Anyone itching to dabble in crypto?

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Frugalbear
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Anyone itching to dabble in crypto?

Post by Frugalbear » Sat Jul 06, 2019 9:28 pm

My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?

softwaregeek
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Re: Anyone itching to dabble in crypto?

Post by softwaregeek » Sat Jul 06, 2019 9:47 pm

Studied cryptography in grad school. No desire to dabble in it.

Cycle
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Re: Anyone itching to dabble in crypto?

Post by Cycle » Sat Jul 06, 2019 10:13 pm

Definitely, I often pay people back with venmo or PayPal.

If they switch to using some sort of crypto I would use it to transfer the funds. So that might be for a 50 or 100 dollar transaction.

I'd still hold USD though for my standard currency, since USDs are stable it seems like a no brainier. Euros are good too.

Is XRP-Ripple going to be as stable as the USD?
Never look back unless you are planning to go that way

runner3081
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Re: Anyone itching to dabble in crypto?

Post by runner3081 » Sat Jul 06, 2019 10:20 pm

Not one bit.

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HomerJ
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Re: Anyone itching to dabble in crypto?

Post by HomerJ » Sat Jul 06, 2019 10:22 pm

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?
My boss was heavily invested in GM and GE back in 2007-2008. He shared his view and supporting view of other sources with me.

I must say, I was half-tempted to dabble in those two stocks.

GM went bankrupt, and GE went from 40 to 10.
The J stands for Jay

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arcticpineapplecorp.
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Re: Anyone itching to dabble in crypto?

Post by arcticpineapplecorp. » Sat Jul 06, 2019 10:26 pm

at 0.39 cents a coin? Sounds like a penny stock to me.

https://www.coinbase.com/price/ripple

btw, all time high price was $3.84. now it's at 0.39 cents per coin. So it lost 90% of its value over the past 6 months. What makes you think it's a screaming buy? Because your boss is touting it? Have you considered the possibility that your boss is trying to get others to buy it (at higher prices) so he can make money (pump and dump)???

why don't you ask your boss if he'd consider buying dietbitcoin instead. It was started by Pablo Escobar's brother. What could go wrong?

https://www.google.com/search?client=fi ... t+bit+coin
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

BernardShakey
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Re: Anyone itching to dabble in crypto?

Post by BernardShakey » Sat Jul 06, 2019 11:26 pm

Hmm, I wonder what Mr. Bogle would say. For me, I know I would lose my shirt before the year is out. I avoid almost all individual stocks but crypto / bitcoin would be a bridge too far. Seems like the I industry (if you can even call it that) is ripe with fraud.

TomCat96
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Re: Anyone itching to dabble in crypto?

Post by TomCat96 » Sat Jul 06, 2019 11:40 pm

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?
If I were you I would buy a nominal amount of XRP just to have something to converse with your boss about.

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JoMoney
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Re: Anyone itching to dabble in crypto?

Post by JoMoney » Sat Jul 06, 2019 11:42 pm

BernardShakey wrote:
Sat Jul 06, 2019 11:26 pm
Hmm, I wonder what Mr. Bogle would say. For me, I know I would lose my shirt before the year is out. I avoid almost all individual stocks but crypto / bitcoin would be a bridge too far. Seems like the I industry (if you can even call it that) is ripe with fraud.
No need to "wonder":
https://youtu.be/QgrNYSQve8o
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

j0nnyg1984
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Re: Anyone itching to dabble in crypto?

Post by j0nnyg1984 » Sat Jul 06, 2019 11:51 pm

No, I don’t have any interest in speculating.

Nissanzx1
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Re: Anyone itching to dabble in crypto?

Post by Nissanzx1 » Sun Jul 07, 2019 10:30 pm

Never heard of her. Lol seriously though, no I wouldn’t even suggest this to an enemy...

Thegame14
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Re: Anyone itching to dabble in crypto?

Post by Thegame14 » Sun Jul 07, 2019 11:38 pm

no desire at all, yes I am sure it made some people rich on the way up, but I am not going to get in on the way down....

SGM
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Re: Anyone itching to dabble in crypto?

Post by SGM » Mon Jul 08, 2019 12:12 am

No, not even tempted. I have heard from early dabblers in crypto, but they seem to have disappeared from my local haunts. I don't miss the early rants about how much they were making.

samsdad
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Re: Anyone itching to dabble in crypto?

Post by samsdad » Mon Jul 08, 2019 12:15 am

Whenever i get an itch, I put some hydrocortisone on it and it goes away. Great stuff!

