Cryptocurrency hype - Bitcoin - Speculation - Waste of Resources and Time

Cryptocurrency hype - Bitcoin - Speculation - Waste of Resources and Time

The cryptocurrency hype is just a waste of resources and time. The speculation will create a new bubble which will probably burst anytime now.

This article as my personal opinion and take on cryptocurrency. I've been watching and studying the whole movement for quite a few years.
I recieve invitatons to work on cryptorcurrenty and blockchain related projects almost every month. To top it off I hear acquintances and even relatives talk about it.

I believe that cryptocurrency was great for having provided the blockchain peer to peer crypto system. That's all.
All yada yada about great investment, Great market potential, anonymous transfers and everything else is a whole load of prefabricated PR and luxurious marketing.

Since the EU is going to reglement cryptocurrency payments and will ban all form of transfers it's no longer a viable business.

I've started working on a book about scams and security. This article will be a forerunner of what I'll cover in that book in the chapters about cybercurrency.

Cryptocurrenty is a bubble waiting to explode and reveal some astounishing truths about people.
Greed and disinformation makes the 2000 year old saying extremely valuable:
"Whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them."

Cryptocurrency investmenst are a calamity and not an economy.

Cybercurrency is not anonymous

Everyone is talking how cryptocurrencies like Bitcoin are anonymous.
Nope they're not. The network is open to everyone. Everyone can see all transactions incoming and outgoing.
This is worse than the bank and the government being able to see wha tyou're doing. Now everyone's able to see it and track you down.

Even if you'd use 100 proxies and vpn's, Things are tracable for those that want to know.
The only "anonymity" is the idea that a wallet isn't directly connected to a real person unless you reveal microdata about yourself.
If we know details like IP's, incoming, outgoing transactions etc. We can fairly sure make an idea of who's who based on machine learning algorithms used for marketing.
Don't be fooled. Cryptocurrency was never secure from an anonymity standpoint.

I'm not going into technical details but all blockchain transactions leave traces which can and will be tracked. If they're not already tracked by special agencies.
Let's say that the majority of people don't know how to use a VPN in conjunction with TOR and/or proxy chaining to be safe.

Never borrow money or make loans to invest in a market you don't understand if

Contrary to what "Rich Dad poor Dad" has advocated. You can borrow money and make money on other people'\s money. This isn't a good idea if you don't understand how an economy works.
Many people have borrowed money to get started in Cryptocurrency trading and/or mining. They've even made their friends and families join it.
This is the same as Multi level marketing hypes. IT doesn't last and eventually money will be lost.

Speculation is not investment it's gambling - who is truly making money in this game?

I'll discuss this topic in depth in my upcoming book - which I yet have to announce more info why Cryptocurrency like Bitcoin is a hype, Speculation ,Waste of Resources and Time.
There are 3 categories of people who are truly making money out of the cryptocurrency hype and bubble.

  1. Those that created specialized mining hardware are certainly making a whole load of money. This includes Graphics Processor manufacturors.
  2. Exchange systems which make a portion (0.25%) per transaction. They then sell these coins back and forth between users always increasing their share.
  3. Companies providing various services like those selling, buying,"investing" bots, etc

 

Heh, and all of the above have many pitfalls!

Sure, you could have made money if you joined the bandwagon a while ago. But don't put your hopes up yet.

Getting money into the cryptocurrency bandwagon is easy just like it is with all ponzi and multimarketing schemes.
Taking it out is a little tricky since you have to sell your wares for virtual dough or fool someone to buy coins from you.
You might say that there are ATM's that trade coins for money but I'm sure they are limited for small transactions and everything is being verified.
Once you initiate a transaction you are known.

If we take a look at who the initial investors are then we won't be surprised. They are mostly investors who have experience and have seen the potential of bringing money.
They're innovators in the true sense described in the book Crossing the Chasm.

The CryptoCurrency market is not speculation, it's gambling. It's addictive gambling. It has no backing whatsoever.
if you'd play your money on the stock market at least the companies you are betting on have some real backing(if we ignore the fact that some are frauds).

There are extremely clear risks for investors and consumers associated with all aspects of the cryptocurrency lifecycle.
Including price volatility, risk of complete loss of investment, operational and security failures. market manipulation and liability gaps.

I think any person who has a basic understanding of statistics and economy will have no issue in comprehending what I've just said and will never engage in cryptocurrency affairs.
But there are those who have neither financial education, neither do they understand the economy and let's be honest, statistics is difficult since it isn't thaught in school.

Regulations? What regulations?

Everyone went with the flow stating that this system is unregulated by any corporation/bank/government.
Well, guess what, whenever you don't have any regulation you get a wild west anarchy.
This means that some people make a lot of money from a majority that loses money. This is economy basics 101.

