If I had a Bitcoin for every time I’d read an article like this, I’d be a poor man. What is touted as the great thing about crypto-currencies is that it’s the man on the keyboard, and not the big institutions, that are its principle investors. So it’s power to the people, sticking it to the man and all those currency traders and Central Banks trying to control our financial lives, as the financial frontiersmen invest in the future. Yes, in the Wild West (which is what it is) there were plenty of opportunities to stake claims and make a fortune; but just as much chance of being bushwhacked and ending up hanging from a (in this case) metaphorical tree. There are some keyboard warriors of the geekier variety who actually understand the blockchains and algorithms which make cryptocurrencies work. Most who’ve invested/punted their cash, however, have just seen a supposed chance to get rich quick. In most cases, it’s those, dodgy or otherwise, on the other side of the servers who are, or will become, the wealthy ones.
“The cryptocurrency sell-off has exposed those swimming naked”
OK, I’ve been banging on about this for a year or two now, but it really was an accident waiting to happen. If you make a paper (or on-screen) profit of a 1000% or more, for goodness sake cash-in as soon as.