—Mods: this post is not medical advice!

pepperz
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Re: Anyone itching to dabble in crypto?

Post by pepperz » Mon Jul 08, 2019 4:10 am

Sure go ahead but treat it like “Vegas Money”- only put in what you are fully prepared to lose.

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queso
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Re: Anyone itching to dabble in crypto?

Post by queso » Mon Jul 08, 2019 7:21 am

I have some XRP and have for quite a while (among others). It hasn't done anything for me. Every now and then I look at my balances and lol at it a little bit, but that's about it. Here's the problem with fake internet money - in order to hit the equivalent of the lottery you'd have to plow a significant portion of your assets into it. You won't make a mint dabbling unless it goes stratospheric. Most of the regulars on this site (myself included) would never plow a significant portion of our assets into it because it isn't an investment and there's no good reason why it is worth what it is at any given time other than the FOMO index or some puppeteer whale doing a massive pump and dump scam. If I were you I'd probably buy some since it is an interesting learning experience dealing with the exchanges, hardware wallets, etc. and, as one of the earlier posters pointed out, it will give you something to discuss with your boss.

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samsoes
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Re: Anyone itching to dabble in crypto?

Post by samsoes » Mon Jul 08, 2019 7:40 am

"Itching" to dabble in crypto? Is that like scratching a festering, open sore?
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

teelainen
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Re: Anyone itching to dabble in crypto?

Post by teelainen » Mon Jul 08, 2019 8:04 am

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?
I probably wouldn't buy any one individual cryptocurrency. But if they had an index fund of cryptocurrencies, then yes I would consider putting a small percentage of my portfolio (less then 2%) in cryptocurrencies.

abracadabra11
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Re: Anyone itching to dabble in crypto?

Post by abracadabra11 » Mon Jul 08, 2019 8:16 am

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?
Absolutely not. Don't assume that the expertise your boss has in your line of work in any way extends to other sectors.

BlueRidgePro
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Re: Anyone itching to dabble in crypto?

Post by BlueRidgePro » Mon Jul 08, 2019 9:32 am

It would be interesting to hear his views on why crypto is a good investment. It's a zero sum game - for every one who makes a dollar, someone else loses a dollar.

Lottery tickets would be a good alternative.

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Noble Knight
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Re: Anyone itching to dabble in crypto?

Post by Noble Knight » Mon Jul 08, 2019 9:36 am

I have a Coinbase account, I own small amounts of:

Steller Lumens
Basic Attention Token
Zcash
EOS
Ethereum
Litecoin

I have a BlockFi account that I keep .5 Bitcoin at and it earns a 6.20% APY


I've made 75% gains in only a few months. I wouldn't expect crypto currency to be accepted here, but it's definitely not something that should be ignored. And I don't invest more than I'm willing to lose.

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greg24
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Re: Anyone itching to dabble in crypto?

Post by greg24 » Mon Jul 08, 2019 9:39 am

XRP-Ripple is in my top 2000 favorite crypto currencies.

drk
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Re: Anyone itching to dabble in crypto?

Post by drk » Mon Jul 08, 2019 9:47 am

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.
XRP/Ripple is one of the biggest scams in the space. It launched with great fanfare about how banks were going to adopt it for transfer payments and whatever other snake oil they could dream up. Well, guess what? The banks figure they're better positioned to do that themselves. And that's almost certainly correct, if you think about it.

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steve roy
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Re: Anyone itching to dabble in crypto?

Post by steve roy » Mon Jul 08, 2019 9:48 am

Itching to dabble? Nobody I know, least of all me.

jibantik
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Re: Anyone itching to dabble in crypto?

Post by jibantik » Mon Jul 08, 2019 10:20 am

Between these types of threads and the US-only investing threads, it's truly amazing to see how many "bogleheads" speculate. Shows that even the enlightened can become blind to justify their irrational behavior.

chisey
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Re: Anyone itching to dabble in crypto?

Post by chisey » Mon Jul 08, 2019 10:21 am

Not at all, and I'm generally an "itchy" investor who makes frequent tweaks. I consider it pure speculation.

thx1138
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Re: Anyone itching to dabble in crypto?

Post by thx1138 » Mon Jul 08, 2019 10:23 am

No, but I am getting interested in tulip bulbs. VERY interested...

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ruralavalon
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Re: Anyone itching to dabble in crypto?

Post by ruralavalon » Mon Jul 08, 2019 10:25 am

No. It is useless and volatile.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

niven
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Re: Anyone itching to dabble in crypto?

Post by niven » Mon Jul 08, 2019 10:55 am

I would, but first I need to finish flushing my money down the toilet.

