1. No inherent value unless the coins are actually used as currency. Yet to come across a currency which makes a solid reason why it will be used as currency. 2. Seems like a bubble. People who know noting about cryptocurrency are buying bitcoin. Nobody seems to understand what ripple really offers but everyone wants to buy it.
I don't trust it enough to invest a significant amount of money in it, and I have better things to do with my time than to pick coins to invest a couple thousand dollars only.
This article makes a good analogy with open source cancer curing pills. https://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/
Oh, the tulip bulb metaphor, again. Thanks for your insight.
I have invested yesterday (or gambled) in a few altcoins. I just put less than $1k, hoping for this to make substantial returns (some currencies are up like 500x in the past 60 days). If that happens then woohoo I can buy a house, if I lose all that money then meh whatever
What did you buy
Me. No $
It feels too easy to make money. Every single coin is bullish and has crazy price action for no reason. Never thought 20k a month would be so effortless
I have not invested in any crypto. Reason: it's a fool's errand.
Sucks to be you.
No money
I know someone who made many many millions in the mid 2000s by generating a hype about access keys to a site that would let you generate and sell more access keys to the same site to other people. That is literally all it did. The amount of people that gave money to acquire the coveted access key was staggering. He then posed as a buyer and bought some of the keys from the initial investors (using the same money they had already paid). That + hype + skillful trolling on forums and he cashed in over 80M in just 6 months. Over the next few years the hype died down and he made a clean break. People that got lucky made some money too, but for the most part not too much. This whole crypto hype reminds me very much of that same thing on a bigger scale. If only he knew how much ahead of his time his grift was.
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Its not investment. Its gambling
It's not really gambling. You can do your research on the coin, teams, developers, and even their source code and make a judgement based on that. Would you consider investing in stocks gambling too? Would you have invest in Google or Amazon before it got big? It's the same thing in my opinion.
Driving in highways is a gamble...