Erik Finman, who became a teenage bitcoin millionaire during the digital currency’s run to $20,000, has warned bitcoin maximalists — believers in the world’s best-known cryptocurrency — that the long-term outlook is bleak.
It hurt to read that article. "kid is lucky now genius. Better than trader because they are nerds. Ltc dead to because 95% retrace. Bch good tech. Eth and Zcash similar and good."
Disagreeing with this is hardly negative towards ETH. Grow small balls and find something that actually is positive. This reads like an onion parody.
He's right, it's dying because it's being recognized as a pump and dump/pyramid scheme. Cryptocurrency will probably be regulated out of existence in the next decade as a massive waste of resources and time.
It will not succeed unless one comes along that can self regulate its hyper deflation problem, which would mean no limited supply of coins and a central authority making sure the wild swings in value we see today never happen again.
It doesn't have to solve that, though, if people want to use it as a tool that does not have large supply inflation. Also, it can be subdivided much more than standard currency and commodity units, so, in the least, it can function differently than past products.
Oh hell no.
I won’t invest in something if I can’t understand where the value comes from. Stocks, bonds, derivatives, etc? I can see it. But Bitcoin? When shit like [this](https://www.bloomberg.com/news/articles/2017-12-21/crypto-craze-sees-long-island-iced-tea-rename-as-long-blockchain) is happening, we’re in Dutch Tulip Bulb territory.
Bitcoin is as valuable as the people, or bots, trading it decide it is. It spikes and drops and nobody has any idea to what degree bots are driving things. I don’t go to casinos, and I won’t invest in cryptocurrency. If others want to, that’s their affair, but it is not for me. Intellectually it’s a fascinating idea, and I have friends who have made money, and lost money.
I’m a more cautious investor. I won’t back a startup, because I have absolutely no reasonable way of judging the likelihood of its success. With cryptocurrency, NO ONE can make any evidence-based conclusion other than that the market will probably move tomorrow, in some direction or other, to some unknown degree. Too risky for me.
Hubris = foolish pride, sometimes leading to bad situations.
Teen boys often have more ego than sense, and do foolish things. People who get lucky (and let’s be real - betting on Bitcoin was a straight up gamble) sometimes think that because they succeeded at one thing, they must be brilliant at lots of things - like a teenage boy declaring himself more brilliant than all the Wall Street quants.
Gravity is heavy & constant = the good times won’t last forever, and when you’re flying high, be aware that you have lows in your future too.
Flying too close to the sun = a reference to the Greek myth of Daedalus & Icarus. They escaped a prison by flying out using wings made from feathers connected to a frame by wax. Daedalus warned his son Icarus not to fly too close to the sun, or the wax would melt. I think you can guess the rest.
This interview is going to exist forever. The fortunes of most young men with sudden money rarely last forever.
I hope this kid’s parents can help him dial it back. And this interviewer did the kid no favors at all, and cheerfully let a teen with a not-yet-fully-developed brain open his mouth and shit on a bunch of folks.
Let’s just say that I hope this doesn’t come back to haunt his eventually broke ass, but I fear it will.
That fucking little weasel. Should have just enjoyed his lottery win and kept mouth shut. His AMA on reddit is hilarious; he got his ass handed to him.
Now he like shitcoins and bcash, lol. Point of the story is that some people who understand nothing about bitcoin, and buy it with grandma's money, made big profits back in the day. 99% of them are chill about it, but this uneducated punk posts selfies with cars, guns, and bling. And it's not like he's hard or anything, just a soft boy. It's cringey.