The joke about monkey for $10, $20, promise to pay $50, which is currently getting very popular in the Russian segment of Facebook, is not new. It was initially attributed to the Wall Street. However, we decided to re-tell it, because the allusion to BitCoin is even stronger.
Once upon a time in a village in India , a man announced to the villagers that he would buy monkeys BitCoins for $10. Continue reading "The Mon(k)ey Value of BitCoin"
Tag: bitcoin
Tulipmania Deja Vu – Why I don’t trade Cryptocurrencies
Friends of mine ask me why I don't trade the Bitcoin and other cryptocurrencies. Finally, it does not matter what to trade as long as one can make a return. The reason is that indeed I hardly can, since:
1. Contrary to [German] stocks, I don't have such a deep knowledge of cryptocurrencies.
2. Enormous volatility of Bitcoin makes the re-investment of winnings virtually impossible, so one can achieve only linear, not an exponential growth by active trading.
3. I have a strong allergy when something clearly resembles a tulipmania or a Ponzi scheme.
4. Theoretically a blockchain cannot be forged but in practice there are implementation bugs. And technical limitations (which recently might have caused the split of Bitcoin in two currencies).
Continue reading "Tulipmania Deja Vu – Why I don’t trade Cryptocurrencies"