Richard Bernstein, CEO of the Richard Bernstein Advisors refers Cryptocurrency mining to the popular Candy Crush game stating:
“Mining crypto isn’t that much different than collecting coins in your favourite online game, Candy Crush.”
There is no other difference than the cryptocurrencies being tradable, being earned from solving sophisticated mathematical formulae, said the head of Richard Bernstein Advisors. Adding to the point, Former Chief Investment Strategist of Merrill Lynch said, ‘it is the ability to be traded that is fuelled.
According to previous studies, a financial bubble is associated with 5 characteristics, and they are increased liquidity, use of leverage, the democratization of the market, increased turnover and new issues.
The presence of a bubble doesn’t mean that the economics and businesses related to cryptocurrencies aren’t viable, but “suggests that the return-on-investment could be considerably lower than investors currently expect,” Bernstein wrote.
Kevin Strongarm, a Twitterati said:
“That’s a big facepalm right there. Ok, give me 700 BTC, I have 700 points in Candy Crush to give away.“
Sandra James, a speculator tweeted:
“Whoever your company has manning this “crypto news feed” is certainly creative with their wording and framing of certain topics.“
To ensure proper counterparty protection and to eradicate fraud as blockchain technology cannot handle it alone, speculators would expect an oversight and regulations for the crypto market, according to the report stated by Bloomberg.
The note stated:
“There are now over 1,300 cryptocurrencies and it seems reasonable to assume all 1,300 are not of equal quality.”
As any online games player can attest the goal for a majority of the games is to win coins, gems, jewels or something similar, so that one can reach the next higher level. If one is short of coins, they can be purchased for real money through a credit/debit card. This is remarkably similar to mining as mentioned earlier with a few minor differences in higher computing power and the earned coins being usable and tradable in terms of cryptocurrencies. Ultimately, both are based on the same lines – solve a puzzle and get your reward.
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