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I feel like people hear the word 'cryptocurrency' and ignore all of the well established risks of currency speculation as an investment strategy.
by carlisle_ 9y ago
I feel like people hear the word 'cryptocurrency' and ignore all of the well established risks of currency speculation as an investment strategy.
- takeda 9y agoSadly it is also utilizing people's unfamiliarity with cryptocurrency to execute scam schemes. For example I recently run into a ponzi scheme that utilizes a bitcoin[1]. [1] https://bitconnect.co/ https://bitconnect.co/
- bdcravens 9y agoLooking at the past (Bitcoin's returns) and FOMO does make people do stupid things. (It's a trap many who invested in "Internet stocks" were caught in as well)
- alexasmyths 9y agoI'm wary of even considering these things 'currencies' as most of them are not used as such. Because they don't relate to underlying assets of the company, they're basically impossible to value.
- rsynnott 9y agoIn this case it's speculation on unregulated penny stocks rather than currency speculation, but yeah, same applies. Cryptoland seems doomed to repeat the mistakes made by the traditional markets over the last couple of centuries.