Become An Instant Millionaire For Only $100!
YES indeedy, as a signal that this altcoin market (Bitcoin, Litecoin and the like) you can become an instant millionaire in your own currency for the once only low low price of $100!
This is in fact true as well: although it’s not about to make anyone rich I would have thought. It’s just the sort of thing that happens when people get swept up in a financial bubble. This is tulips all over again, the South Sea Bubble, dotcom mania. It might even be that something useful comes out of it all at the end but there’s definitely going to be tears before bedtime.
It’s worth noting that Bitcoin, or something like Bitcoin, has every chance of being something that’s usable and will be so for many decades off into the future. That doesn’t preclude the whole thing from being a bubble right now of course. But as is the way that bubbles work while we might get one, or two perhaps, of these alternative digital currencies becoming something used in decades to come there will be a large number of them that just fail and fall away to nothing.
And the sign that we’re in a bubble is when everyone starts doing exactly the same thing. And that is what is happening right now. In fact, you can go and buy your own currency for under a $100 here. And hundreds of people are doing just that.
Some of them will rise in value, most will sink without trace. But that some rise in value will mean that more people will do it until we’ve got some substantial fraction of the world all issuing their own currency. At which point, of course, the entire scheme fails.
I’ve taken a lot of stick over the past few years for insisting that Bitcoin is indeed a bubble. And the thing is, the entire altcoin market really is in a bubble. The only question is when is it going to pop? Who knows, you might even be able to get your $100 back before it does.