First of all, a good news is Crypto market seems to be recovering pretty well. Now, the China FUD is seemingly over, market has realized it and slowly moving upward. Due to China FUD as well as Mr. Jamie Dimon's statements, crypto market fell down crucially a few days back and lost almost $40 Billion within 2-3 days.
But now, the market is seems to be recovering and total market capitalisation seems to stabilizing at $147 Billion. Well, for all crypto evangelists, this is going really great. Doesn't it?
Actually, this is crypto market and as I have said earlier, it is full of conspiracies, scams and hacking.
Now, a new statement has come from the Wolf of the Wall Street himself. Mr. Jordan Belfort calls Bitcoin a 'Fraud & Bizarre' this time.
Mr. Belfort said something like this
“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”
Well, this statement looks like something what Mr. Jamie Dimon said in his statement before crashing the market and bought the dip thereafter.
If we talk about Jamie Dimon's statement, then he called Bitcoin a fraud and nuisance. In fact, he even warned anyone in his company staff to be fired if found in possession of Bitcoin or cryptocurrency in general. But later, it was revealed that his company subsidiaries itself bought Bitcoin dip.
Whenever Bitcoin started to stabilize, someone take this chance to criticize it again and with that criticism the Bitcoin value suffers.
A few days back, Ray Dalio, the founder of Largest Hedge Fund Bridgewater also called Bitcoin a fraud and highly speculative.
Now, this time Mr. Belfort came to criticize it. Belfort actually believes that Bitcoin is a highly speculative instrument and not even real. It has no recognition except on the internet. It is not backed by any government. It is completely decentralized and all decentralized instrument turns out to be a bubble or fraud eventually.
Although, he believes in the concept of Cryptocurrency but current model of Bitcoin is full of corrupt programs being played at the hands of Miners as well as large investors, commonly known as 'Whales'.
Belfort said that,'' there is future for digital currencies but not like this. Cryptocurrenices should be backed by central governments, not by some artificial computer program''.
He also added that sooner or later, central banks will come up with their own cryptocurrencies which will be more stable and reliable.
Well, some of his statements are true regarding the high volatility as well as no backing by any strong and reliable authority. But still, cryptocurrenices are not that easy to break down.
Attempt are always thrown on crypto market to strike its value down but it always recovers eventually.
Let's see how the market reacts this time.
Keep your Investment safe and use your own diligence before making any Investment in cryptocurrency or ICO project.
Thanks for reading ...!!
Author: @cryptonet
While his comments did seem negative I don't think he was attacking it like Jamie Dimon did he just doesn't totally understand the concept of crypto yet.
Bitcoin is not a fraud. It's just another attempt to make FUD, to buy Bitcoins in the dip. Like the previous one FUD made by J P Morgan.
Due to massive increases in the prices and growing market cap of cryto's, Big companies are now planning to jump in. That's why such statements are coming ... Anyway, one thing is clear i.e, Blockchain Tech is the future - it's not going anywhere ...
just sounds like the guy is uneducated on the topic so had to have an opinion and gave one. I don't think he would really understand the likelihood of being hacked etc
What's interesting is that a lot of people think these guys are trying to get rid of bitcoin or lower its price so that they can take advantage or remove a competitor. I believe that line of reasoning is incorrect.
I admit what these guys say does have an effect on the BTC market, but I believe they're saying what they mean. For most in the traditional financial space, BTC is a strange anomaly. It's new, so it's got to be suspect right? Hell, amongst our own ranks we know that it's a highly speculative investment. You can believe all you want in something, but mainstream adoption will be the big maker or breaker.
These guys inhibit mainstream adoption, which is difficult to digest for most true believers, but I think the price of BTC is slightly insulated because of the demographics and beliefs of those who hold digital currencies at the present time. This is good and bad.
I'll be posting about these issues and others as I get my blog going. And, I mean, that guy was pushed out of the securities selling industry awhile ago. He is now just a talking head running around doing sales presentations. Get upset people think his opinion is worth anything. Lol. And fortunately, he did admit that the tech is good enough for banks to implement.
Good post! Thanks for putting it out there!
It's very high cost for me.
Bitcoin cannot be hacked. No one can "hack" and steal your bitcoins. It is impossible. Check out what 256 bit encryption looks like:
New Resteem-Service
@Booster007
Your post was resteemed by @booster007 Free
Good luck!
Seems he hasn't woken from his quaalude induced stupor - perhaps in a couple of years when he wakes up he'll see things differently :/