Wednesday 6 December 2017

Not one..............from Rico

Good on figured out that Bitcoin and other crypto-currencies are a huge scam.
- Sir Isaac Newton, a pretty smart guy, got snookered by the South Sea Bubble for example.
With everything digital being 'hackable' this Bitcoin thing is vulnerable, it also depends upon electricity and technology.
- So, if a 'hacker' doesn't steal it, then the computer can electronically fart, and/or the power goes out and voila!                            Aaaaand it's gone.
Some have already lost their wealth by being robbed, others due to technical glitches.
- I'd not trust it over hard assets myself.

1 comment:

Jim in Alaska said...

If by hard assets, you mean things like silver & gold, I quite agree.

If you mean any of today's currencies, backed by nothing, real property, which you actually rent, not own (Try not paying your annual property tax.), I lean toward storing at least part of one's wealth as cryptocurrency.

As to everything digital being 'hackable', storing one's bitcoin in an external wallet or even generating a 'paper wallet' lessens the risk.

& on the other hand, everything non-digital is pretty much 'stealable'.