An opinion on Bitcoin that resonates alarm bells. Get out before all the Monkeys have gone. *BITCOIN* A lot of monkeys lived near a village. One day a merchant came to the village to buy these monkeys! He announced that he will buy the monkeys @ $100 each. The villagers thought that this man is mad. They thought how can somebody buy stray monkeys at $100 each? Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. This news spread like wildfire and people caught monkeys and sold it to the merchant. After a few days, the merchant announced that he will buy monkeys @ 200 each. The lazy villagers also ran around to catch the remaining monkeys! They sold the remaining monkeys @ 200 each. Then the merchant announced that he will buy monkeys @ 500 each! The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each. The villagers were waiting anxiously for the next announcement. Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each! He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage. The merchant went home. The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each. Then the employee told them that he will sell some monkeys @ 700 each secretly. This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey. The next day, villagers made a queue near the monkey cage. The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys! The villagers took care of their monkeys & waited for the merchant to return. But nobody came! ... Then they ran to the employee...
But he has already left too ! The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them!
The Bitcoin will be the next monkey business.
It will make a lot of people bankrupt and a few people filthy rich in this monkey business.
I believe it is here to stay and will be the way of the future. bitcoin is not the only crypto currency around and it first started in the 80's. I think you all should get used to it, especially as it is untraceable and there is probably more black money around than good money. follow lite coin and etherium for a year and see how they go, as these two are un hackable.
I suspect potential investors/gamblers would do well to heed Warren Buffett's advice.
"Legendary investor Warren Buffett has weighed in on the bitcoin frenzy, saying he will never invest in it or any other cryptocurrencies - while predicting a "bad ending" for those who do."
"Legendary investor Warren Buffett has weighed in on the bitcoin frenzy, saying he will never invest in it or any other cryptocurrencies - while predicting a "bad ending" for those who do."
Of course he would say that. Until the statement is clarified by some explanation of Why, it is only some statement about what he might do in the future. Certainly not advice to people looking for investment opportunities.
Aust Govt is investigating how to issue a Digital Currency. Buffet has a system that pre-dates Bitcoin and works for him. Buffet also realises he is about to leave the stage and is planning succession. Time, as usual, will tell.
Iza
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
