I agree that bitcoin is due a major crash.

I disagree buying a bitcoin and making a ton of cash is honest money. Many of the assertions in that paragraph seem to try to equate buying a speculative token to working hard in a grocery store, except being much more profitable.

Here is what bitcoin is not:

an equity. You don’t own a share in a company, and you don’t own a share of blockchain.

a debt. No company agrees to pay you back for your initial cash purchase plus interest.

a currency. It is not used in day to day transactions.

The reason is it is so hard to gauge its ups and downs is that they are based purely on who is buying or selling on a given day, not ultimately on a fundamental asset represented by the token.

It is a speculative gambling chip.

While I agree blockchain has the potential to change the world, and is doing so, buying a bitcoin doesn’t buy you a share of blockchain.

It buys you a token you want someone else to buy for a higher price.

Resident of Frogpondia.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store