It sounds correct:
Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.
This news spread like wildfire and people caught monkeys and sold it to the merchant.
After a few days, the merchant announced that he will buy monkeys @ 200 each.
The lazy villagers also ran around to catch the remaining monkeys!
They sold the remaining monkeys @ 200 each.
Then the merchant announced that he will buy monkeys @ 500 each!
The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.
The villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!
He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.
The merchant went home.
The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.☹
Then the employee told them that he will sell some monkeys @ 700 each secretly.
This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.
The next day, villagers made a queue near the monkey cage.
The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
The villagers took care of their monkeys & waited for the merchant to return.
But nobody came! ... Then they ran to the employee...
But he has already left too !
The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them!
The Bitcoin will be the next monkey business .
Clayton, This is the best description I have heard yet of the whole bitcoin phenomenon. I have been watching it with mild amusement, knowing that in the end, it is going to blow up in people's faces, and only a select few are going to end up making a huge amount of money. The only thing missing from this thing is a Nigerian prince.
ReplyDeleteBitcoin is the ultimate pyramid scheme. Just enough profit for the original investors to get their political protection and support. But when it finally crashes so many people will be wiped out. In the end its been the source of ransom wear attacks, where the hackers demand payment in Bitcoin, and may be the source of income for North Korea.
ReplyDeleteThat's very nice except that you can actually do things with the ledger that are objectively useful, like getting money out of China without triggering currency controls.
ReplyDeleteI have no money in China.
ReplyDeleteWhether you have money in China or Venezuela, the real use of the technology debunks the idea that it's merely a worthless pyramid scheme.
ReplyDeleteBitcoin is designed to be mildly deflationary over the long haul and has already demonstrated a better record of retaining value than, say, the postwar Italian lira ever did. Its fluctuations are large, but over the long haul tend up.
Since you can still get small amounts of free cryptocurrency, I really don't understand the reluctance to dip your toe into cryptocurrency waters.
Here, some referral links:
https://freebitco.in/?r=10356002
http://moonbit.co.in/?ref=d4b1ac1c09c6
http://moonliteco.in/?ref=73ff8d299bad
http://moondoge.co.in/?ref=349dc9a5b2e3
http://moondash.co.in/?ref=4281631B7467
http://bonusbitcoin.co/?ref=ACCF1AC2E16A
http://bitfun.co/?ref=95475E719DD6
The top one is interesting because it actually pays a bit over 4% interest on holdings over 0.00030000 BTC which, at time of writing is a little under $5USD. That's better terms than you'll get at a bank.
The bottom six are interesting because they feed into coinpot which allows you to transform currencies and also mine monero (defending the monero ledger) and taking your payment in any of five different currencies.
The real questions are, To whom do you give money to buy them, and who comes up with the cash when you want to sell?
ReplyDelete