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Cryptocurrency a scam?

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by Bryan James, Aug 30, 2018.

  1. Bryan James
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    I manage a few investment portfolios for clients and read up on business models and financial statements all the time. Personally, I'm a value investor and suggest the same for clients if they have enough money to "play" with. I am fully aware of people getting very rich off of cryptocurrencies and it's constantly being touted as a great way to make money. I've done extensive research on it, especially Bitcoin, and still find myself very weary and distrustful of it. Warren Buffet says to stay the hell away from it and Jordan Belfort, a scammer himself, has called it a scam. I know that both of these sources have been wrong before and their beliefs are not the gospel truth, but what do you guys think of cryptocurrencies, in particular Bitcoin? I'm curious. Thanks.
     
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  2. kelvinfernandezm
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    kelvinfernandezm Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Bitcoin and the major coins are not scams. They have teams behind them working on them and they have a purpose.

    That been said there is a lot of scam coins out there. There are over 3000 different cryptocurrencies. Most of them are scams because anyone can create a new coin. They create a coin, hype it up to get it in a reputable exchange. Once it gets listed on an exchange it gets pumped than immediately dumped.

    Honestly I wouldn't listen to the old timers regarding cryptos. The technology is too new and it's just getting started.
     
  3. Chinobey
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    A little over a year ago I joined this forum I have not been very active at all but I started as a kid with less than 3 figures and have made it to well over 5 figures since then something I never imagined being possible at this age. A ton of cryptocurrencies are scams but the top 25 at least are genuine and have a long way to go imho just do research on the coins is the developer active do they have a github etc. and decide for yourself but definitely better to get in sooner rather than later.
     
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    FYI: Just because $X,XXX turned into $XX,XXX doesn't mean something isn't a scam. All ponzi's start that way. Not saying cryto is a scam, just pointing out that a "return" doesn't validate anything.
     
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  5. The Abundant Man
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    I have no idea how they work so I never bothered.
     
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    Chinobey Contributor Read Millionaire Fastlane

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    Yes very true probably should have worded it better, whilst it could be seen as a scam there is still huge potential to make money from it if you research and invest/trade wisely. My best ever trade was a coin that is essentially a scam it was just a cash grab that serves no real purpose but the opportunity to make money was still huge. So while thousands of them may be 'scams' does not mean money cannot be made.
     
  7. Timmy1990
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    Timmy1990 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Cryptocurrency and blockchain technology is in now way a scam.

    In saying that it is a new space and there are alot of scammers in that space as it is new they take advantage of the fact people don't know alot and can create scam projects.

    Like when the internet came out in sure there was alot of scam internet companies.
     
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  8. Maxboost
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    Cryptocurrency is a religion at this point.

    So far no one has been able to refute Jordan Belfort's argument. It usually leads to Ad Hominem and Straw Mans. If you know his main arguments search everywhere for a counter refutation...You can't find a good one which is all you need to know about Crypto.
     
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  9. Maxboost
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    This is a bad way of looking at things and very typical of millennial mindsets. These old timers have seen it all and their main arguments are very good.
     
  10. Timmy1990
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    Timmy1990 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Crypto has always been a controversial investment choice, I always look at these types of investments on a risk reward ratio, and the risk is Weth it to have a small holding in the space, I don't get how anyone can argue that the tech is not legitement.

    So let's see put a couple of thousand in a sh*tty index fund or stock with minimum upside, or crypto I chose crypto.
     
  11. bringitnow28329
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    In November and December 2017 the whole world was interested in Crypto as BTC was hitting an extremely over extended range at 20k. People call it a scam because it dropped but what they don't understand is that asset prices don't just go straight up. Even in bubbles you need the bubbles to pop or at least temporarily deflate (which is what has happen between January and August 218) to entice new market participants. Cryptocurrencies are like commodities which don't pay dividends and don't generate any profits and for that reason their only method of growth is through price appreciation. They are 100% based on supply and demand. The general public does not understand what this means. Only traders really understand that even though the underlying technologies behind some of these cryptos could revolutionize, at this point in time, besides using them for purchasing illegal goods, there only real purpose is to be used as a trading a vehicle. A trading vehicle is how traders take money from the pockets of either other traders, or the uninformed and under educated. It really doesn't matter whether it's a stock, a bond, a futures contract, a currency, etc. Real traders analyze statistics and other metrics which help them to quantify optimal times to be involved, either long or short, in risky assets. It is only at these times that it makes financial to participate in something like a volatile cryptocurrency because this is when they become more predictable. A person with no trading experience or market knowledge with think there is no such thing as predictability but the reality is pattern occur day in and day out in the financial markets in all types of assets. This is because of both basic human nature and also computer algo's which are programmed in a specific way. Asset prices are not based on rational reasons. The bottom line is it doesn't matter if you think cryptos are a scam. Sure there are many lower priced ones just like there are many scam penny stock companies, but it doesn't make a difference if you understand that you can't compare a crypto to something like buying and holdng Apple stock. Apple can be volatile. It can go through earnings, miss it's whisper number and drop 10% in seconds. Crptos are more volatile and can drop 10% on a daily basis just because traders are using them purely to make money in the short term.

