Cryptocurrency a scam?

[Gutzofter]

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.

It depends on if your an investor or a trader. Which are you?

 

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[Maxboost]

I've answered this to you previously. I'm not sure whether you're aware of the other uses of crypto, not just as a currency. Maybe it's a semantic issue. Perhaps "Cryptoasset" would be a more suitable word and make it easier to understand.

These companies, like BYD, are using VeChain's PUBLIC blockchain. Usage of the blockchain requires gas called VTHO, which is a cryptocurrency.

Can this same BYD company based in China that is using Vechain's PUBLIC blockchain use VTHO to conduct transactions?

 

[TinyTim]

Can this same BYD company based in China that is using Vechain's PUBLIC blockchain use VTHO to conduct transactions?

Every transaction burns VTHO, so it does need to be used. Presumably BYD will purchase it from the VeChain foundation (who will purchase it from OceanEx exchange). OR, BYD will use the MPP, which would allow VeChain to cover all VTHO charges, and then VeChain would invoice them for $x,xxx at the end of the term.

I don't know all the back door details, you'll have to ask president Xi. The Drug and Vaccine Traceability Solution will be showcased at the China International Import Expo tomorrow, so maybe we'll learn more then.

It's not just a China thing though, it's global. Here's an item bought from Arket's London branch (H&M subsidary), although this specific example is still only at the pilot stage.

Dimitrios Neocleous on Twitter

 

[Dan_Fastlane]

at the end its not about the coin, it's about the blockchain technology! We will definitely not need 1000 different coins. But we can bet that Blockchain will be needed, all the big German tech companies starting to invest and implement Blockchain technology.

ps: the market is very manipulated, it will change a lot in regulation in 2019

 

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[Maxboost]

This is still a strawman argument and does not address Jordan Belfort's main arguments about crypto currency. I don't even think you watched the video.

Belfort specifically states whenever you buy any crypto, you are not buying a stake in block chain technology. Bit coin and block chain technology are 2 separate things. Block chain technology is OPEN source and FREEE which ANYONE can utilize. Block Chain Technology is great and will have an impact on technology which Belfort is a fan of. Satoshi never trademarked Block Chain which would have changed this whole argument.

China and India have banned Crypto.

Belfort's other argument is also sound and that is Central Banks will NEVER give up control of their money supply to a third party, we are already seeing that with China, India and 3rd world nations.

As bitcoin nosedives, regulators said to be investigating whether it was propped up illegally

Due to the bitcoin crash yesterday, Belfort's prediction are coming true (a little late he said this would happen 2 months ago).

Jordan Belfort says bitcoin will crash to $0 soon..only time will tell

 

[Maxboost]

Here's my unproven and completely unsubstantiated conspirary theory on bitcoin:

The elites who own news and television bought into it, promoted the sh*t out of it, drove it up to an insane value, sold, made out like thieves in the night, and crashed it for everyone else.

This is a classic pump and dump scheme to entice greater fools in this giant scheme. This is what happens when you have free for all and people who are looking for easy money.

Bitcoin is now at $3500, the crash is coming exactly as what Jordan Belfort predicted.

 

[Jakeeck]

Here's my unproven and completely unsubstantiated conspirary theory on bitcoin:

The elites who own news and television bought into it, promoted the sh*t out of it, drove it up to an insane value, sold, made out like thieves in the night, and crashed it for everyone else.

I've been saying this for a long time to my friend who is in it. I have a very specific and I'm sure unpopular theory, but here it is just for fun:

(From my chat log)

"(Name removed)... what I said was going to happen last year is happening... bitcoin is going to near zero, the economy is going to crash, nobody is going to have any money, the global currency will *later* become bitcoin (or possibly some other coin), and then no citizens will have any money left to buy whatever that currency is, and literally ALL the power will be shifted back to the elite again. This is how they compensate for this fake propped up economy. By taking all the citizen's money and switching to a new currency on them.

