James Altucher wrote a very interesting piece, “THE ABCS of BITCOIN and EVERYTHING YOU NEED TO KNOW ABOUT “FORKS”
The article is an excellent read, no matter what your take on crypto is, it’s worthwhile.
From the article:
99% of Cryptocurrencies are total scams. And, yes, Cryptocurrencies are in a bubble.
BUT…the opportunity is NEVER going away and generational wealth will be made. So you have to know the basics, why this opportunity even exists and what to watch out for.
Here’s the problem. There’s around 900 different cryptocurrencies that exist, with new ones being created every week.
I can tell you for sure: 95% of the cryptocurrencies are scams or Ponzi schemes. And I get questions every day: “Is XYZ currency a scam?” And nobody listens to the answer.
Everyone is convinced they are right. That’s a bad sign. I always tell myself I’m the dumbest person in the room. Then I call the smarter people and ask them lots of questions. And then I read everything I can. And in this case, I read the code.
But the opportunity is immense. Think, “Internet 1994”. Right before the “right before”.
BC will stand for “Before Crypto” and AC will stand for “After Crypto”. We are in 0 AC right now and the world is about to change.
Read the article and the comments here
I think lots of Crypto currencies will fail while few will do well,I also think there will be another Crypto currency that will compete with Bitcoin soon.
But I don’t see how any digital currency will be a scam if globally recognized and accepted. Let’s wait and see how it goes.
Absolutely brilliant.
this is a revolution for sure. but the establishment of digital money wont be that easy and people are undervalue the risk of government and corporation intervention.
Governments will NEVER let it go that easy the control of money – that means power.
And corporations will look at this and start using the technology in private “rings” they control bringing the technology to the masses more quickly than open/crowd source will.
this is still in the very early stages. it’s starting to go out of the lab experiment. when it gets a real dimension governments will act with heavy hand.
The U.S. Dollar, along with currencies of most sovereign nations, is BACKED by the U.S. Government’s ability to TAX the income of its citizens and businesses; along with myriad other taxes, fees, and tariffs that the government is legally able to collect. The ability to TAX the income emanating from a measured, and almost ever-growing GDP, the growth of which is directly impacted by government-controlled monetary policy, means the governments of all economically-developed nations are firmly in the proverbial driver’s seat with regards to maintaining the stability of their respective currencies. By working in relative unison, the world’s central banks have the power to deploy layers of protections to the purchasing power of their currencies relative to cryptocurrencies. People who want safety and return-of-capital put their money in the bank or in government bonds, and those who have a large risk-appetite invest in stocks, commodity futures & options, go to the casino, or “invest” in cryptocurrencies.
What are these blockchain cryptocurrencies backed by? Nothing but trust and hope, and those attempting to paint a picture of a future world in which any cryptocurrency has somehow usurped the currencies of sovereign nations is selling a pack of lies (or is just a fool themselves).
Shouldn’t the crypto trolls be out in force? Every time I’ve mentioned this exact same thing over the past few months Ive been vilified. But this guy says it and its legit.
Over the past 20 years my experiences in domain/ecommerce/finance world is unique. Very few in domain industry have my background. Ive tried to share. But nobody seems to care.
Blockchain is going to provide huge opportunity to domain owners in future imho. Good luck to everyone.
In a nut shell, great investment(s) at present time.
Future tech and advancements will come from it in some form, yes.
Will Bitcoin itself become a world currency, no way.
As stated above, there will never be decentralized control of money in a developed country and therefore a bitcoin cannot and will not ever be adapted unless control is handed over and that isn’t happening so….
Enjoy the ride…jump in jump out, pump and dump, easy come easy go… this market is HIGHLY manipulated.
James hit it big in the late 1990s with his web design company when you could build a 5 page brochure site and charge the client $100 K. A web design company he sold for $10 million.
Then James had a few other ventures — most went belly up. He lost everything: his money, home, wife.
What I like most about James: he’s very open with his failures, and his candor is refreshing, almost confessional. I believe he lives these days roaming from one AirBnB to the next with one piece of luggage.
As far as his evaluation of cryptocurrencies, I believe he may be right per most of these ICOs and cryptocurrencies. But the technologies per BTC, ETH, and EOS are pretty sound; and ETC has more value than just a currency — asset transfers, medical records, art verification, real estate, and I predict EBay and Amazon will adopt it by 2018.
James has been reinventing himself with his writing and stand-up comedy (his real passion) and I wish him well. He’s also an exceptional chess player.
Good article, but there was nothing said that surprised me.
There will be money made and money lost with crypto-currency, more money lost unfortunately.
If you have the stomach for domain investing you would be crazy not to pick up some of the main cc’s.
Imagine if you spent a $100 when btc was under .10?
Be your own bank. Immutable public truth machines one of which has been running for 9+years. Worth a shot? I think so based on the state of the current system.
Baby steps. Even the domain industry is new to most people. ☺
Oh and of course buy and hold physical silver. Cheap right now.
I have owned and still own crypto, just like domains better, more control. Own crypto domains as well.
I can’t keep track of all the new crypto currencies.
The big one in China is “Neo”, which was spun out of AntFinancial, the $multi-billion company that’s a subsidiary of Alibaba. Neo claims to be the “Chinese Ethereum” — same type of platform —
Yes, lots of monies will be made & lost. I really have no idea where all this will go? BTC & ETH look strong, but unlike real estate and pubic companies, it’s really hard to predict. At least with real estate and stocks, you usually get some signs of a potential crash.
Per crypto and BTC and coin and eth(er)(eum) domains, I’d imagine well see a spike in values after the summer holidays
the best read of the week to me:
https://hackernoon.com/why-everyone-missed-the-most-mind-blowing-feature-of-cryptocurrency-860c3f25f1fb
OK! Tell me why Japan has allowed crypto-transactions, why so many US Companies allow payments in Bitcoin, etc. Digital money is a fight against Governments playing Russian Roulette with out economies, getting in trouble as a result of BAD management and then sticking it to the tax payers to pull them out, when the rich in control are protected and are the abusers.
The Banks and the Government are criminals working to control us all. We have digital money now- it’s controlled by the banks and the Government. Try to get $10,000 dollars of your own money from a bank (in real US dollars) and see what that gets you (including Government intervention that might deprive you of all of your money along with the cost to litigate release aftyer costing you a bundle) it’s all supposedly meant to control organized crime, money laundering and ISIS- but it adds to the Governments insatiable appetite to control us.
The Supreme Court says that anything we deposit in a Bank belongs to the Bank- because it shows as a liability on the Bank’s balance sheet. Try to work and not deposit your money in a Bank- either by cashing a payroll check or automatic deposit.
SOMETHING TO THINK ABOUT!