Bitcoin millionaire Grant Sabatier: Don t buy bitcoin
In addition, the reality is that most merchants simply don't understand bitcoin and don't really have a desire to - not yet, anyway. But Bitcoin is riskier than most other potential investments, because youre not really doing anything. The Unassuming Banker : Imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it online, freely available for anyone to use. How does what's happening with Bitcoin hew to the classic definition of a speculative bubble? Sure, bitcoin has an early mover advantage, but it was created to buy and sell things online securely, which no one is doing right now because the price is so insane and transaction costs are skyrocketing.
So you re thinking about investing in bitcoin?
These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but solely because people thought they could sell them on to someone else for more money. In other words, more than 3 of my investment is gone right away. I follow the cryptocurrency markets closely, and I've bought bitcoin in the past.
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The reason why is that its not an investment; just as gold, tulip bulbs, Beanie Babies, and rare baseball cards are also not investments. The author was evidently a software and math person. Bitcoin acceptance hasn't gotten much better. Bitcoin still isn't that secure. Volatility is on another level, volatility is perhaps the.
Bitcoin millionaire: Don t buy bitcoin - Yahoo Finance
Bitcoin a "fraud" as recently as September. To answer why bitcoin has become so big, we need to separate the usefulness of the underlying technology called blockchain from the mania of people turning bitcoin into a big dumb lottery. Even my barber, who has no idea what a blockchain is, is buying. I got another email from a 22-year-old who is looking to invest his first 5,000 and wanted to know if bitcoin should be his first investment. In fact, bitcoin's acceptance hasn't significantly improved in years, even with its surge in popularity.
Why I Won t Buy Bitcoin - The Motley Fool
If and when the government tries to regulate it, will people lose interest? Bitcoin (AKA Cancer-Pills) has become an investment bubble, with the complementary forces of human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying.