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Bitcoin billionaires turn to millionaires as cryptocurrency world gets cold feet

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  • Bitcoin billionaires turn to millionaires as cryptocurrency world gets cold feet

    Bitcoin billionaires turn to millionaires as cryptocurrency world gets cold feet

    Last week, Forbes Magazine, known for tracking the world’s most wealthy individuals, published a new rich list. The “Crypto billionaire’s club”, a who’s who of those who have the most valuable stakes in cryptocurrency, looked like the coming of age for a new wave of tech geeks who had become extraordinarily wealthy.

    At the top of the list was Chris Larsen, the co-founder of the Ripple currency, with a net worth of up to $8bn (£5.8bn). Others included Zhao Changpeng, the founder of the mega Bitcoin exchange Binance, and Cameron and Tyler Winklevoss, the identical twin rowers who invested millions in Bitcoin after suing Mark Zuckerberg, claiming he stole the idea for Facebook from them.

    But there was a catch. By the time Forbes had got around to publishing the list, most of the 10 “billionaires” on the list were no longer worth that much.


    Crytocurrency not quite ready for primetime?
    The first to state his case seems right until another comes and cross-examines him.

  • #2
    I still don't understand "cryptocurrency".
    Some may call me foolish, and some may call me odd
    But I'd rather be a fool in the eyes of man
    Than a fool in the eyes of God


    From "Fools Gold" by Petra

    Comment


    • #3
      Originally posted by Mountain Man View Post
      I still don't understand "cryptocurrency".
      A couple of smart guys figured out how to get rich by fooling others into trading their actual money for digital money? I just think there are too many opportunities to manipulate the system, but I really don't know that much about it.
      The first to state his case seems right until another comes and cross-examines him.

      Comment


      • #4
        Originally posted by Cow Poke View Post
        A couple of smart guys figured out how to get rich by fooling others into trading their actual money for digital money? I just think there are too many opportunities to manipulate the system, but I really don't know that much about it.
        Sounds like the gold investment scam, where companies will happily trade all your "worthless" money for gold, begging the question that if your money is so worthless and gold so valuable, why don't they just keep all the gold themselves?
        Some may call me foolish, and some may call me odd
        But I'd rather be a fool in the eyes of man
        Than a fool in the eyes of God


        From "Fools Gold" by Petra

        Comment


        • #5
          Originally posted by Mountain Man View Post
          Sounds like the gold investment scam, where companies will happily trade all your "worthless" money for gold, begging the question that if your money is so worthless and gold so valuable, why don't they just keep all the gold themselves?
          Hold on just a cottonpickin minute!!! You're not SERIOUSLY suggesting that William Devane doesn't have my very best interests at heart?

          williiambig-1.jpg
          The first to state his case seems right until another comes and cross-examines him.

          Comment


          • #6
            Or Glenn "Have you heard about Goldline?" Beck!
            Some may call me foolish, and some may call me odd
            But I'd rather be a fool in the eyes of man
            Than a fool in the eyes of God


            From "Fools Gold" by Petra

            Comment


            • #7
              Bitcoin and other cryptocurrency is basically like a stock. But with no company or product to back up it's value. The value is entirely based on perceived value. There is a limited supply of bitcoin and to "mine" more requires some complex computer calculations that get harder as the total comes closer. But other than that, it really has nothing backing it. Of course actual currency doesn't either any more, except the government itself guaranteeing it. Nothing like that for cryptocurrency.

              It is ripe for extreme volatility because it has nothing to base it's value on except how much someone is willing to pay for it. When it rises, it seems like people get greedy and keep buying it and it skyrockets. Then someone starts wanting to get out of the market and sells off, scaring others into doing the same and down you go. Then people think "what a bargain!" and buy again.

              Comment


              • #8
                If someone wants to learn about blockchain and cryptocurrency here is a description of how it works.

                https://youtu.be/IbiufTn2_Do?t=1434

                Comment


                • #9
                  Originally posted by Sparko View Post
                  Bitcoin and other cryptocurrency is basically like a stock. But with no company or product to back up it's value. The value is entirely based on perceived value. There is a limited supply of bitcoin and to "mine" more requires some complex computer calculations that get harder as the total comes closer. But other than that, it really has nothing backing it. Of course actual currency doesn't either any more, except the government itself guaranteeing it. Nothing like that for cryptocurrency.

                  It is ripe for extreme volatility because it has nothing to base it's value on except how much someone is willing to pay for it. When it rises, it seems like people get greedy and keep buying it and it skyrockets. Then someone starts wanting to get out of the market and sells off, scaring others into doing the same and down you go. Then people think "what a bargain!" and buy again.
                  Sounds similar to some of the dotcom "businesses" back in the 90s.

                  I'm always still in trouble again

                  "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                  "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                  "Of course, human life begins at fertilization that’s not the argument." --Tassman

                  Comment


                  • #10
                    Originally posted by rogue06 View Post
                    Sounds similar to some of the dotcom "businesses" back in the 90s.
                    Yeah everyone and their mother is trying to get into blockchain and doing initial coin offerings, many which are just scams, and many others just fail.

                    To me blockchain technology is too unweildy. It is basically a ball of yarn that keeps growing larger and larger, making it harder and hard to get to the part you want to access. It can take days (rare) to process a bitcoin transaction now, because everyone who has a copy of the blockchain has to check the transaction and approve it, then update their copy of the blockchain to reflect the new transaction.
                    Last edited by Sparko; 02-12-2018, 09:04 AM.

                    Comment


                    • #11
                      Originally posted by Sparko View Post
                      Bitcoin and other cryptocurrency is basically like a stock. But with no company or product to back up it's value.
                      Kinda like US currency after the gold standard was trashed. (only on steroids)

                      (yeah, you refer to this in the rest of your post )
                      The first to state his case seems right until another comes and cross-examines him.

                      Comment


                      • #12
                        Originally posted by rogue06 View Post
                        Sounds similar to some of the dotcom "businesses" back in the 90s.
                        Actually, it reminds me of Al Gore's attempt to get filthy rich by being the king of the carbon credits trading scam.
                        The first to state his case seems right until another comes and cross-examines him.

                        Comment


                        • #13
                          Originally posted by Cow Poke View Post
                          Actually, it reminds me of Al Gore's attempt to get filthy rich by being the king of the carbon credits trading scam.
                          I sometimes ask myself, "Why can't I come up with a scheme like that?" And then I remember, "Oh, right, because it's unethical."
                          Some may call me foolish, and some may call me odd
                          But I'd rather be a fool in the eyes of man
                          Than a fool in the eyes of God


                          From "Fools Gold" by Petra

                          Comment


                          • #14
                            Originally posted by Mountain Man View Post
                            I sometimes ask myself, "Why can't I come up with a scheme like that?" And then I remember, "Oh, right, because it's unethical."
                            me too.

                            If I were unethical there are so many schemes I could use to get rich on the internet. Most not even illegal, just taking advantage of people's greed.

                            Comment


                            • #15
                              Originally posted by Sparko View Post
                              me too.

                              If I were unethical there are so many schemes I could use to get rich on the internet. Most not even illegal, just taking advantage of people's greed.
                              I haven't yet received the pallets of bacon I paid you for.
                              The first to state his case seems right until another comes and cross-examines him.

                              Comment

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