The American magazine Forbes, known for its lists and for being a magazine for business and finance, talks about Bitcoin, Ethereum, Golem and all cryptocurrencies, as a bubble of toxic assets without any value and that can leave many people ruined by it. path.

There is a very typical phrase or saying in Spain that reads: 'There is Manolete, Monelete, if you don't know how to fight, you can get in there'. This phrase refers to the abilities of a person in a certain field and the unconsciousness of getting into a field that is not mastered. Something like this has happened with Forbes magazine, a magazine specialized in stock market speculation, famous for its lists of well-off people, basically. We are talking about this medium specialized in the opulence of a few, the world of business and finance. The medium has seen water in the coins and has come out to attack Bitcoin, Ethereum, Golem and everyone who has been put before. [Here complete article, in English]

It is clear that cryptocurrencies are a headache for a few, used to passing money from hand to hand and keeping that of people with less knowledge in the financial segment. The rules of cryptocurrencies are very simple: the value of a cryptocurrency is that granted by the user who buys and sells, there is a finite number and no bank or body has the power to manipulate prices. This, for Wall Street fossils, is a problem, because they cannot manipulate prices at will and they are not able to understand this world, very advanced for them or not so much and what they are afraid of is that people have money, I do not eat now.

Ethereum, Bitcoin and Golem have been the target of the publication, which has attacked harshly, as a result of ignorance. Gold and silver have the value that people give them. If gold is bought, the price goes up, if it is sold, it goes down. Cryptocurrencies, more of the same. Some, such as ICOs (Initial Currency Offering), may offer different solutions, such as specific software or other utilities for users. Golem, is a token that allows a user to rent the working power of a computer that is not being used to another user, so that he can run the software he wants and is paid with GNT.

ICOs are the solution that allows project developers to raise capital, before the solution is even implemented or developed. GNT logo raised about 12.5 million dollars in Ethereum, despite the fact that the offer only had an initial outline of 49 pages and a small part of the code developed, to develop a project that was defined by the creators, as a revolution in the mode performance of market predictions.

Such ICOs are based on one type of auction, which is called a Dutch auction. In this type of auction, a series of goods or merchandise is offered, with a final price that is given after the bids of the buyers and that determines the maximum value for which the merchandise will be sold. Investors launch a bid, with the amount of the good they want to buy and the price of it. Basically it is the general operation of ICOs and the cryptocurrency market.

According to Forbes journalist Laura Shin, there are two aspects of insanity within ICOs: the first is the omission of regulations, giving access to speculators. Decentralization of ICOs streamlines paperwork and avoids going through a regulatory labyrinth and bypasses bureaucratic requirements that must be completed prior to initial project funding. The second aspect is that investors, in theory, already have a good, the cryptocurrency for which they have paid.

[quote bcolor=»#1e73be»]The same dynamics – companies with more concept than substance, day-trader speculation, wild volatility, Dutch auctions, instant fortunes created out of thin air – all of these things were everywhere during the first Internet bubble. So was the crash: in 2000, $1,8 trillion worth of Internet stocks evaporated, and unless you believe that the mere concept of a prediction market is actually worth $3 billion [referring to GNT], history will repeat itself. Ether is the basic building block as the future description of what will happen to much of this ‘value’.[/quote]

There is another similarity with the Netherlands and that is that it refers to the 'Tulip Stage'. We must explain that Holland incomprehensibly registered a fever of buying and selling of Tulip, which made many rich, but that ended when the price became absurd and no one wanted to buy that flower anymore. The journalist believes that this situation can be repeated, without taking into account that the system already has mechanisms so that this does not happen, such as the incorporation of new currencies, the sale of packages or the fact of mining cryptocurrencies.

Inside the article is emphasized of 'little surprising', seeing dirty deals and operations with privileged information. It refers to Wall Street regulation and jail terms for manipulating securities and it is said that this happens in the world of cryptocurrencies all the time. Of course, on Wall Street and other Stock Exchanges around the world there is no inside information or securities are manipulated to destroy companies, there are no bullshitters that sink companies.

Why this attack on cryptocurrencies? Well there are several reasons. The first is the interest of Russia and Japan in Bitcoin and Ethereum, which in September could be legal and regulated in these two countries. The second would be the interest of Russia and China in developing legal tender cryptocurrencies under the Ethereum blockchain. The third is the recent report from the European Union that makes it clear that this cryptocurrency is not used by traffickers, terrorists or for the cleaning of capital. The last reason, the interest of the Securities and Exchange Commission, better known by its acronym, SEC, who is studying allowing the use of Ethereum on the New York Stock Exchange.

All this already catches some with an age and they are already quite reluctant to the internet and new technologies, something that can take away power and money and distribute it in an equitable way, well, turn it off and let's go. This is another attack by a social minority from the past with beliefs of the XIX century. Gentlemen, welcome to the XNUMXst century, a time where we can end, with cryptocurrencies, with part of the inequalities of this society.

Note: This could be one of the factors that have caused cryptocurrencies to fall, since the majority of investors are Americans and this publication is currently only on the web and will appear in the next issue of the magazine, but it would have already been felt its effect.