This is something that will happen as long as the sun rises from the East. The Bad NewsĬryptocurrency prices are going to crash. Just the same way that the MMM pyramid scheme used Naira does not equate MMM with Naira. These schemes are done using Bitcoins, but note that these schemes are not Bitcoins. The pyramids will collapse one day, and you will be left with the short end of the stick. Please note that these are pyramid schemes. There are a lot of schemes out there that promise some kind of Bitcoin payouts if you buy Bitcoins and invest in their schemes. Know this and know peace then construct your portfolio accordingly.īefore we go on, I need to point something out real quick. Therein lies the risk - an asset that can gain over 2,900% in just under a year can easily lose 99% of its value in just one week. There is no widespread and easily accessible asset that has done this well, except a couple of other cryptocurrencies. In just about a year, the currency is now selling at $15,500. Now, we are all caught up, and we can talk about the risk of holding, or trading, cryptocurrencies.Īt the time of writing the first article in September 2016, Bitcoin was selling for around $600, and the time of writing the second article in December 2016, the price was around $770. Now when you are done, also read this one. If this is your first contact with any article that is cryptocurrencyrelated, I strongly suggest that you read the first article I wrote about the Bitcoin here. Now, we’ve gotten that disclosure out-of-the-way, let’s get down to business. A friend even accused me of being so bearish about cryptocurrencies, yet I just couldn’t stop talking about how people are getting rich out of them. I may be a little biased when it comes to cryptocurrencies, but whenever I talk to an audience about it, I try as much as possible to reiterate the risks.
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