The dumbest reason in the world to buy a Cryptocurrency or ICO is because the price will go up.
@tojukaka
The above premise is not very popular in the cryptocurrency space. Some people will argue that the higher the price of a cryptocurrency, the more it's value. That's wrong! Price is not value. The market is biased by greed and emotions and religious dogma and the herd mentality.There is so much greed that people don't ever care to know the underlying value proposition of a project before they invest in it. All they want is to buy stuff that they can sell later at a higher price. Someone even said that the killer app for cryptocurrency adoption is speculation. That's just wrong(again). If speculation was all there is about cyptocurrency then its a ponzi scheme and its going to collapse like a pack of cards. Then its not worth it. Then its just a bubble.
An economic bubble can be described as situation where people are buying a commodity just to sell it at a higher price. They are buying it not because of the use but because they hope that someone somehwere would one day bid it at a higher price. Most cryptocurrencies are in a bubble right now and when the excitement and euphoria is over, the bubble is going to burst and the greater fools will loose.
The greater fool theory is the theory that states that it is possible to make money by buying securities, whether overvalued or not, and later selling them at a profit because there will always be someone (a bigger or greater fool) who is willing to pay the higher price.
Investopedia
The greater fools are those people who would be buying a cryptocurrency or ICO or stock in the heat of the excitement when the mainstream media starts running their tardy mouths and everyone is all excited. What these fools don't know is that the wise guys have bought the commodity at ICO price, when it was dirt cheap, probably traded with it and made some killer profits and they would be dumping it in the heat of the excitement.
So if I shouldn't buy a cryptocurrency just because I want to sell it at a higher price, why should I buy it?
An Example of a Cryptocurrency that has real world value is Steem. Steem can be used as a medium of exchange and it also has INTRINSIC VALUE. Steem is more than a digital commodity, its a piece of art. Someone said that the intrinsic value of Steem is Esteem. A commodity that is backed by one of the most under-fullfied desires of humanity which is the desire for a feeling of importance. Steem can be used as influence in content sharing platforms. The more Steem you have, the more Esteem you have. Fantastic!
Cryptocurrency is more than speculation, its more than trading, more than buy low sell high, hodl, lambo, e.t.c. Cryptocurrency is technology. Its a revolution of finance, society, philosophy and the way value (not only money) is perceived and transferred. It's an improvement in the way we do things. Cryptocurrency is trying to solve a problem, a problem that is currently eating up the immoral, sketchy and defective system of the world. A lot of people do not know this. What is the morality of cryptocurrencies?
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Henry Ford
In conclusion, it's okay to buy some coins that have no use just for the purpose of dumping it on some greater fool. Do not be surprised if that fool turns out to be you. It's gamble, I don't judge but don't tell me price is value. No! We are not all fools in a bubble.
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