Don’t forget cryptocurrency is volatile
Crypto investors may lose everything
Cryptocurrency is digital money controlled by a decentralized computing infrastructure. (We all know in this platform)
No centralized administrators can access personal information about the investors. Rich investors may sometimes announce their investment and attract new investors.
One of the richest investors may also claim he/she doesn’t have any investment in cryptocurrencies. Nobody can verify the real-world identities of the investors.
Elon Musk’s claim that his company Tesla invested in Bitcoin has no meaning because it can’t be verified. Similarly, nobody can verify if Bill Gates’ claim that he doesn’t have any Bitcoin is true or false.
Irrespective of Elon Musk and Bill Gates saying good things about Bitcoin, the crypto investors may lose all the investment. People shouldn’t forget that the value of cryptocurrencies is purely volatile.
The U.K.’s most prominent central banker Andrew Bailey, governor of the Bank of England, commented that people who bought Bitcoin, Dogecoin, Ethereum, or any other digital currency, should be “prepared to lose all your money.”
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The news influences the investors in the crypto forums
When a billionaire comments high about cryptocurrencies, the common mass is inspired to buy more cryptos. Middle-class citizens are overjoyed to invest their hard-earned money into the crypto domain.
If there are a few days to show the continual rising of the Bitcoin price tag, more and more investors come to Bitcoin and Ethereum. The news spread among the crypto forums, and people pour vlogs on Bitcoin's future. Many tech influencers write in their blogs positive about Bitcoin and cryptos.
The reality is far from the news feed. And, by the time when a good amount of hard-earned money has been invested by the poor and the middle-class citizens worldwide, the reality bugs start rolling back. And, the price of Bitcoin again starts going down and down.
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The crypto exchanges attract people via common agents in social media
Exactly four days ago (the UK banker's warning appeared in the news), one of my long known LinkedIn connections, John (not real name), posted a short-form update on LinkedIn saying:
John wrote:
My crypto company is giving the deal for all!
Invest $500 daily
Earn $3500 at the end of the day
Weekly earnings $7500
Monthly earnings $25000
Instant payout to your bank accounts
Send a direct message for joining
I wrote a comment, “What is it, John?”
John’s LinkedIn profile turned ‘green’ almost immediately. He didn’t reply to my LinkedIn comment but sent me a direct message.
John: Hello Sir, How are you?
Debesh: Almost fine! What is it you posted about cryptos?
John: I am a manager in a company (website). Please create a log-in and invest. Take instant payout.
John also gave me his mobile number (with country code)
I checked the crypto trading company website but didn’t join/invest.
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I read the above news of UK banker’s warning about cryptocurrencies
The news goes as a warning to all global crypto investors and traders.
The U.K.’s most prominent central banker Andrew Bailey, governor of the Bank of England, recently commented that people who bought Bitcoin, Dogecoin, Ethereum, or any other digital currency, should be “prepared to lose all your money.”
When I re-check John’s crypto trading company website, I am surprised. The website is not opening. The domain is valid, but the website is put down. I don’t know where the investors would get any support for their investments.
It is not sure if the investors get support from crypto trading platforms and exchanges. If the platform suddenly shuts down where would the investors go? A question has come up.
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My long-time LinkedIn connection’s LinkedIn profile has also been deactivated!
I wish to chat with John. But his LinkedIn profile is not reachable or deactivated. The messages also vanished. John permanently deletes all the messages.
What message does it send to me?
- The world of cryptocurrency is very fishy.
- There is no reliability if you would get any service in the future.
- Since cryptocurrency operates under a decentralized computing infrastructure, there is no centralized agency/person to inquire or complain.
- You may complain to the cybercrime departments. There is no answer if you can get any support from the cybercrime departments of your national or foreign countries.
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Bringing it altogether
Blockchain and other distributed ledger technologies have immense potential. Bitcoin, Ethereum, and other cryptocurrencies are real-world use cases. Some or many people are experimenting with cryptocurrency transactions. Experimenters have experience in getting crypto transactions completed in several days. Not to mention that some people lost a huge crypto investment due to lost private keys. Investors need to analyze risk factors before investing in cryptocurrencies.
Postscript
This post describes views and opinions obtained from my personal communications and interactions. This is not a guideline for crypto investment. You must check and verify the information yourself before making any investment or otherwise in the crypto domain.
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#cryptocurrency #blockchain #bitcoin #money #technology
Cheers! Debesh Choudhury
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