mk4
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February 19, 2018, 02:57:27 PM |
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Most of us are smart enough to realise that volatility is dangerous and you must be careful when investing but many others do not understand this.
Bitcoin $1 to $1000 in 8 years. Looks giant ponzi scheme A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. - investopediaSure, bitcoin did actually rise a huge huge percentage from years ago. But this is only due to supply and demand. "Bitcoin" didn't promise any returns as bitcoin isn't a company and there's no sort of primary leader that can make such claims. So your argument is invalid.
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Dapper
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February 19, 2018, 03:03:28 PM |
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Props to Vitalik for keeping it real.
And I agree, ETH or BTC at $1 or $10,000 is still an intrinsic success. It's not a success or failure based on some person's trading profits.
That said, I do admit it's easier to keep it real when you're among those who have already cashed in somewhat and have locked in their gains.
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sent from my X6
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First77 (OP)
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February 19, 2018, 03:07:43 PM |
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A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. - investopediaSure, bitcoin did actually rise a huge huge percentage from years ago. But this is only due to supply and demand. "Bitcoin" didn't promise any returns as bitcoin isn't a company and there's no sort of primary leader that can make such claims. So your argument is invalid. What is 100,000% profit for Bitcoin in 8 years ??
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BrewMaster
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February 19, 2018, 03:10:41 PM |
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of course i would have said the same thing if i became a multi millionaire by simply premining a coin that is then pumped by banks to the moon! he didn't even invest in his own creation. he just released it and BAM! he became rich by dumping a small part of the premined coin he held. and the worst part is that his project (ethereum) is not even good!
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There is a FOMO brewing...
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First77 (OP)
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February 19, 2018, 03:12:23 PM |
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of course i would have said the same thing if i became a multi millionaire by simply premining a coin that is then pumped by banks to the moon!
Old time buyers/investors have earned 10,000 times profit by all those talks and now they fear "total loss"
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JuniAiko
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February 19, 2018, 03:13:19 PM |
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If the price of the crypto that you hold drops 1 or even 2%, and that makes you nervous, and dropping 5% or 10% makes you panic, then you probably have invested more than you can afford to.
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[|NEO|ONT|XLM|WAN|ADA|ELA|VEN|EOS|NCASH|TRX|IOTA|>
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mk4
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February 19, 2018, 03:18:20 PM |
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A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. - investopediaSure, bitcoin did actually rise a huge huge percentage from years ago. But this is only due to supply and demand. "Bitcoin" didn't promise any returns as bitcoin isn't a company and there's no sort of primary leader that can make such claims. So your argument is invalid. What is 100,000% profit for Bitcoin in 8 years ?? It's called demand. I'm going to give you the definition once again as you might not know the meaning. Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. - investopediaBitcoin was barely known by anyone back then because it was too new, hence not much people was actually buying them. Then more-popular and easy to use wallets has been created, hence more people were actually enabled to use bitcoin, combine that with the "moon" shills. Hence, a huge influx of people buying = a huge increase in price.
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eagleman
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February 19, 2018, 03:18:32 PM |
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That made me think that he's paid just to say that.
In his part, I don't know if he's too concern with the people investing to crypto or his thinking that we are already crowded but he's right on what he said. Volatility means that it can go up to 1000000000xxx or it can down to 0 (one digit). Even it's a warning coming from, why he didn't said that when ETH is only $20?
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mk4
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February 19, 2018, 03:26:12 PM |
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Even it's a warning coming from, why he didn't said that when ETH is only $20?
Probably because as the price increased a lot compared to a few years ago, a lot of people grew to become more and more unrealistic with their expectations when it comes to the market especially with the recent huge influx of investors (100x price increase is possible? why not 10000x!). Heck, people are stupid enough to even sell their homes to invest in crypto. Expectations are definitely too high.
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HeRetiK
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February 19, 2018, 03:26:48 PM |
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Lots of people on social media sites like Facebook are raging against Vitalik due to what he said. But he's actually right. The cryptocurrency could take a nosedive anytime and could take years and years on end to rebound in price. In my opinion what Vitalik said is better than shilling Ethereum for price rises. People on Facebook are saying that Vitalik is spreading FUD; but Vitalik is a very smart guy, and he's just being very realistic.
I 100% concur. Personally, I still strongly believe that technologically sound cryptos have a higher chance of increasing in value and utility rather than dropping to near zero and vanishing completely. But nonetheless there still is a chance that cryptos become utterly worthless in the future. And definitely no one should invest more than they can afford to lose (technically true for pretty much every riskier investment, to be honest). Claiming otherwise would be irresponsible, so hats off to Vitalik for speaking the truth. Old time buyers/investors have earned 10,000 times profit by all those talks and now they fear "total loss"
I don't think anyone is worried about the early adopters. It's mostly the new money that needs to be made aware of the risk, as they lack the experience and stand to lose the most.
