without spending a cent? Well, it's simple.. Exchanges are telling you what the price of bitcoin is going for. It's very easy if it's just 1 exchange.. If it's multiple, it would require some collusion between the exchanges..
Then you have guys like https://twitter.com/bitfinexed - pointing out obvious schemes and people really just don't care.
This is all bullshit, guys. The 'block chain' isn't worth billions of dollars - sorry. It's an unregulated market - think of those wolf of wall street guys in the movie. Or that ben afleck movie? In the stock market, pump and dumps are illegal (even if they do occur)
So, can you make some money? Sure. But you might as well go to the nearest casino and put it all on black or red at this point, because I think this bubble is about to burst.
Why am I saying this is all a scam?
Ever heard of Mt. Gox? Well, according to it's owner, it was "hacked" for quite a bit of bitcoins some years ago. Now, the owner did not disclose that 'the hackers' had stolen some 600k bitcoins (or whatever the obscene amount was) for some time. But during the time between the hack and when the hack was disclosed to the public - bitcoin went up from $100 to roughly $1k (then crashed when the hack was made public). (read up more about this here: https://cointelegraph.com/news/mt-gox-trial-update-karpeles-admits-willy-bot-existence)
What's so interesting about this story? Nothing.. except for the fact that Mr Karpales (owner of mt gox) - recently admitted to the japanese prosecutors that he ran some fake trading bots to artificially drive the price of bitcoin from $100 to $1000.. He said he did it in an attempt to cover the losses incurred from the alleged hack.
Think about that for a second. How could an exchange manipulate the price of bitcoin so much - and without spending a cent? Well, it's simple.. Exchanges are telling you what the price of bitcoin is going for. It's very easy if it's just 1 exchange.. If it's multiple, it would require some collusion between the exchanges..
Then you have guys like https://twitter.com/bitfinexed - pointing out obvious schemes and people really just don't care.
This is all bullshit, guys. The 'block chain' isn't worth billions of dollars - sorry. It's an unregulated market - think of those wolf of wall street guys in the movie. Or that ben afleck movie? In the stock market, pump and dumps are illegal (even if they do occur)
So, can you make some money? Sure. But you might as well go to the nearest casino and put it all on black or red at this point, because I think this bubble is about to burst.
Jump to: