(Above image source: Pexels.com. Credit: David McBee)
One man warns his fellow millennials to stay away from cryptocurrencies.
On the March 11 edition of his HBO show, John Oliver did a yeoman’s job of explaining the intricacies of cryptocurrencies:
Still, it’s still a tough concept to wrap one’s head around.
Bitcoin, the most famous cryptocurrency of all, was created in 2009, allowing transactions to be made electronically, without banks, government regulations and the usual fees.
Bitcoin and countless other cryptocurrencies are a hot speculative investment on cryptocurrency exchanges. Bitcoin’s price skyrocketed from just under $1,000 for one Bitcoin in January 2017 to over $19,000 by the end of the year. As of March 16, 2018, however, Bitcoin had plummeted to $7,800.
Such market volatility – and the ephemeral nature of the investments themselves– are typically regarded as red flags. And John Oliver is hardly the only one sounding the alarm.
Gerard Adams, co-founder of Elite Daily, CEO of FOWNDERS and producer of the reality series Leaders Create Leaders, warns his fellow millennials to steer clear of cryptocurrencies in his 40-minute documentary Decentralized Deception.
Directed by Jeff Castillo, Decentralized Deception discusses how “the 2017 rise in cryptocurrency prices was caused entirely by the dangerous and destructive actions of what Gerard dubs the ‘central bank of cryptocurrencies’ as well as a boom in ‘decentralized ponzi schemes.’”
Further, the film “exposes nascent ‘cryptocurrency gurus’ who have been raking in millions of dollars in compensation for ‘coin of the day’ recommendations, without any disclosure of their conflicts of interest.”
You can view Decentralized Deception for free at Gerard’s website moneyfomo.com/decentralized-deception.
You can also view it right here:
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