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HashFace
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February 19, 2018, 03:30:11 PM |
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A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. - investopediaSure, bitcoin did actually rise a huge huge percentage from years ago. But this is only due to supply and demand. "Bitcoin" didn't promise any returns as bitcoin isn't a company and there's no sort of primary leader that can make such claims. So your argument is invalid. What is 100,000% profit for Bitcoin in 8 years ?? His point is that in a Ponzi Scheme there is always a central figure, who promises guaranteed returns, and controls all the accounts and can make off with all the money any time they feel like it. In Bitcoin, there is no central figure, if you take security measures no one can empty your wallet (account), and there is no one promising you that you will make a penny in the long run. In fact, as the thread points out, quite the opposite. The central figure in Ethereum isn't promising you anything and advising you to diversify away from Cryptos. Can you find a Bernie Madoff quote like that?
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Caesar-Giulius
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February 19, 2018, 03:43:22 PM |
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Of course, anything can happen in investment. There are risks and returns, so everyone should make their own decisions and invest within their means.
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Noigu99
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February 19, 2018, 03:45:05 PM |
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should we be worried? ![Undecided](https://bitcointalk.org/Smileys/default/undecided.gif)
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Slow death
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February 19, 2018, 03:46:45 PM |
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Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time This is ironic. Vitalik Buterin Donates $2.4 Million In Ether To Anti-Aging ResearchThe SENS Research Foundation, a charity funding research for treating-age related diseases, has received a $2.4 million Ether donation from Ethereum co-founder Vitalik Buterin, according to a press release on the charity’s website Friday, Feb. 1. If cryptocurrencies can really go to zero at any time, then why did he do such a thing? Is he making any joke with charity funding research? Or did he donate because he knows that ETH is a coin and has its value? the entrepreneur tweeted. “Don't put in more money than you can afford to lose. This is good advice, but this rule applies to all investments. According to the programmer, people shouldn’t invest into assets which are so highly volatile ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) so he's saying people should not buy ETH, bitcoin and all altcoins? how does he think ETH has value? "If you're trying to figure out where to store your life savings, traditional assets are still your safest bet” Buterin added. he got rich because many people invested / bought ETH and the price became high, so he's spitting on the dish he eats
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rifiuti
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February 19, 2018, 03:49:24 PM |
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To Vitalik; ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F7MhTM4k.jpg&t=665&c=MtZIR7pD8kwbVw)
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winspiral
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February 19, 2018, 03:52:52 PM |
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Most of us are smart enough to realise that volatility is dangerous and you must be careful when investing but many others do not understand this.
Bitcoin $1 to $1000 in 8 years. Looks giant ponzi scheme I see you do not know what a ponzi scheme is. With a ponzi sheme you have not the hand. First ones are paid from last ones. Bitcoin are traded...so you can never call them a ponzi scheme.
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toanhang2000
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February 19, 2018, 03:53:31 PM |
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fgh
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LeonardoDiCrypto
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February 19, 2018, 04:05:41 PM |
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This simply shows that Vitalik has kept a very good sense of the reality, because what he says is completely true, even though so many of the bitcoin's tribe are in denial of that. Don't misunderstand me: I am heavily invested in Bitcoin and altcoins myself. But I perfectly know what I am risking.
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First77 (OP)
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February 19, 2018, 04:14:15 PM |
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This simply shows that Vitalik has kept a very good sense of the reality, because what he says is completely true, even though so many of the bitcoin's tribe are in denial of that. Don't misunderstand me: I am heavily invested in Bitcoin and altcoins myself. But I perfectly know what I am risking.
Vitalik Buterin also said "“If you're trying to figure out where to store your life savings, traditional assets are still your safest bet" I think Gold and Silver are traditional assets
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heureca
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February 19, 2018, 04:28:35 PM |
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Virtual currencies are still a newcomer class in the world of assets and could drastically fall at any time, according to the founder of blockchain network Ethereum and the digital currency of the same name, Vitalik Buterin. “Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time,” the entrepreneur tweeted. “Don't put in more money than you can afford to lose.”According to the programmer, people shouldn’t invest into assets which are so highly volatile “If you're trying to figure out where to store your life savings, traditional assets are still your safest bet,” Buterin added.Digital currencies managed to recover slightly after a massive sell-off earlier this year that washed nearly $100 billion out of the market in a single day. Bitcoin, the world’s number one cryptocurrency, recovered to $11,000 this week after falling below $6,000 earlier in the month. Other digital currencies also rose after posting steep losses last month. Ethereum, the second-largest crypto by market value, was trading at $946, while third-ranked ripple climbed to $1.15 https://www.rt.com/businessVitalik said truth - do not invest all money in criptocurrency because it is high risk and very volatile currency. I also support blockchain technology but I hold fiat money too
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