Of late, I have been getting an increasing how to invest in filecoin of folks asking for my opinion on cryptocurrencies. If only it were true. Polar bears know more about astrophysics than I know about cryptocurrencies. They probably know more about cryptocurrencies, too.
As luck 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. ETH tickers just like they do for all the other big asset classes. 10 Billion dollars a DAY to it’s market cap. The mania is just getting started. Before we start, lets be crystal clear on this: This is the riskiest investment you will ever make. Am I qualified to give this investing advice?
Why should you trust me? 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? Furthermore, this ideal speculator is comfortable being an early adopter of technologies and is willing put up with quite a bit of inconvenience and headache to make it happen. Who should not invest in cryptocurrencies? If this money you are considering betting means ANYTHING to you walk away now.
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. What is our investment strategy? Just because we are speculating on Cryptocurrency doesn’t mean we are not still jlcollinnhistas at heart. Obviously that is a LOT of value.
Clearly cryptocurencies haven’t captured even a tiny fraction of that value yet. Think of it like this. 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. You have a chance right now to buy an extremely early, out-sized, chunk of the future economy.