The cryptocurrency market is now all about speculation and a game of money

[Doofus]

A financial consultant Duan Hongbin who started investing in bitcoin in 2011 and altcoins in 2013 said the chinese cryptocurrency market is now all about speculation, especially in the altcoin market. price going up is just a bubble. http://news.8btc.com/the-cryptocurrency-market-is-now-all-about-speculation-and-a-game-of-money
he believes cryptocurrency is not the right investment for the middle-class. People who have nothing may give it a try, but those who are relatively rich should not seek high-risky investment. Plus, as the China Securities Regulatory Commission plans to fine the big three exchanges, it will be even tough to invest in this area.

[vatived22]

Bitcoin itself was an experiment...ironically it was an experiment to became successful. Yes the market is about speculation, but tell me which other market is not? is it stock, forex...or what? i just think all investment has risk in them, the challenge for traditional investors to get into the crypto space is that the market is highly volatile, something that is less in stock. Nonetheless volatility can also be a blessing as well as a problem as long as you know what to do.

[unamis76]

When was it not a game of speculation? Maybe back in the beginning when Bitcoin was worth cents... This guy is a bit confused:

Can they do any good to your real life? No, they can’t.

Words can't even express how ridiculous this is.

But for those who are already enviably rich, why get involved in such a complicated game?

This one's easy: to be even more rich... Which is what everyone who's rich wants.

I don't see references to the middle-class in the article, but if the guy indeed said that, I'll take his own words to prove him wrong:

Well, data is worth a thousand words.

Regarding fines to exchanges, do you have any sources on that?

[LFC_Bitcoin]

Load of crap, Duang Honbin's views need to be put in the bin. So much wrong wth those views I don't know where to start.

[Dorky]

It is my knowledge that bitcoin was an innovation of the international banksters that helped me made very wise investment decisions.

If I still have money, I would buy even if the price is $10,000.

[talkbitcoin]

Load of crap, Duang Honbin's views need to be put in the bin. So much wrong wth those views I don't know where to start.

i couldn't agree more.
these days 8btc seems to be publishing a lot of these low value articles about so called "investors" who are repeating practically the same thing about bitcoin and call it an investment which is not good!
and apparently none of them even know that bitcoin is a currency first then an investment. specially these days that big countries are adopting it as a currency, not calling it as an investment.

[Doofus]

Load of crap, Duang Honbin's views need to be put in the bin. So much wrong wth those views I don't know where to start.

i couldn't agree more.
these days 8btc seems to be publishing a lot of these low value articles about so called "investors" who are repeating practically the same thing about bitcoin and call it an investment which is not good!
and apparently none of them even know that bitcoin is a currency first then an investment. specially these days that big countries are adopting it as a currency, not calling it as an investment.

it only shows that chinese bitcoin players are very anxious now. they made a bubble themselves, and now they are desperately seeking a way out. it's not about the quality of their views, coz they people were once deeply involved in this area too, but now they realized maybe they are not right person to be part of this revolution. i think it's great for these doubters to leave. people who have faith will stay in the community. just have some patience.

[Sniper44]

Load of crap, Duang Honbin's views need to be put in the bin. So much wrong wth those views I don't know where to start.

i couldn't agree more.
these days 8btc seems to be publishing a lot of these low value articles about so called "investors" who are repeating practically the same thing about bitcoin and call it an investment which is not good!
and apparently none of them even know that bitcoin is a currency first then an investment. specially these days that big countries are adopting it as a currency, not calling it as an investment.

it only shows that chinese bitcoin players are very anxious now. they made a bubble themselves, and now they are desperately seeking a way out. it's not about the quality of their views, coz they people were once deeply involved in this area too, but now they realized maybe they are not right person to be part of this revolution. i think it's great for these doubters to leave. people who have faith will stay in the community. just have some patience.

what bubble are you talking about, Chinese have been out of the market for some time now. their exchanges are practically closed down with no deposit and withdrawals and also the price coming from Chinese exchanges shows they are far behind the rest of the world since they are already around $1400 while we are seeing $1870 in other markets.

[iqlimasyadiqa]

I'm not very sure of what he's saying, the digital currency market is so having a good future. We know that in the future everything will be all digital. And over time cash money will be abandoned. The digital financial market is controlled by all of us.

[merchantofzeny]

Coming from a country where it's still not widely known, I would say that there is some speculation involved. People are attracted at what they see is a large and increasing conversion rate (already around 87k converted to my currency) and that's why they're starting to buy into it - they're anticipating profits they'd make when they cash out their investment.

[Taki]

Well, of course I am agree that investment in altcoins and crypto currencies is not for the middle class of society.  I have heard that people are making big money on speculation, just you need to know which currency will pump and not every human can do that.
This week my husband suggested to put all our money that we are saving for a house 11000 Evro in altcoins and to wait some seriouse grow that will get doubble our money. But by my opinion is too risky, cause of in negative case we will stay with naked ass. And how people know in which altcoin to invest at all?!

