Crypto: Scam or goldmine? What do you think?
When I asked you to share your thoughts on Bitcoin and cryptocurrencies on my blog, I should have known the debate would be so passionate.
On both sides, I’ve found your responses informed, articulate and enthusiastic.
Rik kicked it off with a story he should be proud of:
“Got into crypto last March with an initial $5k investment. Since then I have multiplied it by 32. I have taken out my initial and some and still hold a sizable amount waiting on the next bull run.”
William L. had a very different opinion:
“I believe that crypto coins are the world’s largest Ponzi scheme. How else can money be generated out of thin air? It depends on fools buying into it.”
Dave seems to agree:
“I haven’t fooled with Bitcoin because, at every point along the line, it could’ve crashed and lost every penny.”
Meanwhile, it seems cryptocurrencies have been very good for Emily and her family:
“We bought a bunch when they were around $10. We’ve sold most of our BTC along the way in exchange for a paid-off house and car, conventional stocks, and funds set aside for our son’s college expenses. However, we still have a lot of BCH as well as some Ethereum.”
Gary R. took the decidedly pragmatic approach:
“I wanted to invest $2,500 in Bitcoin when it was $100 each. My wife told me I was crazy and threatened me if I foolishly wasted our money on that scam. My marriage of 45 years is worth more than the Bitcoin but it still hurts to think about it.”
William, meanwhile, is doing VERY well for himself:
“Started 10 months ago with about $1,000 – initially Bitcoin and Ethereum. I have since pulled my initial $1,000 plus $1000 in profits and am currently in 10 cryptos worth $15,000.”
Best wishes,
Martin D. Weiss, PhD
Founder, Weiss Ratings
