[2017-12-14]Jordan Belfort: Bitcoin is Now a Huge Danger

[DowBit]

Remember the real Wolf of Wall Street Jordan Belfort? He was responsible for several financial frauds himself in the past. Now Belfort is a public speaker and one of the most vocal critics of cryptocurrencies. He has repeatedly criticized Bitcoin for being a bubble and ICOs for being scams. Recently, speaking on CNN Live, he stated that Bitcoin now poses a “huge danger.”

Belfort states that although Bitcoin futures are regulated, the underlying asset is completely unregulated. This leads to the appearance of copycat cryptocurrencies that use Bitcoin’s popularity for their own gains. This is usually done in the form of pump & dump schemes, but on a massive level. He reiterated his earlier words that Bitcoin is a bubble and said the virtual gold may still grow some more before it collapses.

More: https://dowbit.com/jordan-belfort-bitcoin-is-now-a-huge-danger/

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[marckenigsberg]

Collapses? Seriously?
What happened to corrections or movements like any other assets....

[ChromaticStar]

Remember the real Wolf of Wall Street Jordan Belfort? He was responsible for several financial frauds himself in the past. Now Belfort is a public speaker and one of the most vocal critics of cryptocurrencies. He has repeatedly criticized Bitcoin for being a bubble and ICOs for being scams. Recently, speaking on CNN Live, he stated that Bitcoin now poses a “huge danger.”

Belfort states that although Bitcoin futures are regulated, the underlying asset is completely unregulated. This leads to the appearance of copycat cryptocurrencies that use Bitcoin’s popularity for their own gains. This is usually done in the form of pump & dump schemes, but on a massive level. He reiterated his earlier words that Bitcoin is a bubble and said the virtual gold may still grow some more before it collapses.

More: https://dowbit.com/jordan-belfort-bitcoin-is-now-a-huge-danger/

Maybe he should stay away from it then.

[Guardian.P]

Even before it, many have claimed since the moment when the price of $ 500 for bitcoin, that it is a bubble and will soon collapse. That's already 17 000. To make such statements, let first some facts provide

[DooMAD]

It's understandable why Jordan Belfort, of all people, wouldn't "get it".  All he knows is buying and selling assets for profit.  He's a speculator and he sees a huge number of people speculating.  So yeah, he's calling it as he sees it.  But what he sees is only the glaringly obvious part.  Yes, there are lots of speculators.  And yes, many of them probably can and will get burned.  So in the limited context of what he can see, he's actually quite right.  But it's still missing the point.  

And that's trustless accountability, permissionless freedom, unprecedented transparency, a hedge against the fiat debt-vortex and unbridled inflation, better security and (depending on how disciplined you are) no reliance on middlemen taking a cut (but we're probably all still a little weak in that regard and hand money over to exchanges, it's a work-in-progess).  Plus a dozen or more other advantages if you delve deep enough down the rabbit hole.  None of which has anything to do with selling Bitcoin for a quick buck.