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A week ago, the original “Wolf Of Wall Street” Jordan Belfort called Bitcoin “the biggest scam ever.” Belfort also believes that Bitcoin is “going to blow up in so many people’s faces” and is “far worse than anything” he was ever doing.
Belfort also said that promoters of Bitcoin “are perpetuating a massive scam of the highest order on everyone.” Strong words from a guy who knows more about money and finance than the average guy.
So what is that average guy to believe when it comes to Bitcoin and other cryptocurrencies like Ethereum, Litecoin? There is no shortage of opinions on the subject.
People who seem to believe in it include Facebook’s VP Of Messaging David Marcus, while others are taking out mortgages to invest in it.
On other other side of the (Bit)coin are a famous trader who says the Bitcoin bubble is destined to burst, J.P. Morgan’s CEO, who calls Bitcoin a scam, and the co-founder of Ethereum, who says it’s a “ticking time bomb.”
All in all, it’s very confusing.
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Today we can also add Emil Oldenburg, co-founder and chief technology officer of Bitcoin.com, to the mix of those who have a very strong opinion about Bitcoin.
In an interview with Swedish tech site Breakit, Oldenburg shared this advice…
“An investment in Bitcoin right now I would say is the most risky investment you can make. It is an extremely high risk. I’ve actually sold all my Bitcoins recently and switched to Bitcoin cash,” he says.
The reason why Oldenburg chooses to invest in the newer cross-currency Bitcoin Cash is, like most in this industry, complicated. In short, though, there is a limitation on how many transactions Bitcoins can be done in the second, seen as the “block” design.
The result will be very high fees and long waiting times for transactions.
“It costs a lot to transfer bitcoins to and from the stock exchanges. When I sold my BTC I had to pay 50 dollars and wait 12 hours for the transaction to go through because of this. It’s completely unreasonable,” he says.
Oldenburg also said that he believes Bitcoin, “will never be a currency used in everyday life or for people who run companies.”
According to Emil Oldenburg, the vast majority have not yet understood that Bitcoins in practice have very low user-friendliness, due to the very high charges and long waiting times for transfers. Simply because most have just bought Bitcoin – but never sold or traded with them.
“People have not taken it. As soon as people realize that this is how it works, one will start selling.”
“The old Bitcoin network is virtually unusable.”
In his opinion, will simply never be the world currency many think it is going to be some day.
“It’s at Bitcoin cash that the solutions are there, that’s where I see a future,” predicts Oldenburg.
H/T UNILAD