NMBob
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Re: Anyone itching to dabble in crypto?

Post by NMBob » Mon Jul 08, 2019 11:16 am

no thanks,

"New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams"

https://cointelegraph.com/news/new-stud ... were-scams

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Nate79
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Re: Anyone itching to dabble in crypto?

Post by Nate79 » Mon Jul 08, 2019 11:41 am

Nope.

tlk59
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Re: Anyone itching to dabble in crypto?

Post by tlk59 » Mon Jul 08, 2019 11:55 am

Frugalbear wrote:
Sat Jul 06, 2019 9:28 pm
My boss is heavily vested in crypto and he has shared his views and supporting views of other sources with me. I must say, I am half tempted to dabble in crypto, specifically XRP-Ripple.

Anyone else doing it? Have you had the "What ifs" like I am?
In 2001, my boss asked me why I didn't have all my retirement money in the company stock plan. Don't have faith in your company? Great, the boss man guilt tripping me out of diversifying. I ignored him. Enron happened later that year. Not sure if he noticed, or took any lessons from it.

Point being, this guy doesn't have a special "boss man" crystal ball.

-Tim

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alpine_boglehead
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Re: Anyone itching to dabble in crypto?

Post by alpine_boglehead » Mon Jul 08, 2019 11:57 am

No. It's pure speculation. No expected return, no intrinsic value, and even if crypto eventually replaces conventional currency, which one should you pick and is the potential future winner even around today?
I also have no urge to buy individual stocks from Russia, even though these are less volatile and have a higher expected return than cryptocurrencies. Seriously, stocks (and even more so stock index funds) look incredibly safe compared to cryptocurrencies.

Disclosure: I still own some small holdings (crypto dust) in bitcoin and bitcoin cash, as I bought 0.1 bitcoin just for fun in the early days and sold most of it during the 2017 craze.

dcb
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Re: Anyone itching to dabble in crypto?

Post by dcb » Mon Jul 08, 2019 12:00 pm

I scratched the itch to dabble in crypto back in Nov. 2017. Here is my experience. I opened an account with Coinbase and bought $200 worth of Etherium. Within three months my account went up to over $500 and I thought 'this is easy' - I should have bought $2000 or maybe even $200,000 and I would now be very rich. However, soon after it peaked at around $560 it started a downward trend and by the beginning of 2019 my account was down to less than $70. It has since risen back up to around $120 but my experience is a constant reminder to me that it may be ok to dabble in risky investments but don't bet your retirement on it.

dcb

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nisiprius
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Re: Anyone itching to dabble in crypto?

Post by nisiprius » Mon Jul 08, 2019 12:05 pm

I was about to say that I think the biggest opportunity in cryptocurrency would be to start your own currency, but on second thought the time for that is probably long past.

Probably the biggest opportunity today would be to write and sell books on "How to Make $14,000/month at Home in 3 Hours a Day by Starting Cryptocurrencies."

Or perhaps to offer lessons in how to do it. $195 for twelve lessons that tell you exactly which $19,950 worth of products and services you need to buy.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Gort
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Re: Anyone itching to dabble in crypto?

Post by Gort » Mon Jul 08, 2019 12:08 pm

runner3081 wrote:
Sat Jul 06, 2019 10:20 pm
Not one bit.
+1

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Dr. Long
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Re: Anyone itching to dabble in crypto?

Post by Dr. Long » Mon Jul 08, 2019 12:08 pm

Before investing in crypto I highly suggest watching this:

https://youtu.be/KTf5j9LDObk
"(It's) the economy, stupid," - James Carville

JHU ALmuni
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Re: Anyone itching to dabble in crypto?

Post by JHU ALmuni » Mon Jul 08, 2019 12:34 pm

Got it two years ago and made excellent money, setting patiently now waiting for the next pull run that seems already started. High risk = high return/loss.

Mike Scott
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Re: Anyone itching to dabble in crypto?

Post by Mike Scott » Mon Jul 08, 2019 1:34 pm

There will probably be a strong crypto in the future. But which one will win and which one will lose?

softwaregeek
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Re: Anyone itching to dabble in crypto?

Post by softwaregeek » Mon Jul 08, 2019 2:56 pm

The smart money got in early. You didn't get in early? You aren't the smart money.

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BoglePaul
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Re: Anyone itching to dabble in crypto?

Post by BoglePaul » Mon Jul 08, 2019 6:11 pm

What about when quantum computing comes along and makes all crypto worthless?

