The crypto currency craze is fading as thousands of people, trying to find the pot of gold at the end of the rainbow, die of starvation and thirst in the desert of these scams. Recently bitcoin was down over 70% from the peak early this year.
But the bulls continue to cheer people on, counting on people’s natural greed instinct to become very rich overnight. One bull who apparently has a business profiting from people’s greed said this:
Jehan Chu, co-founder of Kenetic Capital — a firm working towards spreading the adoption of blockchain technology — is also of the opinion that this new system is something that is fixing the problems of the past. Chu told Cointelegraph:
“Bitcoin will never go to zero because it is a hedge against falling currencies, inefficient economies and increasingly systemic inequality. Bitcoin represents the currency of a better future for society, and people will always invest in their future.”
If he can’t come up with a better reason for bitcoin to flourish than “Bitcoin represents the currency of a better future for society” then cryptos are really in trouble. Does anyone buy a stock or other investment for the “better future of society?” These speculators are more likely to say, “to hell with society, I just want to make money.”
Scams in the crypto currencies continue to surface and seem to be getting bigger. In India, there is this: “India: Senior Opposition Member Demands Probe Into ‘Mega Bitcoin Scam.’
An official from Indian opposition party the Indian National Congress (INC) has demanded a probe into a “mega Bitcoin scam,” The Hindu reports July 5. The scam supposedly involves leaders of the majority Bharatiya Janata Party (BJP).
It is estimated that the money laundering or scam involved about $723 million.
Imagine, a scam that is almost ¾ of a billion dollars involving top political leaders. And that is why India never gets to prosper: CORRUPTION at all levels.
You can read more of our current analysis and forecasts on the global stock markets, bond markets, and global economies in our award-winning WELLINGTON LETTER, now in its 41st year.