Meanwhile, true believers and veterans of the 12-year-old digital currency industry claim that the underlying technology is real and transformable and finally – finally! – willing to spend no less than the global financial system and the internet as we know it.
People seem to be getting rich either selling a token or anticipating a revolution. Cryptocurrencies are highly volatile, risky, and prone to bubbles; Countless luck has been done and lost. In some cases, many people have used blockchain – the underlying technology of cryptocurrencies – without realizing it or not understanding exactly how they work.
Daniel Ives, an equity analyst at Wedbush Securities, wrote in a recent note to clients, “Bitcoin mania is not a fad,” but the start of a new era on the front. digital. “
In short, cryptocurrencies are, at least, considered a good place to deposit some cash. Everyone has read stories about teenage crypto millionaires – or a pizza bought with Bitcoin that can now be worth millions of dollars. Come Not participation is, in crypto parlance, for “having fun living in a poor home”. In other words: We are all cryptocurrency people. Gulp.
‘Is this a bad dream?’
It’s hard to sit down and watch our index funds and our 401 (k) passively, predictably, responsibly tick up, while an out of the art world named Beeple. sell a digital photo collage NFT for $ 69 million. For many, the news of this transaction raises a simple question: Why not me?
Mark Greenberg, a photographer, had that in mind in March when he auctioned the NFT of a previously unpublished portrait he photographed Andy Warhol in 1985. See the bid go up 100,000 dollars, he is very excited. He hasn’t been able to do much work during the pandemic, and this money could help his daughter’s upcoming wedding and the house he just bought. But then he started to worry.
His sales bonus is stored in a digital account that only he has access to. What if he, a 69 year old man with some health problems, suddenly dies?