    The bottom line: There is a huge difference between and investment and a trading vehicle. If you invest in something volatile like a crypto then you need to be fully aware that there's a good chance you will lose all your money. If you invest in Apple stock there's an infinitely small chance you will lose all your money, but you also are never going to earn 50% in one day as you could potentially experience in a crypto. Everything in the market is based on the potential risk and returns that you can achieve from a specific asset type.
     
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  12. Maxboost
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    That's not what the "old timers" are saying...
     
  13. Timmy1990
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    Jordan Belfort is a scam artist he has no credibility why would anyone listen to that fool. Warren buffet well Warren mcbuffet is wrong about aaallllooootttt of things, alot!

    Respect your opinion but I think your off base a bit. When people get old brain stops working as good aswell harsh fact of life we will all be there eventually.
     
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  14. Ninjakid
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    Maybe it's like those gold coins in John Wick, only digital :eek:
     
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  15. Timmy1990
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    Timmy1990 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I'm happy with my internet fun box money you can all do what you want. Haha
     
  16. Maxboost
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    Thanks for proving my point...Kid's nowadays have no ability to think critically ...
     
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    What is Jordan Belforts main argument? Does it make sense? What is the counter argument to his thesis?
     
  19. Timmy1990
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    Upon reading your arrogant and condecending comment I clicked on your profile and was surprised to see your 38 years of age?

    Your life must be a wreck.

    Show these facts and arguments then of these people. there's a little thing called a chat box where you can type it in there just so your aware kiddo.
     
  20. Maxboost
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    LOL, you say these people are wrong then you admit you don't know what their positions are? Your anger and trolling is sad. There are so many posters on this forum that are your age that are awesome, open minded, smart, positive and well respected. I love the younger guys on this forum who contribute and support everyone on here. Sadly you are not one of them.
     
  21. Timmy1990
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    I have seen there opinions and positions and didn't think it was even worth mentioning, but again show me the position.

    Jordan Belfort himself has admitted that Bitcoin isn't a scam so it makes your position as far as I'm concerned irrelevant.

    And buffet himself admits he doesn't even understand it!

    Would LOVE for you to add some credibility to your position but I know you won't because you have none.

    Link please? Anything? Have you got one thing to show us to back your argument? Again please the chat window is below please attach it.

    Would LOVE to see it.

    The fact it's a speculative investment does not mean it's a scam.
     
    Last edited: Aug 31, 2018
  22. Maxboost
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    upload_2018-9-4_20-5-45.jpeg

    LOL up your trolling game.


    View: https://www.youtube.com/watch?v=Ks-4gRZmcRE


    Here are Jordan's positions. Enjoy your day. Now have fun refuting every single one of them. State all of them and offer rebuttals why he is wrong.

    Also, FWIW, Belfort's predictions have been right for the past 18 months.

    These "old time" investors have seen it all and I think its a mistake to dismiss their experience and knowledge.
     
    Last edited: Sep 4, 2018
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  23. TinyTim
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    The biggest companies in the world disagree.
     
  24. Maxboost
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    That's a strawman argument, not a refutation of Belfort's argument.

    [​IMG]
    The biggest companies in the world bought into Y2K as well, so it really means nothing...
     
    Last edited: Sep 1, 2018
  25. TinyTim
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    I was replying to your comment that "Cryptocurrency is a religion at this point". Which isn't the case when they are actively being used to transform the majority of the world's industries. People's Insurance Company of China (PICC), one of the largest insurers globally with $126 billion total assets is opting to embrace blockchain technology with the help of DNV GL and VeChain
     

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