Quote:
Originally Posted by Rain Man
And isn't anything real.
I saw this in an article the other day, and it's telling. It shows 311 cryptocurrencies participating in sponsorship deals with sports organizations.
311.
This is not an industry that existed a decade ago. What this tells me is that the barrier for entry is really low, and anyone and their dog can create their own "cryptocurrency". Literally their dog since some of them are named after dogs.
I recognize that I'm a trailing edge sort of guy on these things. I've missed some opportunities as a result. But I'm staying far away from this stuff. It's not real.
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It is real. It is a real total fraud. As many others have said, huge ponzi scheme.
The media and the rich/famous haven't denounced this since it is helping make them money via advertising and endorsements. Politicians like donations in any form. As much as I like Brady the player, he has zero ethics to be hyping this s**t. Same goes for all of the celebrities/athletes and everyone else including Bill Clinton who isn't going to denounce something that he may profit from.
Anyone who has even average intelligence and some common sense realizes the entire crypto space is a fraud.
The "investors" just hope the hype lures more investors before they bail and leave others holding the bag.
But the product as Warren Buffet's sidekick has stated has zero intrinsic value.
A 14 year old kid really good with computer algorithms/math can create their own crypto currency with the money they earn on a paper route.
The hard part is having the money/contacts to hype it up and to convince investors that the ponzi scheme will work well enough for this currency to be worthy investing in.
Just a fraud. Complete fraud.