3 ms·

Oh they have gone nuts indeed. I see this pattern among my friends who are mostly financially uneducated. They have never traded stocks and have little understa

• mcv 9y ago
  That's terrifying. At least my co-workers are aware of the risks (because I won't stop reminding them). It's important to realise that this really is somewhat like a Ponzi scheme. There's nothing real backing up that value, just the belief that in the future, more people will want these coins. The difference with a real Ponzi scheme is that that belief could turn out to be true. But nobody knows. Here's an interesting thing, though: many exchanges don't accept money, only other cryptocurrencies (binance.com, for example). So you in order to trade there, you first need to buy bitcoin or some other mainstream coin at an exchange that does accept money, and then transfer it to the other exchange to really trade there. But bitcoin is slow and expensive to use, so a lot of people advice using litecoin or ether instead. So that means that litecoin and ether are already winning the "who gets to be the currency that's going to be actually used" race. Ease of use does matter.