Bitcoin Mania Continues
Jan. 12th, 2018 11:55 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
ecosophiaYou know that a speculative mania has entered its final stages, and bodies will start plummeting from windows in the measurably near future, when people begin doing the most obviously idiotic things to pile into the bubble.
With Bitcoin, that moment has arrived. According to this recent article, people are using their credit cards to buy Bitcoin and carrying the balance. So -- ahem -- they're taking out loans, in effect, at whatever rate their credit card happens to charge, to buy a speculative investment, and paying the interest in the fond hope that their Bitcoins are going to make them rich anyway.
In the immortal words of Keith Brand, "Dear God, this is going to end so badly."
Any of my readers who have money in Bitcoin, or any other cryptocurrency, in any other spirit than the one that leads people to blow lots of money on slot machines in Vegas, will want to be ready to wave goodbye to their investment...
With Bitcoin, that moment has arrived. According to this recent article, people are using their credit cards to buy Bitcoin and carrying the balance. So -- ahem -- they're taking out loans, in effect, at whatever rate their credit card happens to charge, to buy a speculative investment, and paying the interest in the fond hope that their Bitcoins are going to make them rich anyway.
In the immortal words of Keith Brand, "Dear God, this is going to end so badly."
Any of my readers who have money in Bitcoin, or any other cryptocurrency, in any other spirit than the one that leads people to blow lots of money on slot machines in Vegas, will want to be ready to wave goodbye to their investment...
Re: Who's the mining company?
Date: 2018-01-17 06:12 pm (UTC)- Oh, so you mean a pyramid scheme. ;-)
Dewey