As of December 2017, we are right in the speculators phase. Everyone buy crypto. Everyone is making profit. Even my 85+year-old granddad has a strong crypto investment track record. Everyone seems to have a friend who is doing crypto day trading and now is a millionaire. But no one really knows what is a coherent product market fit for the technology and if the tech can actually support real-world use cases.
Even the two advanced projects, bitcoin and ethereum, are still in “beta mode”:
• Bitcoin: It has become expensive and slow to transact. Even though the number of transaction grows, it is very far from being able to be a real medium of exchange. The recent forks try to provide alternatives and new updates such as lightning aim to enhance the network capacity.
• Ethereum: The only disruptive-use case ethereum has brought so far is token launch/initial coin offering. It has somehow disrupted early-stage financing. But that’s pretty much it. When people starts to trade/purchase too many “cryptokitties” (a pokemon-style game run on ethereum), the network clogged. Yes. I know. Awkward. But cool updates like lightning, sharding etc.. are soon coming to market.
Self-regulation at its best... or not? The Wild West of cryptocurrencies: 'Be law unto thyselves.'
Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.
As binary options shuts down, some ex-operatives turn to cryptocurrency
As securities chief worries about new iteration of fraud, a speaker at a Tel Aviv meetup enthuses, ’It’s the Wild West. No one knows what's going on. You can do whatever you want’
...in recent weeks, some Israeli experts have been sounding the alarm that cryptocurrencies may be the next binary options — in other words, the next multibillion dollar fraud committed by Israelis against unsuspecting targets all over the world.
‘We’re very concerned about ICOs’
In a recent interview at the Israel Securities Authority headquarters in Tel Aviv, Hauser told The Times of Israel there are several things that worry him about the new cryptocurrency craze.
“When we talk about cryptocurrencies, we’re talking about several things,” he said. “First, there’s blockchain technology. That’s a very legitimate technology that is going to cut costs and conquer the world. Then you have bitcoin and cryptocurrencies. There are thousands of different digital coins. And then there are ICOs.”
“We’re very concerned about cryptocurrencies because the phenomenon exhibits many signs of a bubble. Someone will tell you to buy this or that token because its value is going up, but you don’t know who is behind the token, and you don’t know who is behind the demand, who is behind the supply. And if something goes wrong, there is no one to turn to.”
Hogeg pointed out that today cryptocurrencies have just three practical uses in peoples’ daily lives: as an instrument for financial speculation, as a way for entrepreneurs to raise money, and, third, as a way for criminals to transfer money to each other.
If bitcoin BTCUSD is below $50,000 on Dec. 28, 2018, the options will expire worthless, and the $1 million will be lost. If bitcoin rises above that level, the options will give their owners the right to buy 275 bitcoins for $50,000 apiece—a transaction that would cost about $13.8 million.
Bitcoin mania is starting to look like a religion.
I say that because both bitcoin BTCUSD and religion involve faith in the unknowable. Some bitcoin investors believe the cryptocurrency, along with the underlying blockchain technology, will be a vital part of a new, decentralized, post-government society.
I can’t prove that won’t happen — nor can bitcoin evangelists prove it will. Like life after death, they can only say it’s out there beyond the horizon.
If you believe in bitcoin paradise, fine. It’s your business … until your faith puts everyone else at risk. As of this month, bitcoin is doing it.
Yes, now almost all of are making money (the buyers); but I am afraid because, the uptrend looks like an unrealistic bullish trend! Anytime it can flow in the opposite site! So, I am stay away from it.
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