Forget the crytpo naysayers: we're all going to get rich - TechCentral

Forget the crytpo naysayers: we’re all going to get rich

You all need to just chill out a little. Seriously.

Bitcoin took a hit over the last few days because of China. That has cryptocurrency markets in a panic. But if we channel the deeper sentiment of the true believers, even a massive crackdown on initial coin offerings won’t be enough to upset a trajectory they’re convinced can’t be derailed.

It’ll all be fine. If anything, you should worry about ether, because that’s the currency that underpins most initial coin offerings. But even then, don’t sweat it.

Bitcoin is still going to overthrow the system. Get rid of all those central banks. Do away with fiat currencies. They’re already dead men walking, anyway. It’s just a matter of time. Ether’s ethereum technology is going to revolutionise smart contracts and do away with banks, and lawyers and all those bloodsuckers who just wanna steal our money and line their own pockets.

China said ICOs are illegal, and all those projects now need to return the funds they raised. That’s just a hiccup, it won’t stop us. Some guy wrote this week that it’s all about preserving social order. Come on, we all know it’s about preserving the corrupt global industrial-political system. But we crypto revolutionaries can’t be defeated.

The rise of cryptocurrencies will herald the new world order, taking back control from the elites. And they don’t want ICOs to succeed because it cuts vampire squid out of the action. There’s US$139bn in crypto right now, that’s money they want for themselves.

Sure, perhaps “ICOs are the new Nigerian Prince scam. They offer you to get rich, they just need some of your money up front, and all your dreams will come true!”

‘Just fools’

Maybe some people need to lose a lot of money before we all get rich. They’re just fools anyway, bought the wrong coin. Who cares if there are some victims if we eventually hit Lambo parity, right? Then we can show those bankers who’s boss. We’ll be driving down main street in our Lamborghinis while they sit recharging their Teslas.

So what if bitcoin is down 15% in the last two days. Ethereum dropped 20% in a day, IOTA and NEO are down more than 30% in the past 24 hours. Let ’em fall, man. Another 30%, another 50%. Let it go all the way to the bottom, we’ll just buy up more. The lower they go, the more we’re gonna buy. Fundamentals don’t matter, this is the future. Don’t you see?

Buy with what, you ask. Our fiat currency. Pour our greenbacks and our euros and our Chinese yuan into all the bitcoin and ether we can. Doesn’t matter if we sold out all our hard currencies last year, we can just borrow.

Some bank’s gonna lend USD to buy BTC and ETH, no doubt, because they’re greedy, too. And if they don’t, we’ll just start an ICO to raise more coin. Don’t ask what it’s gonna be backed by, doesn’t matter.

Forget about business models and product development and all that old-school talk. That’s ancient history. We’re all gonna get rich.

Just chill.  — Column by Tim Culpan, (c) 2017 Bloomberg LP

8 Comments

  1. Not really “In Depth” and more like something I would expect from MyBroadband as click-bait! I’ve removed MyBroadband from my daily reading list for their lack of quality. I expect better quality articles from TechCentral!

  2. This was also on MyBB. I really would be cautious taking financial / investment advice from a journalist. People like to avoid the documented fact that the value underpinning Bitcoin is entirely in the black market – And I don’t mean BEE, I mean ISIS and heroin.

  3. Embrace our Banana Republic on

    True believers? Is this some kind of new religion? I do not take any investment decisions based on faith. If you do I will pray for you. Sorry bad joke. A fool and his money are soon parted! You are chasing a rainbow. Get rich quick schemes seldom work except for the chap incharge. Unless you are the main peanut you will lose money. Rather buy lots and lots of lottery tickets.

  4. Actually that is completely not true. About 95% of Bitcoin is used by every day people just like you and me.

  5. Bitcoin is not a scheme, bud. No one owns it and no one controls it. Schemes are owned and controlled by someone or an entity. If you truly believe it is best you hurry up and tell companies like Amazon, Virgin, Burger King and Tesla that they better stop accepting it. Even Pick n Pay now are wanting it. Best you tell Visa and MasterCard to stop issuing Bitcoin debit cards. It’s a just a get rich scheme as you say. Suggest you research it a bit more. Ignorance is not bliss. Open your eyes and do some proper research.

  6. Clearly you have much research to do. Would you like an entire lust of companies who accept Bitcoin or are you happy that I just mention a few?
    Amazon
    Tessa
    Burger King
    Reddit
    Virgin

    I can go on.

    And last month Japan made Bitcoin legal tender so today there are 300 000 shops in Japan who have a ‘ We accept Bitcoin’ sign on their windows.

    So, I don’t know, does no one shop at any of these shops and above mentioned companies?

    And why do these companies want Bitcoin. By your solid reasoning apparently it’s to partake in the drug trade.

  7. How is that my reasoning?

    Are you claiming just because legitimate companies accept bitcoin that’s where 95% of the value exchange takes place? Seems like highly faulty logic. The volatility of the value of bitcoin has precluded it from actual use in a macro economic context. No one is buying burgers with bitcoin.