[European Central Bank]

there basically is no chinese cryptocurrency market right now. if this idiot doesn't know this then why should we listen to anything else?

and of course it's about greed. no one's here out of the goodness of their hearts.

[Rockstar Drummer]

The average Chinese worker only makes about the equivalent of around $430.00 U.S. a month!!!....

And he's saying that only people who have nothing should give it a try???

Riiiiiiiiiiight ............. 

[Hydrogen]

Almost every financial analyst, economist and "expert" portrayed on the media is a paid advertisement.

They repeat only things bankers want them to say.

There are no objective breakdowns or analysis on any topic.

[avikz]

A financial consultant Duan Hongbin who started investing in bitcoin in 2011 and altcoins in 2013 said the chinese cryptocurrency market is now all about speculation, especially in the altcoin market. price going up is just a bubble. http://news.8btc.com/the-cryptocurrency-market-is-now-all-about-speculation-and-a-game-of-money
he believes cryptocurrency is not the right investment for the middle-class. People who have nothing may give it a try, but those who are relatively rich should not seek high-risky investment. Plus, as the China Securities Regulatory Commission plans to fine the big three exchanges, it will be even tough to invest in this area.

Crypto currency trading was always a game of speculations. Trading as a whole was always about speculation and nothing else. Investment always depends on the risk taking capability of an individual. So middle class or richer class doesn't matter. Middle class will invest only to the amount which they would feel safe, richer class may invest more as their risk taking capability will be obviously higher than others.

Risk and investment goes hand in hand. Even government back investment instrument carries a certain amount of risk. I believe the financial consultant is just trying to discourage people from investing in bitcoin. Take calculated risk on bitcoin and I am sure you won't regret.

[emezh10]

there basically is no chinese cryptocurrency market right now. if this idiot doesn't know this then why should we listen to anything else?

and of course it's about greed. no one's here out of the goodness of their hearts.

Yes i believe there is no chinese cryoticurrency in the market just let them invest in bitcoin or in the altcoins but for me altcoins investment is a good one this days its not for just middle class you can invest when ever you like and yes it is risky in many times but also can lead to a success but maybe they are just being paid in advertising so they can say such as nonsence.

[Yakamoto]

A financial consultant Duan Hongbin who started investing in bitcoin in 2011 and altcoins in 2013 said the chinese cryptocurrency market is now all about speculation, especially in the altcoin market. price going up is just a bubble. http://news.8btc.com/the-cryptocurrency-market-is-now-all-about-speculation-and-a-game-of-money
he believes cryptocurrency is not the right investment for the middle-class. People who have nothing may give it a try, but those who are relatively rich should not seek high-risky investment. Plus, as the China Securities Regulatory Commission plans to fine the big three exchanges, it will be even tough to invest in this area.

Well he's not wrong in the slightest and he's telling the truth.

The altcoin markets are essentially just a game of timing and there isn't much of a rhyme or reason for them moving in one way or another; just pump n dumps for everything that is basically not in the top 10 market-cap cryptos. A large majority of them are just weak attempts at making something new, and they are honestly worth next to nothing.

Even in the top 10, past top 3 you're not finding anything new. Just timing.

[shield132]

In reality not only cryptocurrency but USD and every currency is game of money where big players (I mean controllers) win. Suddenly it was like this and it's still like this. Some people thought they found hope in cryptocurrency and maybe at first it wasn't manipulated but let's think. When okcoin stopped withdrawals, price fall down. Any visible small issue from top exchangers affects price immediatelt and that's game of money to my mind.

[MingLee]

A financial consultant Duan Hongbin who started investing in bitcoin in 2011 and altcoins in 2013 said the chinese cryptocurrency market is now all about speculation, especially in the altcoin market. price going up is just a bubble. http://news.8btc.com/the-cryptocurrency-market-is-now-all-about-speculation-and-a-game-of-money
he believes cryptocurrency is not the right investment for the middle-class. People who have nothing may give it a try, but those who are relatively rich should not seek high-risky investment. Plus, as the China Securities Regulatory Commission plans to fine the big three exchanges, it will be even tough to invest in this area.

The altcoin market is literally about gambling for anything with under a $100m market cap though. He's completely right and considering that he's been doing this for so long he knows exactly how bad the market is and how random it can be at times.
It's all about pump-n-dumps now. There is next to no basis for half the alts and they're all (>98%) pretty bad. It's not wroth getting into them because none of the trade signals are consistent and something that is performing fine will likely get hit by a dump days later, at best.

[xuan87]

I have to agree, nowadays people seldom using bitcoin for transaction now they are more attracted to used bitcoin as investment and find a way to get more profit using bitcoin, not only bitcoin but also alt coins, but I think bitcoin investment is suitable for everyone whether it is middle class or rich person just need to be careful when you want to invest