PS I remember seeing the value of my baseball cards increase each month along with my net worth in Becket. Now all of the baseball cards are worthless.

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rmelvey
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Re: Anyone itching to dabble in crypto?

Post by rmelvey » Mon Jul 08, 2019 6:19 pm

I've been long bitcoin since around $4k. It's not for the faint of heart... Proceed with caution and only buy what you can afford to lose, and then (ironically enough) apply all of boglehead principles of staying the course, ignoring the noise, and not timing the market. :wink:

am
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Re: Anyone itching to dabble in crypto?

Post by am » Mon Jul 08, 2019 6:26 pm

Wish vanguard had a low cost index etf of crypto currencies. I’d put a small wager down. Who knows, maybe one of the coins will be a winner.

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dogagility
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Re: Anyone itching to dabble in crypto?

Post by dogagility » Mon Jul 08, 2019 6:40 pm

No. I'm itching to invest my money, not speculate.
Taking "risk" since 1995.

bhsuser
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Re: Anyone itching to dabble in crypto?

Post by bhsuser » Mon Jul 08, 2019 8:08 pm

BoglePaul wrote:
Mon Jul 08, 2019 6:11 pm
What about when quantum computing comes along and makes all crypto worthless?
There are classes of mathematical problems that are "difficult" using normal computation.

Which is to say, there is no shortcut or algorithm for speeding up the work of solving these computations - you just have to try every single number to see if it's a solution. That is how they are classed as "difficult".

A quantum computer, however, could theoretically compute these hitherto "difficult" problems without trying every possible computation/combination. This would, in fact, upend quite a bit of security/encryption framework that surrounds our everyday life.

I like this wikipedia article as a start:

https://en.wikipedia.org/wiki/Post-quantum_cryptography

to wit:

"The problem with currently popular algorithms is that their security relies on one of three hard mathematical problems: the integer factorization problem, the discrete logarithm problem or the elliptic-curve discrete logarithm problem. All of these problems can be easily solved on a sufficiently powerful quantum computer running Shor's algorithm."

ERguy101
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Re: Anyone itching to dabble in crypto?

Post by ERguy101 » Tue Jul 09, 2019 5:24 am

nisiprius wrote:
Mon Jul 08, 2019 12:05 pm
I was about to say that I think the biggest opportunity in cryptocurrency would be to start your own currency, but on second thought the time for that is probably long past.
From reading this thread, is the only reason people start alternative coins is because everyone will invest in them hoping it's the next bitcoin?

I'm so glad I have exactly $0.00 in any of this stuff!

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nisiprius
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Re: Anyone itching to dabble in crypto?

Post by nisiprius » Tue Jul 09, 2019 5:51 am

ERguy101 wrote:
Tue Jul 09, 2019 5:24 am
...From reading this thread, is the only reason people start alternative coins is because everyone will invest in them hoping it's the next bitcoin?...
Probably not the only reason. Dogecoin originated as a joke. Dogecoin market cap hits $1 billion, to creator's dismay.

There are other reasons for launching cryptocurrencies. A national government has launched a cryptocurrency or has claimed to have done it (the Venezuelan "petro," no evidence anyone uses it, but the near-worthless Sovereign Bolivar is linked to it). Other examples of "probably other reasons" including Facebook hoping to introduce a blockchain-based privately-controlled payment system called Libra, and biggish companies making various experiments with Ether. Ethereum was designed to serve as a platform for things that couldn't be done with existing cryptocurrencies. Perhaps that was the real motivation, or perhaps that was the "castles in the air" storyline and the early developers also hoped to become enriched when the cryptocurrency was adopted. Most likely both (unless it can be proved that the developers of Ethereum never bought any themselves). Of course if you believe that cryptocurrencies add value to the world, then the creators of successful cryptocurrencies deserve to get rich.

Unless Satoshi Nakamoto comes forward someday to reveal his identity and tell his story, it will be difficult to assess motivation. Certainly the design features of bitcoin make more sense if you assume that the purpose is to transfer wealth from late adopters to early adopters, than for its stated purpose of enabling "small casual transactions" at far lower cost than credit cards.* Oddly enough (to this naïve outsider) there seems to be even more suspicion of stablecoins like Tether than there is of traditional shakycoins: Move over, Ponzi, "stablecoins" have you beat.

*See Bitcoin: a Peer-to-Peer Electronic Cash System. Nakamoto said that credit cards are dogged by high transaction costs due to the "cost of mediation," i.e. the cost of processing payment disputes and issuing chargebacks. Bitcoin, not requiring trust or mediation and being irreversible, was to be far cheaper.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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