There is no denying that an economic collapse is coming, and that means bitcoin is near zero very soon because there will be NOBODY buying. So if you believe an economic collapse is coming in the near future... the only thing to do is sell. Then, you'll be one of the very few with cash to buy the new global currency at its bottom, and you'll be rich.

"By taking all the citizen's money and switching to a new currency on them." Not only this, but when people don't have any money, they become undesirable citizens that are only going to loot and cause trouble in the govt's eyes. Thus, a war is coming soon.

Trump was elected (not by the people) to be the scapegoat for this war... the public will put all the blame on him instead of the real criminals.

cont later...

When everyone only owns bitcoin just to see its value go up, that's when u know to stay the F*ck away.

Once people own bitcoin because it's actually useful to have.. that's when its value actually skyrockets.

It was and still is a get rick quick scheme promoted by the elites and their media control.

Except now hardly anyone is buying the scamn anymore... they already got duped. Their pockets have been emptied. They aint coming back

So the problem becomes, now, when the world actually switches to a digital currency, they will be ultra strubborn to ever buy btc (or w/e coin becomes the main currency) again once it really does start to have real value.

Theyll remember getting burned and say nah F*ck that. They'll say "nah this is just another scam like the major btc rise and fall."

So now, these people will not convert their cash to btc (or w/e digital currency it is) and they will lose everything and become poor because their cash won't be able to buy hardly any of the digital currency because they waited so long.

The wealth will be reshifted all back to the elites again for almost 100% control.

To pay for the broken economy out of citizen's pockets."

Maybe I'm crazy, but I do believe this is what's happening.

Pick me apart boys!

 

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[GPM]

no citizens will have any money left to buy whatever that currency is, and literally ALL the power will be shifted back to the elite again

What would be the point of this? Why would "the elite" want everyone else to literally have no money? How would that benefit them?

 

[Jakeeck]

What would be the point of this? Why would "the elite" want everyone else to literally have no money? How would that benefit them?

Not necessarily literally no money. More like a reset to give them all the control again.

What cryptocurrency did is accelerate their "money vacuum" by like 10x for a year. Idk how much they made from people in the crypto craze... several hundred billion at least I'd guess. Last bailout was 400bn... Paying for the fake economy out of citizen's pockets? It's not necessarily that they don't want anyone to have ANY money, rather they'd just have the rest of the people pay for the bailout this time.

What do you think?

Another reason would be to shut down competitors to the mogul corporations... for example craft beer making huge dents in the main beer giants (the best example I can think of atm)... Then, this is from another thread on here, not my own idea, that Amazon made the switch to paying $15/hr so they can back the $15/hr wage because none of their competitors can afford it, and they'll wash out.

So a competition reset for major corporations would be another motivator, since they're the only ones who can survive extended economic downturns.

 

[TreyAllDay]

What would be the point of this? Why would "the elite" want everyone else to literally have no money? How would that benefit them?

Yeah agreed - money only has an "agreed upon" value - it needs to be circulating and changing hands for the elite to earn more of it or have any use, so limiting currency to only the elite would be kind of backwards.

I find many conspiracy theories fall apart once you understand that the best thing for "Elites" is status quo. Not gigantic evil ceremonies and killing people lol.

 

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[Kid]

btc - Pick me apart boys!

If it wasn't mentioned already, i'll just post about technical side:

BTC or any other coin (as in crypto currency coin) have only one real value - consensus (aka. decentralization)

To achieve that there have to be more then one database or source of truth, in practice many more.

Today's btc volume is $390,068,043.

In 2013 there was $1.2 trillion dollars of U.S. currency in circulation.

Lets assume that all that coins and bills exchange hands once per month.

We end up having 100 times the volume of today's btc.

Since already average btc confirmation time is 1 hour [source] i would think that having all miners
having to mine 100x more then they do today, would make this time much longer.

I see it as a very "provable" but also very time and energy inefficient database.

Everything i've seen in crypto is either compromise on decentralization or hitting the same problems as
original crypto coin, despite all the hype.

This whole situation reminds me of one Dutch flower. I'm not sure why