This is the kind of article that destroys the US Economy because it follow the same trend. Hype something up to be perceived value bigger than actual implementation.
We saw this with the Savings and Loans where self-serving bank owners were over-leveraging the consumer savings on loans to fund the bankers lavish lifestyle. We saw this with the dotcom stocks where these firms were unprofitable but people were buying into the hype. We saw this with the housing boom with jumbo loans and interest only loans buying homes they cannot afford and based on easy credit.
Now come this ignorant article talking about cryptocurrency where the currency is used as a speculative trading instrument talking about the “price”, not a cryptocurrency vehicle to conduct transactions which is what CURRENCY IS SUPPOSED TO DO!
None of these cryptocurrencies are standing on their own and instead pegging themselves against the US Dollar and this is important to understand. These cryptocurrencies are not regulated in the USA. In addition, banks and other financial institutions and the Bank of England and Bank of Canada both indicated the underlying scheme is not ready for prime-time. These are facts not being mentioned because we have self-interested people trying to sell you the hype to unload the hype unto you to gain a profit for themselves. Then once everybody realize this is hype with no substance, no one wants to buy, then everything crash and those holding the bag will be burned hard.
This is the type of ignorant hype that many of you know the tragic result from previous history — the mass layoffs and long-term unemployment. Mass foreclosures and property value dropping. Families lost all their savings betting on hype. Small businesses lose everything they got because no one shopping anymore. Empty strip malls, empty main streets, closed factories and distribution centers. Then personal — drug abuse, domestic violence, bankruptcy and depression.
I’m expecting anybody who been through those years and seen what happened to themselves and others around them to learn the lesson from the past and fight this fake hype over cryptocurrency because we know what is on the other side of this nonsense and garbage articles like this and it is definitely not good.
No currency is a speculative instrument — it supposed to be boring with no massive increase/decrease in value and remain stable — use your brain before buying into this garbage and hype that will eventually destroys lives and harm our economy like the other hyped up crap done before.