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  • Category: Miscellaneous

    Never give a damn to the juicy Bitcoin stories

    Stories of some individual from Chennai or Bangalore or a small town of AP making millions through Bitcoin trade are now making the rounds in social media.

    No one is clear what it means. No one knows how to buy it or trade in it. In comes a huge number of "experts" similar to the Amway distributors or the LIC agents, who somehow get our cell number through contacts and then call us even at 9PM. They would dish out juicy stories of how to get rich so fast with such a small investment.

    Please do not believe any such story. The limited contacts that I have do reveal that this is a scam of gigantic proportions. Nothing can be far from the truth. The entire trade is shady and no one really knows how it happens.

    The wisest decision is to stick around with the 7.25 interest that we get from good bank or the other. Even the latest small finance banks are too safe, as they have grown too fast and the 0.5 more interest that they give us can also take us through a very dangerous path. Ordinary citizens, may have to be satisfied with the SIP route of Mutual Funds, as the minimum amounts have been slashed to as low as Rs.100 now.

    Let the juicy stories be what they are. Never ever fall a prey to these.
  • #748863
    All types of Bitcoin currencies are virtual currencies in the internet supported by some complex mathematical algorithm and its mining ( digital production of new Bitcoins using the complex algorithm) becomes more and more difficult with time and hence whatever Bitcoins are there in the internet, they become valuable and when people go to buy them in large quantities then their buying prices start to go up and at that time some people sell them to make big money. So far so good but there are some apprehensions in the matter and first thing is that it is not backed or supported by any Govt in the world or by any bank in any country that it is their product and they take guarantee of it. Other thing is that it is a self controlled virtual currency which is operated by people without being responsible for those operations. This is a very high risk area and though some people have definitely made money out of it but many will lose it any time when the Bitcoin market crashes due to some fraud in the web or some big technical glitch which creates this as a null and void currency. There are thousands and might be more people who have already invested in various types of Bitcoins and tell the juicy stories to others to encourage them for investing. I fully agree with the advisory mentioned by the author that it is high risk area luring the gullible and we should be careful about it and do not venture in it only to burn our fingers.
    Knowledge is power.

  • #748877
    When the labors and employees are not getting the salaries in time and what has been decided as the pay for the work done, how can we expect something great earning from bitcoins and that is now considered as illegal way of making money. I feel there has been fraudulent attempt to induce people on windfall earning and the so called bitcoin companies are even offering welcome bonus to join so that an habit would be created and the player would be forced to shell out more money as the addiction is created like that of racing and playing cards. Even in racing there is a chance of winning if one has the clue about the horse and its history of winning strides.But in bitcoin we are totally unaware of what is happening and everything is controlled through online to which we have no access and no law to help if defaulted.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #748893
    I agree with the author. The other side of the road is always green when we see it from a distance. We will know the difficulties only when we step on them. Let us not believe stories and play with the little money we earned out of our hard work.
    We are paying 30 to 40% of our earnings to the governments in the form of taxes and what is happening to that money is known to all of us. We don't require any special mention.
    Another 50% may go for our expenses and the remaining 10 to 20% is only our savings and that will be useful for our retired life. If we go with greed and do some experiments with a hope of getting more returns we may get dumped and our original amount may also be lost.
    So don't believe in Bitcoins. If you are interested to study the subject carefully, discuss it with known financial experts and then make a correct decision. Don't go by the advertisements or by the suggestions of the people whom we know and invest in risky instruments.

    always confident

  • #748967
    I will like to add one interesting thing about this virtual money that this is being managed in the internet by some private Bitcoin exchanges and currency converters. In some countries these digital Bitcoins are even accepted in the hotels and restaurants. In a hypothetical situation let us assume that a large number of people invest in it heavily and its price skyrockets and then some clever and smart people sell it and then the Bitcoin market crashes and further due to some fraud or hacking it loses its seen and people lose their money in it. That would be a bad situation but it could happen any time and that is why the risk involved in this investment is very high. The Bitcoins were produced by digital algorithms and still a little quantity of them is being produced by the Bitcoin miners in the fray using faster computers. Further, there is no legal framework to deal the disputes or refer them to court and that is going to be a big problem in future.
    Knowledge is power.

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