/biz/ - Business & Finance

[Anonymous No.5914042]

Hi. It costs thousands of USD to mine me at the moment. This cost will only continue to increase exponentially into the future as secured by my open source code (which hundreds of other coins have copied, including many in the top 50). This cost is so great that fees can get a little high. Fortunately, you have all realised that this is a side effect of the greatest problem facing cryptocurrencies: how do you ascribe something value, let alone value that outpaces the growth of the USD or other favourable sectors like the growing cannabis sector. A bitcoin is backed with thousands of dollars of electricity, to say nothing of the immense hardware, software, human, time and housing costs that miners expend.

What are your altcoins backed with, besides a story? You may claim that BTC is slow and expensive, but these are a consequence of it adopting a system that requires enormous resources to ensure value. You may make a fortune trading alt coins (as I have in the past month), but the fact of the matter is that nearly all of the other projects are totally speculative, meaning that making winning trades is ensuring that you have offloaded your bags of worthless trash to the greater fool before he does the same to you. Please remember this when investing and plan accordingly following this immense alt boom.