Or Should I Say Cryptocurrency Gamblers. Are They Blowing It?
I’m no Oracle Of Omaha nor do I carry the Principles of a Ray Dalio. However many can see the underlying failures of the cryptocurrency market. I believe it was Joesph Kennedy who once quipped in the years follow the great depression, “when the paper boy starts giving you stock tips, you know it’s time to get out of the market.” Now a days, I think, “when your mom starts asking you about cryptocurrency, you know change is coming.”
I do believe in the concept and I think it’s wonderful we’re challenging the status quo. However history is riddled with currency failures. Prior to centralized banking, fraud in the money markets was rampant. Not that that is a perfect system by any means but it has survived the test of time and as long as governments stick to central banks there will never be official competition. Even if the competition continues to grow market share. The markets will just do what they have always done. They’ll inundate it with more competition, and if that doesn’t work they’ll water it down with paper claims to your cryptocurrency “data.”
Let’s be honest, that is what this is. Just some data on a ledger on a computer server created out of nothing. Sure you can you use it to trade goods and it has created a new market but if your not using it in that subterranean market and you own some Bitcoins, Lite coins,Ripple, Etherum, Cardano, Stellar, Etc. There now are over a thousand crytocurrencies available for purchase (as you can see the market it already saturated). Cryptocurrencies in which you usually purchase with those pesky centralized fiat currency dollars. And if you own any one of the thousands and are not using them to buy your tax free goods, then you are just gambling. Which is fun to do from time to time, just remember the house always wins. You may experiences gains one day and horrific falls the next. If you enjoy that, have fun, ride the wave. If you’re only in it to try to make money, I recommend you invest in an appreciating asset. One that creates quality products that adds value to the world. Again, I’m no great investor like Warren Buffett. But when a man as successful as he has been, derides your cryptocurrency invest plan, you just may want to heed his advice.
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