Of late, I have been getting an increasing number of folks asking for my opinion on cryptocurrencies. Polar bears know more about astrophysics than I know about cryptocurrencies. They probably know more about cryptocurrencies, too. As unknown stocks to invest in 2017 would have it, the most recent person to ask about this is my pal Lucas.
He reached out a couple of weeks ago and, after I suggested he’d get a more useful response from a polar bear, he began to share a bit about what he had learned and what he was doing. I know Lucas as the website manager who keeps jlcollinsnh. So I asked him to write this guest post. I could tell he knew his cryptocurrency stuff.
What I didn’t know was, could he write? 1017 USD on the recommendation of our lead developer at the web firm where I worked. At least, that’s what I wish I could tell you about the first time I heard about Bitcoin. The truth is the same as thousands of other techno geeks. I heard about Bitcoin in 2011, thought it was a cool idea that appealed to my libertarian tendencies and then promptly did nothing about it for 6 years.
You may have been hearing about Bitcoin a lot lately. If you haven’t you will soon. 10,000 per Bitcoin for the first time. New Crypto-Millionaires are being minted every day. Before we start, lets be crystal clear on this: This is the riskiest investment you will ever make. Malware on your computer steals your coins.
Am I qualified to give this investing advice? That said, I have spent several hundred hours studying this space and I’m happy to share what I have learned. I’ll also provide a bunch of links to better resources at the end, all written by people much more knowledgeable than I. Why cryptocurrencies are the future of money and the internet 3.
Who should consider speculating on Bitcoin? Who should not invest in cryptocurrencies? If this money you are considering betting means ANYTHING to you walk away now. If you have any debt, forget about it. Only slightly more so than credit default swaps, leveraged high frequency bot trading, and russian roulette. Will this keep you up at night? Is the IRS ok with this?
Is the SEC ok with this? Warren Buffett said Bitcoin is a pyramid scheme. He might be right, you should listen to him. Just because we are speculating on Cryptocurrency doesn’t mean we are not still jlcollinnhistas at heart. Those 3 companies have captured a huge percentage of the value created by the internet world and will continue to for years. A small investment then, if held until 2017, would have comfortably made you a multi-millionaire.