CNBC – Bitcoin is in the “mania” phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday. “We’ve seen mortgages being taken out to buy bitcoin. People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection.
Fucking idiots. Doesn’t anyone learn from history? You had tulip mania, the Great Depression and the dot com bubble, just to name a few. Things will always bubble. The bubble will always burst. Markets are cyclical. Some people will get rich with limited effort, but it’s economically impossible for every single person to jump on the bandwagon and have the value increase forever. It just does not work like that.
Have a few hundred dollars to spare and want to play around, understanding it’s a gamble? By all means, I hope you make a quick buck. But if you buy Bitcoin or some other cryptocurrency with money you don’t even have, you are a certified moron and should just kill yourself. When the price comes down and you can’t pay anything back, then what? You might as well just use it to go on vacation or buy lavish goods, because you’re investing in something that is going to crash hard. It’ll be around forever and eventually stabilize, but you have to wait it out dudes.