Ciaran Ryan is a Johannesburg-based freelance writer who has a background in finance and mining, having previously headed up a gold mining operation in Ghana. He currently writes for several SA and overseas journals on matters ranging from mining to investment.
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There are multiple reasons not to invest in this fad: open fraud is rife, huge volatility, the fact that cryptocurrencies are not currencies at all, the poor speed of blockchain operations, etc etc etc. If you really, absolutely have to “invest” in this, make sure you do so with money that you don’t need and would be prepared to “invest” in Blackjack at a casino. It’s a gamble at best and bound to end in tears in most cases.
NewUser
9 months ago
Absolute guesswork and nothing else. There are no “fundamentals” behind crypto besides sentiment.
The fact some people even call it an “asset” is a joke.
That is all.
Eltan
9 months ago
Just because you don’t have in depth knowledge of something doesn’t mean it is a scam or a waste of time/money…
There have been many first of it’s kind”things”..that was highly sucessfull and made huge profits…just look around in our own household as and you will find some items…
And yes alot of them also was downplayed as very risky or even scams…or what about computers that was clasified as things that come from the devil himself, before they where proven in the market..
Bitcoin…yes..it is highly volatile and I agree..don’t invest money that you cannot afford to loose…but that as a matter counts for any investment…
Fact is..there still very little known about how it will be intergtated into everyday life…but it is alreqdy on that trajectory…
Do you due diligence and if you feel it is not for you because of your beliefs/appetite for risk, etc..then don’t invest…
Incitatus
9 months ago
Comparing a household to crypto is not a valid comparison. In my household, all the tech that I paid for, actually has a use – my decoder, our laptops en even the microprocessor controlled washing machine. All of the above are useful technology that we use daily. Neither bitcoin nor blockchain is useful. There is no widespread adoption of any cryptocurrency as a method of payment. There are no serious applications for blockchain, more than a decade later. This means the underlying tech is not useful, and that the true value of crypto and blockchain is exactly zero. They are not assets or useful, and therefore “investing” in them is like “investing” in a game at a casino.
Realitybites
9 months ago
@Incitatus
This seriously has to rank as one of the most ignorant comments ever posted to date.
Realitybites
9 months ago
@Ciaran
How on earth can a ‘stablecoin’ be designated ‘safe and secure’ by being backed 1:1 to the USD ??
The USD is worthless toilet paper being printed like helicopter money, and has lost 99% of its value since inception !!
The reality is the USD is in controlled demolition, with the smart money disposing of it’s fiat holdings while they still can and fleeing into BTC, hence the incredible rise of BTC’s value [ and other blue chip crypo’s like LTC/Ether etc ]
The whole premise of Bitcoin and its DETACHMENT from the corrupt banking system and its hyper printed offspring called fiat : to GET AWAY from this inevitable sinkhole.
Stablecoins in fact are nothing but the corrupt banking systems ruse to try stay relevant in the game – those in the know are avoiding them at all cost !!
Hence, the only true king in the ring, BTC…..evident as it just keeps getting stronger and stronger as fiat flee’s into it.
COMMENTS 6
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There are multiple reasons not to invest in this fad: open fraud is rife, huge volatility, the fact that cryptocurrencies are not currencies at all, the poor speed of blockchain operations, etc etc etc. If you really, absolutely have to “invest” in this, make sure you do so with money that you don’t need and would be prepared to “invest” in Blackjack at a casino. It’s a gamble at best and bound to end in tears in most cases.
12
Absolute guesswork and nothing else. There are no “fundamentals” behind crypto besides sentiment.
The fact some people even call it an “asset” is a joke.
That is all.
11
Just because you don’t have in depth knowledge of something doesn’t mean it is a scam or a waste of time/money…
There have been many first of it’s kind”things”..that was highly sucessfull and made huge profits…just look around in our own household as and you will find some items…
And yes alot of them also was downplayed as very risky or even scams…or what about computers that was clasified as things that come from the devil himself, before they where proven in the market..
Bitcoin…yes..it is highly volatile and I agree..don’t invest money that you cannot afford to loose…but that as a matter counts for any investment…
Fact is..there still very little known about how it will be intergtated into everyday life…but it is alreqdy on that trajectory…
Do you due diligence and if you feel it is not for you because of your beliefs/appetite for risk, etc..then don’t invest…
19
Comparing a household to crypto is not a valid comparison. In my household, all the tech that I paid for, actually has a use – my decoder, our laptops en even the microprocessor controlled washing machine. All of the above are useful technology that we use daily. Neither bitcoin nor blockchain is useful. There is no widespread adoption of any cryptocurrency as a method of payment. There are no serious applications for blockchain, more than a decade later. This means the underlying tech is not useful, and that the true value of crypto and blockchain is exactly zero. They are not assets or useful, and therefore “investing” in them is like “investing” in a game at a casino.
8
@Incitatus
This seriously has to rank as one of the most ignorant comments ever posted to date.
1
@Ciaran
How on earth can a ‘stablecoin’ be designated ‘safe and secure’ by being backed 1:1 to the USD ??
The USD is worthless toilet paper being printed like helicopter money, and has lost 99% of its value since inception !!
The reality is the USD is in controlled demolition, with the smart money disposing of it’s fiat holdings while they still can and fleeing into BTC, hence the incredible rise of BTC’s value [ and other blue chip crypo’s like LTC/Ether etc ]
The whole premise of Bitcoin and its DETACHMENT from the corrupt banking system and its hyper printed offspring called fiat : to GET AWAY from this inevitable sinkhole.
Stablecoins in fact are nothing but the corrupt banking systems ruse to try stay relevant in the game – those in the know are avoiding them at all cost !!
Hence, the only true king in the ring, BTC…..evident as it just keeps getting stronger and stronger as fiat flee’s into it.
1
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