<div class="pull-right">https://i.imgur.com/zef71lY.jpg</div>

>Jamie Dimon: Bitcoin is a 'fraud'

>Michael Novogratz: Cryptocurrencies like bitcoin are 'going to be the biggest bubble of our lifetimes'

>Jim Cramer: Bitcoin is like 'Monopoly money'

>Howard Marks: It's a 'pyramid scheme'

>Mark Cuban: Only invest if you're prepared to lose your money

>Jack Bogle: "Avoid bitcoin like the plague. Did I make myself clear?"

These are quotes from investors and billionaires I found when reading background for my post on <a href="https://steemit.com/steemit/@tarazkp/facebook-on-steem-would-you-sell">Zuckerberg looking into cryptos</a> yesterday. What I find interesting is I mostly agree with them. Bitcoin and cryptocurrencies like Bitcoin *are* likely to become a massive bubble. 

But, I don't trust these people, they didn't make their billions being half-informed, they made it on being well-informed. The last quote by Jack Bogle goes on:

>"Bitcoin has no underlying rate of return," Bogle continued. "You know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing. There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it."

Is he wrong? No. But what they all fail to mention is that some of the alt coins do not function like Bitcoin and are likely going to fundamentally change the ways businesses manage their information, supply chains, transfer funds, reduce administration costs and all of the other transactional benefits including big data collection.

These quotes about bitcoin remind me of this one:

>"I think there is a world market for maybe five computers."
Thomas Watson, president of IBM, 1943

Watson was right, there was only space in the world for maybe 5 computers of the type he knew and in the world he knew. Unfortunately, even the President of IBM didn't know what was to come and was yet to see all of the technological advances that would make his prediction look naive at best. But remember, along that pathway to all of us holding computers in our hands, there were many promises and failures. It will be the same for cryptos most likely too.

However, when I read these quotes I can't help to get a sense of *'FUD'* or *'fake news'* being spread by these master investors. It could be because I am more heavily aware of alts but, too often these people *only* speak of Bitcoin as if it is interchangeable with all of the others. It is like complaining about Ladas as if they are synonymous with a Ferrari. Sure, they both have four wheels, same same.

It seems like they are purposely steering the conversation into Bitcoin and away from the alts. As gimmicky as they were, cryptokitties showed some potential for a whole range of digital applications yet, Ethereum goes unmentioned. In my opinion, these people are not uninformed nor misinformed, they are smart and savvy investors. 

The Market Cap is being driven intensely upward by these kinds of people and the banks they partner with while, Bitcoin dominance is falling. Are they making it look like all cryptos are unsafe by paring them psychologically with bitcoin whilst laddering into all of the other alts with potential products and solutions?

If in a year or two they are questioned after making billions in crypto, *'Hey, didn't you say Bitcoin was a bad investment?'* they can truthfully answer *'Yes, Bitcoin. But EOS, Steem, Ethereum and many others are brilliant investments!'*

Some talk about it being like Vegas as if that should be something to avoid. Being comfortable in the uncertainty is what got most of them to where they are today, as did holding their cards close.

I don't know for sure, but it seems that whenever I read something in the mainstream media about cryptos, vital bits of information that any real investor or journalist should be aware of are missing. With the interest and volume of articles flowing around the topic now, this points to it being intentional.

Perhaps it is greedy investors wanting to maximise their profits or maybe an attempt to limit the decentralised nature of cryptos. Whatever it is, I feel like those who have a chance to improve their lives through decentralised technologies, will again be put at the mercy of the few.

Perhaps, I am just crazy also. Btw, the Bogle quote could also be saying, *'look into alts'*.

Taraz
[ a Steemit original ]

<a href="https://www.cnbc.com/2018/01/05/mark-zuckerberg-says-facebook-will-look-into-cryptocurrency.html">quote source</a>