Citadel's Ken Griffin Says Bitcoin ‘Bubble’ May End in Tears

Re:Citadel's Ken Griffin Says Bitcoin ‘Bubble’ May End in Tears by twayamznacct on Monday November 27, 2017 @03:44PM (#15791139)

I keep hearing about how cryptocurrencies are a revolution and the "Greatest Transfer of Wealth in History" and all I have in response is that it appears to be nothing more than yet another transfer of wealth in the wealthy elite's favor. The wealthy get wealthier, while those not wealthy may get a few crumbs to placate them (10x returns on 6 - 8 figures investments + funding to build massive scale ASIC/GPU farms versus 10x returns on 3 - 4 figure investments and no ability to generate meaningful returns via personal mining).

Business as usual.

[ Parent | on HN ]

Re:Citadel's Ken Griffin Says Bitcoin ‘Bubble’ May End in Tears by flignats on Monday November 27, 2017 @03:47PM (#15791169)

Great, I'll keep accumulating and you can stay away so I can accumulate at a cheaper price.

I highly suggest you do a little more research. This is a transfer of wealth on scale that I haven't seen in my lifetime.

I'm not a wealthy elite. I'm getting wealthier.

[ Parent | on HN ]

Re:Citadel's Ken Griffin Says Bitcoin ‘Bubble’ May End in Tears by twayamznacct on Monday November 27, 2017 @03:51PM (#15791219)

I'd argue you're getting richer, not wealthier. A very key distinction.

I do have money in cryptocurrency, just to be clear. Only because I expect to be able to sell it for a higher value to a greater fool down the line (and have no misconceptions about what it is and the risks involved).

[ Parent | on HN ]

Re:Citadel's Ken Griffin Says Bitcoin ‘Bubble’ May End in Tears by flignats on Monday November 27, 2017 @06:35PM (#15792799)

If you can't see the utility then you haven't done any due diligence. Most here just want to read a headline and add their opinions.

[ Parent | on HN ]