It's just a matter of time before regulations kick in. Trust me, they're not coming because conspiracy theorists warned us the government is up to no good.
No. they're here for the well being of the whole economy. Most people have no knowledge of what they're doing at all, laws and regulations are passed to protect the unknowing majority from fraud.
Read more on http://www.europarl.europa.eu/news/en/press-room/20180411IPR01527/anti-money-laundering-meps-vote-to-shed-light-on-the-true-owners-of-companies

Waste of Resources

Mining and using of cryptocurrency has a great toll on energy consumption worldwide.
Are we ignorant of the world around us?
Check out the usage statistics at: https://digiconomist.net/bitcoin-energy-consumption
Note that the energy consumption on that site are ONLY for bitcoin. No derivates. No other cryptocoins. However if we'd take into account the dozens of alternatives and etherum then we could have a result that is TEN TIMES worse. At the time of writing this article around 6,585,585 households could be powered by the energy used by BitCoin. Imagine if all those people where actively working on their computers, together, solving real world problems.

It is NOT sustainable at all. Multiple countries have started banning cryptocurrency mining due to energy usage.

Each person using it is allowing illegal activities to happen

This statement may seem like an exaggeration. I assure you that it's 100% true.
For every illegal transaction that takes place each person in the peer to peer network is validating and calculating hashes.
This means that YOU are directly helping spread illegal transactions with YOUR KNOWLEDGE AND CONSENT.

This is worse than making guns for war or selling drugs. Each person in the network is taking an active role in each transaction which means that everyone is consenting to illegal use.

This is why a lot of countries have started regulating the cryptocurrency market right now. By disallowing and forbiding any cryptocurrency trade.
This has to do with illegal activities and money laundring which is everyone's business.
Most disallow anonymous accounts which are counterintuitive to why Bitcoin was even "created".

Half of cryptocurrencies fail in the first half year after inauguration

Yes, half of cryptocurrencies fail in the first half year after inauguration. The rest just go into obscurity or disappear.

But why do people invest in ICO's and new cryptocurrencies? The main reason is that they cannot extract the money they've put into their current cryptocoins. They hope that the new cryptocurrency will create a system and that they'll be able to sell coins for real money or that they will take on big time so that they may profit.
Still want to invest in cryptocurrencies? Think again.

"Estimated market share of 1 Trillion $"

This is cowdung. There is no such market value and it will never be. It's just a headline to make people spend money.
The early adopters and innovators found that they can make money from people willing to invest money. Of course, this is like the gold rush and exactly like the Tulip Mania in The Netherlands in the 17th century. Wikipedia might help you understand what the Tulip Mania was https://en.wikipedia.org/wiki/Tulip_mania
People sold their whole lands for a few tulip bulbs.

In 10 to 100 years from now people will laugh at the "investors" of today who spent time and money on the cryptocurrency bubble.

Most ICO's are scams and speculations

Most Initial Coin Offerings are scams. I'm talking about the people who create ICO's.
Another interesting thing is that all offerings are again in Coins. Which have a variable value.
But if you analyze at how fast you can cash out a large amount of cryptocurrency you'd be amazed to see why people are using cryptocurrency as an investment tool.

It's because you can't cash out large sums. It's nearly impossible to do so in a way that won't have either the government, the police or the mafia at your doorsteps.

81% of recent ICO's were scams? Only 8% of ICO tokens have ended up on exchanges.
https://www.bleepingcomputer.com/news/cryptocurrency/81-percent-of-recent-icos-were-scams-research-finds/
I mean, what more information do you need? Out of the 8% only 3.8 % are successfull..

For every $100.

Innovation?

May people claim that hey, this resembles the 2000's dot com bubble. Yes, people lost jobs and got their lives screwed up. But hey, at least the technology we where left it and innovation was real. While this may seem true it's a false argument in my opinion. The only good thing that came out of the cryptocurrency bubble is blockchain which was already being worked.

The World Of Hacking

Now, we get in somethign really interesting. There are big problems with the whole cryptocurrency system.
Network outages, failures of hashes being claculated. Transactions lost in transition. Single Points of Failure.
There are numerous wallets stollen. ICO code compromises. Network outages and frauds. Bitcoins stollen.
There are thousands of vulnerabiilities in new cryptocoin systems that are launched. This makes me wonder if peoplle will ever learn.
THe list goes on, I dare you to search the internet for all the horror stories of people making a transfer from one wallet to another and then losing everything.

Words of wisdom (Conclusion and end)

You can't just make money out of thin air. No one is ever going to get rich quickly. The only people that get rich is those that promote cryptocurrencies for the masses because they have one system or more from the 3 I've mentioned earlier.
Once any idea hits the early majority it's too late to start investing.
Don't be stupid, invest your money on other things.

Conclusion

I hope you can understand that Cryptocurrency IS is a hype, Speculation ,Waste of Resources and Time.
Want to know more about Cryptocurrency investments? Want to be informed when I announce and launch my upcoming book?
Send me an e-mail to info@elixiroftruth.com
Or see the contact page ☺

Photo by David McBee from Pexels

You might enjoy these similar articles:

Be the first to comment!

Add a new comment

All comments are moderated and must adhere to the terms of service.

Subscribe to my awesome newsletter!








What to expect: Ultimate Knowledge regarding Business Efficiency, Personalized Marketing Experience, Software Development and Cyber Security tips and tricks. 1-3 mails per month. Unsubscribe any time. See the privacy policy to learn how we take care of your information.