As Bitcoin Bubble Loses Air, Frauds and Flaws Rise to Surface
Hackers draining online exchanges. Ponzi schemes. Regulators unable to keep up with heightened interest in virtual currencies. A young industry’s problems have become clearer in recent weeksRead full story
Wait for it...One doesn't have to be a genius to see that this article is heavily weighted to doom and gloom. EVERYTHING (the DOW, gold, crypto) is crashing right now - or is it a correction. Crypto is down a lot...but it went up a lot too and even faster. I wouldn't count this technology/tool out yet.
Actually, the cryptocurrency phenomena is an abject lesson in the power of oversight and regulation. Left to innumerable vague individuals and/or companies, the currencies appear to only have the value their enthusiasts and promoters give them; it's day trading all over again but with assets that often truly have zero-to-no actual value. Cryptocurrencies could have real value, and the underlying platform, blockchain, could solve huge issues of privacy, security and transparency. Someone needs to take a breather and reboot this software.
Day of reckoning or correction? I say the latter. The junk ico’s need to be filtered out in a Darwinian culling, leaving only the strongest cryptos in the market.
When the tide goes out, as Mr Buffet famously said, you see who is naked.
< Cryptocurrency >
Sure, a boom to jumpstart this relatively new technology is good. But at what cost? We all know the boom will end one way or another, and that there will be enough losers to lobby for stronger regulation, thus nullifying the very characteristic that made it appealing in the first place--crypto.
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