Rise of the Tulip Crypto Bubble Companies

I was reading some of Josh Nussbaums blogged stuff. And below are some of my thoughts on the:

ICO (Initial Coin Offerings) Bubble Companies.

I don't know if Josh Nussbaum is on Steemit, but he should be.

"The fact is that a bubble market has allowed the creation of bubble companies, entities designed more with an eye to making money off investors rather than for them. Too often, an IPO, not profits, was the primary goal of a company’s promoters."
-Warren Buffett in his 2000 annual letter to Berkshire Hathaway shareholders.

Nearly every week there is another Cryptocurrency ICO’s (Initial Coin Offerings) and yes fools rush in where Cryptocurrency Angels fear to thread.

Terrified they will miss the next gusher.
And yes it does reek of the Dutch Tulip craze.
When people left their brains at the stock exchange door.
Not to say some people did not make a fortune flogging Dutch Tulips.

Just like Pyramid selling, if you are in first and first out, you can indeed make a killing.
But we are not talking about the Crypto Vampire Sharks here.
Them fuckers will always find blood to suck, even if it's some homeless guy with his tin can outside a train station.
It's in their nature. You know the oul scorpion biting the Fox story, as it swims across the river.

No, its usually Joe Schmuck. Worried about his Pension plan and the Zero interest he's getting.

Drawn in by the Bitcoin bright lights, he cashes in his pension and goes to buy some Bitcoin.

But the Bitcoin boat has sailed, he is told, by his all knowing Cryptocurrency expert pal on Reddit.

But no fear, there is another, more exciting alternative.

"This will be bigger than Bitcoin."

"You just need to get in first."

But here's the kicker.

The recommendation will be, to hold on to the coin.

Not sell like crazy as soon as it starts moving in your favor.

Hodl, It's worked for Bitcoin.

Hold it, and it will, despite the massive massive dips, pickup again and continue to Zoom.

So Joe Schmuck ignores all the advice and watchs his investment plummet.

Safe in the knowledge, that it will one day rise like a Phoenix and send his investment soaring to the Stars.

Joe Schmuck has just become a Cryptocurrency Expert.

He has seen the light and the road to Damascus lies awaiting.

Bitten by the Bitcoin Cryptocurrency Fever.

He starts his Cryptocurrency Evangelical preaching to the faithless.

And will now be encouraging his friends and family to get in before its to late.

The more money he loses, the more he becomes convinced, he is the one eyed Profit in the land of the blind.

And more Dutch Tulips are sold.

Gentlemen, if there is no basis or justified reason for a Cryptocurrency getting launched.

Other than a Pump N Dump, it is, "Logic For Ducks," to stay well away from it.

For a lot on Steemit this is old Hat.

But for a lot of newbies who are confronted by that awkward family questions about Cryptocurrencies.

"Its all a Ponzi scam right?"

Don't be afraid to say.

"Well, your right, yes, a lot of them are scams."

(Now you can hit them with your prepped Cryptocurrency Evangelical sermon as to how your one, is, "The One!")

But seriously, don't try and defend the indefensible.

If you've not done your due diligence, into the latest ICO and get rimed.

Well look in the mirror dude.

See that face looking all worried and concerned looking back, that's who to blame.

I started with a Warren Buffet quote and you can read the rest of Josh Nussbaums blog below.

Read On:

https://medium.com/@josh_nussbaum/the-ico-bubble-6cadefaf8cbc

https://www.amazon.com/dp/B0741L9LSY

https://www.amazon.com/dp/B077LKK8C2

Images Courtesy of FT & Pinimg