A while back I wrote an article when I was just starting to learn about crytpocurrency. I titled it Crypto Crazy.
What Do You Know?
Since that time I have learned a lot about Digital Money, Alt Coins, Bitcoin, Litecoin, Dogecoin, and many other coins, and what I can tell you is that since that article (mentioned above – written in February 2014) many things have changed in the cryptocurrency world and many things have stayed the same.
There’s A Whole Lot Of “Money” Changing Hands
Most people who are somewhat familiar with Bitcoin have heard about the implosion of Mt. Gox – one of the original and biggest Bitcoin exchanges that got hacked and many people who had Bitcoin stored in their online wallets on that exchange lost everything. Ouch.
Since that time there have been several more “hacks” of cryptocurrency exchanges, but none to the degree of the Mt. Gox hack.
I even lost (for the time being) some “crypto” (Blackcoin to be exact) because of the Cryptorush.in hack (or fraud – I’m not sure which).
Cryptorush is back online now with new owners, but as of this writing (September 2014) they don’t seem to be gaining many users. The trading volume is low – they are still in “Beta”, and I’m still waiting to see if I am ever going to get my Blackcoins back.
So Is “Crypto” All A Scam?
Short answer NO.
Cryptocurrency use, trading, buying, selling, storing, et al is a (relatively) new industry – it is completely “unregulated” by any governmental authority and there are bound to be thieves, liars, fraudsters, and worse looking to take advantage of the gullible, the unwary, and the downright stupid people who throw their hard earned money into something that they know little about, and those who do not take into account the risks that many of us “elders” (LOL – I’ve been at this for 7 months now) know about after hard won and lost money through personal experience.
I’ve been spending a lot of my time lately building up some resource websites/blogs etc. in the cryptocurrency realm – I’ve always been a bit of a gambler and have spent a considerable amount of time navigating the treacherous waters of not only cryptocurrency trading, but online cryptocurrency gambling as well. Check out http://dogecoingambling.net/
Lots of good stuff there. I’ve also been hard at work developing some other online crypto properties such as Cryptolix.com. I invite you to check out our stuff. I’ll continue to post here from time to time, but that’s it for now.