Quote:
Originally Posted by Baronvonellis
If you study bitcoins, I don't know why anyone is investing in cryptos. The technology behind it is all open source. Anyone at anytime can make 2 million Cubs-coins or Sox-coins. They are all worthless or less than a penny. There is no scarcity to them at all, and no intrinsic value. Warren Buffet says the same. The technology behind it may have value to banks, but as an investment it's worth less than a penny, it's just "printing" monopoly money.
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I don't know how to tell you this, but most pro crypto people would agree too. Most coins are pointless. I have a now former coworker who retired recently at age 29 because he made millions off bitcoin. He was very pro crypto, but guess what? Everytime someone asked about any random coin, he would tell them they are dumb for trying to buy into BS and should only be buying into 1 or 2 coins. And I totally agree...it's dumb, but that doesn't mean it's all B.S.. Back during the .com bubble, there were bunches of bs sites, but that didn't justify putting a blanket statement on all of them.
There have been a lot of people recently buying into all sorts of coins and most of those people don't actually understand anything about this stuff. Don't get convinced by those people. Anybody who invests in a literal clone of bitcoin doesn't understand. But to put a blanket statement on it is decently naive. Most people I find end up regurgitating information from people about this stuff, and you can tell who does that.
On another note, I was reading the Facebook hiring article again and I believe they're going to make Chicago its head of cryptocurrency. They announced not long ago they wanted to make a cryptocurrency (
https://www.theverge.com/2018/5/11/1...t-david-marcus) and what's in that article, if true, about hiring people from the financial ecosystem of Chicago makes sense for this. Chicago may very well be establishing itself as one of the, or the main development hub for this stuff in the US. We'll have to see though.