Cryptocurrency As The New Snake Oil

Motherboard has an article about a student in a bunch of debt ‘investing’ in cryptocurrency. In this example, he’s invested in Ethereum.

In hopes of striking it rich, my friend put all his savings into ethereum and urged me to follow suit.

So long as this is the case, cryptocurrency will never be more than a fringe investment opportunity for suckers to try and strike it rich.

Nobody invests in cash. Nobody says “I’m gonna put my life savings in $100US bills.” Bonds are different, but nobody buys a bunch of Benjamins and sticks them under a mattress to make triple or quadruple their money in just a few short months.

Cryptocurrency is nothing more than speculative gambling at this stage.

Could it become something? Possibly, but if it’s gonna give real money a run for it’s… um, money, it’s gotta get a helluva lot more stable. Who’s going to spend cryptocurrency if it’ll be worth 10% or more next week.

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