From all the buzz about crypto currencies generated from the “Success” of bitcoin, our hosts Jonathan Aun & Jonathan Maxwell provide us with reasons as to why this whole crypto resurgence is a bunch of bull and the reasoning behind the madness.
Starting off the rant, we had a clear and concise lecture about how these crypto currencies work and why they are effective in the “market” they’ve created. As they’ve explained crypto currencies are typically made up of Blockchains. Blockchains are linked bits of data called blocks that are secured using cryptography. These bits of data contain a hash, timestamp, and transaction data. As they are decrypted and used for sales, they get longer and more difficult to decrypt when they are encrypted again with new data.
Enough of the technical aspect, let’s get to the meat of the discussion…can you make money through Bitcoin? In short, No. Hell no. Reason for this is that Bitcoin is simply just way to unpredictable to be a stable source of income. Those stories you hear of people getting rich off of Bitcoin were mainly due to complete luck, nobody knew the outcome of Bitcoin and even if you choose to hop on the crypto train just know that the train is currently derailing due to the massive influx of people doing the same thing. Even as you read this, the price of Bitcoin is fluctuating and this is the main reason as to not purchasing.