Ten things you don’t know about the “Bitcoin casino” that could cause you to lose everything
by: Mike Adams
NaturalNews.com
Friday, June 09, 2017
As there are so many noobs buying into the “Bitcoin casino” right now, especially in Asia, the crypto-currency is now attracting a lot of people who think it’s just like a corporate stock. In other words, they assume it’s regulated by somebody, that its promoters are subject to laws of some kind, and that the “Bitcoin company” must have all kinds of assets, earnings and profits. Otherwise, why would its value keep rising, right?
These assumptions are, of course, completely false. Bitcoin is an entirely different beast… which is what some of us really liked about the Bitcoin structure in the first place (decentralized, peer-to-peer, NOT regulated, etc.) But when people are jumping into Bitcoin without an understanding of what it is, they are placing “bets” in a very risky casino system that they don’t really understand. This is where the danger lies for noobs.
Thus, in the interest of public education, I’m listing ten simple things that most people don’t know about the “Bitcoin casino.”
#1) Bitcoin isn’t a company. It has no corporate entity.
You can’t sue “Bitcoin, Inc.” if the promises you were made about Bitcoin price valuations don’t pan out. There is no Bitcoin, Inc.
#2) Bitcoin doesn’t have any earnings, revenues, profits or P/E ratios
Stock prices of companies like Apple and Amazon, although inflated, at least have some basis in reality: These companies make products, own fulfillment centers, have hard assets, earn real profits, etc. Bitcoin has none of these things: No earnings, no hard assets, no earnings reports, nothing. In fact, Bitcoin has dozens of competitors (other crypto-currencies), and some of them are technically quite superior to Bitcoin. There’s nothing unique about Bitcoin, in other words, that would grant it a long-term monopoly over crypt-currencies.
#3) Bitcoin trading isn’t really regulated by anyone
The Rest…HERE
