Cryptocurrencies May Be a Scam, but That Doesn’t Matter.

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This is going to come off as a very skeptical article.  It’s not.  It’s factual.  I’m not saying you should or shouldn’t invest in cryptocurrencies, I’m just laying out the answers to the following questions. I’m not advocating that you do or don’t buy in. There are a lot of ways you can make money out there. If you’re someone who wants to make some cash, no matter what your investing strategy or lack thereof it won’t matter in the long run whether or not you buy into someone’s opinion on whether or not this is all some big scam or bubble.  What matters is that you make the money. That’s something you have to decide on. Read the information available out there.  When you feel like you’ve gotten to the point where you know what you don’t know about Cryptocurrencies, keep reading because you’re probably not even close to understanding what you don’t understand yet. This is not a simple subject.

Will they survive? Truthfully, nobody knows.  It’s highly speculative, as these things don’t really exist and there’s no “real” backing behind them.  You can read as many articles as you want on this issue.  Everyone has an opinion, they all differ.  Everyone’s opinion seems to change day by day.  It’s a minefield of, “I don’t know.”, “Absolutely not.”, and “You’d be crazy not to.”

Are they actually worth anything? Do they have any inherent value?  No.  Nothing has any value though. Things are worth what people will pay for them.  This is how the world works.  Get used to it. If you don’t know about Tulip Bulbs, I suggest you read this Wikipedia article. https://en.wikipedia.org/wiki/Tulip_mania

Will regulation harm them? Maybe?  Given that the governments of the world can barely figure out how to collect taxes, ask yourself, “How likely is it that the banking industry, let alone world governments will get their collective shit together enough to regulate any of this with competency?” It’s pretty unlikely.  These things will run rampant in some form or another for a long time.  Seeing as they’re based on cutting edge technology that 99% of people don’t understand, the likelihood that anyone will clamp down with regulations in any meaningful way or timeframe is a pretty far out concept.  Our legislators don’t understand how their phones or the Internet work.  How are they going to possibly pass meaningful and well-informed laws? Beyond regulation being imposed, there’s always the problem with enforcement as a second step. The judicial system needs to understand the laws that were passed and if someone has broken them or not… at this point, this is also highly unlikely to occur in the near future.

Are they secure? Every system has it’s flaws that can be exploited.  If you take any kind of technology there’s a way around the security that’s being employed.  Looking at all the blunders, scamming, and security issues that have occurred thus far, I would say no.  You could lose your shirt on any of these investments in any of a multitude of ways.  To my knowledge, there is currently no insurance anywhere covering these investments.  Governments are certainly not providing any kind of insurance for your investments.  If you don’t understand it, don’t do it.  Every day, there is some sort of technical vulnerability or new scam uncovered.

How do I know if they’re legitimate and which one to invest in? If you’re going to invest in a cryptocurrency read as much as you can about them first.  For investments of any kind, if you’re putting money into something you don’t understand you’re completely at risk of doing something stupid.  If you don’t want to do the research work and are only trying to become rich quick, you’re probably going to get scammed.  If you want to lessen your risk of being taken advantage of, try to stick to the more popular cryptocurrencies.  That being said, people are making and losing tons of money in scams and tech blunders having to do with the major crypto too.

How can I take advantage of them and make money investing in cryptocurrencies? That’s the real question isn’t it?  If anyone had any idea how to answer this question well, they’d be the able to see the future.  Anyone who tells you that they know how any of this is going to turn out is lying.  Regardless of any argument you can put forward right now, it’s a crap shoot. In case you are willing to really invest in Bitcoin or whichever cryptocurrency you really want to, I’m certainly not going to hand you the gun to play russian roulette with.  You’re going to have to head to your favorite search engine and do that research on your own.

 

Short Story: There’s a plethora of speculation as to whether cryptocurrencies like bitcoin and etherium are scams, a bubble, or what have you. The truth of the matter, is “it really doesn’t matter.” You could still make a fortune, but you can still also completely lose all of your savings and investment within a matter of moments. The most popular cryptocurrencies seem to be just as likely to be part of new scams as the least popular.ƒ

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