CryptoCurrency Mania and more
I was really sceptical about cryptocurrency right from the start. When bitcoin was 3k USD, a friend of mine encouraged our group of friends to buy in. I didnt, and now the price is 18k USD. Wow, that's only a few months back.
Instant millionaires are being created if you are an early adopter of bitcoin. That is like creating money out of nothing. Basically that's my view of bitcoin. A virtual currency with no reason why it is worth that much. It is worth that much simply because the speculators/investors think they are worth that much. The first thing that came to my mind was the tulip mania which lasted less than a year. 2nd thing is ponzi scheme like the recent JJPTR, to the most successful one ever executed by Bernie Madoff which lasted for years! There is a possibility of making money for the early adopters. If you are in right towards the end (not sure when is the end for the bitcoin mania) , then perhaps you are in for deep trouble. Another friend of mine is currently holding 17 Bitcoins and he was telling me that concept of bitcoin is like "Power to the people, screw the government and the institution and the belief of Fiat Currency". All of a sudden, he now has 300k USD if he manage to sell all 17 coins. A sum of money that he will have to take years to make as a salaried worker. I cant say that im not envious , but at the same time i am never a big risk taker.
As i have been clearing my annual leave for the last week, i decided to pay more attention to all this cryptocurrency hype. I ended up buying an alt coin Ripple. I think buying Ripple coin is more like buying shares. It is a technology that can be implemented by banks to facilitate the money transfer throughout the world. At least there is a purpose behind it. So there you go, my first foray into the cryptocurrency world!
I also added more counters into my portfolio. Cromwell Reit, Bukit Sembawang and Hongkong Land. My spreadsheet is not working well. So no screenshot for this post!