1. TechSpot is dedicated to computer enthusiasts and power users. Ask a question and give support. Join the community here.
    TechSpot is dedicated to computer enthusiasts and power users.
    Ask a question and give support.
    Join the community here, it only takes a minute.
    Dismiss Notice

Famed crypto millionaire says Bitcoin is dead

By midian182 · 20 replies
Dec 16, 2018
Post New Reply
  1. At the start of this year, 19-year-old Erik Finman hit the headlines as one of the world's youngest Bitcoin millionaires. A fact he liked to show off on an Instagram feed packed with photos of private jets and beds covered in cash.

    Finman bought his first Bitcoin when he was 12 with $1,000 from his grandmother. The crypto only cost around $10 at the time, and when it reached a $1,100, he sold $100,000 worth to start an online education business, which he later sold for 300 Bitcoin. From that original $1,000 investment, the entrepreneur made over $4 million.

    In an interview with MarketWatch, Finman said the crypto that made him rich is in its death throes. “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.”

    “It may have a bull market or two left in it, but long-term, it’s dead.”

    While virtually all cryptocurrency prices have fallen recently, Finman also singled out Litecoin, which is down 95 percent from its peak, as being on the way out.

    “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.”

    Finman isn’t the only Bitcoin naysayer we’ve seen of late. Santa Clara University professor Atulya Sarin argues that the crypto is in a “death spiral” and on the way to zero – something he claims is due to the coin’s price falling below its cost of mining.

    Several factors have contributed to the fall in Bitcoin’s price, including Bitcoin Cash’s hard fork. Moreover, the justice department is investigating Tether's role in BTC's 2017 price surge, and the recent bomb hoax, in which a $20,000 bitcoin ransom was demanded, also negatively affected the coin.

    Bitcoin’s fall has had a widespread effect, especially on Nvidia. The company’s failure to predict the decline of cryptocurrency mining has led to a “crypto hangover.” This has contributed to the firm’s shares losing half their value, and its fourth-largest investor is reportedly looking to sell up.

    It’s not all bad news, though. Sarin maintains that the “Blockchain economy is here to stay,” and some industry players believe that while Bitcoin has further to fall, the crypto will eventually bounce back. As for Finman, he says project-based cryptocurrencies such as Ethereum, ZCash, and Bitcoin Cash have the best chance of success.

    Image credit: Christian Horz via Shutterstock

    Permalink to story.

  2. VitalyT

    VitalyT Russ-Puss Posts: 4,478   +3,036

    Regardless of what happens to Bitcoin next, this guy's opinion about it is worth exactly zilch.

    I'll sooner start watching Jim Cramer than read crap from these guys. At least Jim is entertaining.
    Last edited: Dec 16, 2018
  3. Jyrkz

    Jyrkz TS Booster Posts: 87   +77

    He probably invested in Ethereum, ZCash, and Bitcoin Cash lol.
    BTC will never die.
  4. R00sT3R

    R00sT3R TS Guru Posts: 161   +342

    To all miners...burn you bastards, burn.
  5. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 11,389   +5,016

    So the well is finally dry. And people have awaken to the true nature of this scam. If you made money from this, you scammed it from someone else. It's as simple as that.
  6. Crypto BTC

    Crypto BTC TS Rookie

    You do realize the New York Stock Exchange parent company intercontinentalexchange is launching a Bitcoin crypto exchange January 24th 2019, right? Www.bakkt.com.... Also you realize Fidelity already launched Fidelity digital assets specifically for Bitcoin custody for its over 13000 institutional clients and that the NASDAQ has already said they're launching their crypto Exchange in 2019 first quarter. You also might have missed that Yale just put in 30 million dollars not too long ago into a 400 million dollar crypto fund. You're definitely going to be wrong on this one.

    I just want to say you have no idea what you're talking about because apparently you do not understand crypto. You are like the equivalent of someone in the beginning when the internet came out who would say that the internet is not going to be worth anything or it's not going to go anywhere. Crypto is here to stay you might as well get used to it.
    rrwards and soulsassassin like this.
  7. Crypto BTC

    Crypto BTC TS Rookie

    This must be an April Fools joke article come early. Most people are going to be shocked to see where crypto goes next year
  8. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 11,389   +5,016

    Why wouldn't they? They are the biggest scams of all. The instability of Bitcoin goes right up their alley.

    You think the value will go up again so that even more people can be screwed when it falls again. Stock Market is full of people that thinks this way. They live in fear each day attempting to be the one that doesn't get screwed. And you think I don't understand.
  9. ET3D

    ET3D TechSpot Paladin Posts: 1,653   +319

    BTC should have died ages ago. Crypto should live, IMO, but as long as it comes along with the baggage of mining, it has no place.
  10. Crypto BTC

    Crypto BTC TS Rookie

    I'll bet you that crypto becomes far more stable then Fiat currencies we used today. I bet you ten million to one that in five years time that Bitcoin will be used in such a common fashion that not using it will be uncommon. And that price stability will be there in Spades. You are comparing stock markets to cryptocurrencies. Not the same thing. Let's compare car engines to oranges while we're at it.
  11. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 11,389   +5,016

    If it does. Let me say that again. If it does. I will at that time change my opinion. Until then crypto has no place in average person's life.
    JaredTheDragon and Digitalzone like this.
  12. psycros

    psycros TS Evangelist Posts: 2,714   +2,513

    You're right, BC and the stocks are different. Stocks actually have something real behind them while crypto is pure inflation. Also, the dollar is going to remain the world's reserve currency till we either run out of oil or China decides to eat all the US debt its bought up, endure total economic collapse and start over. At that point the non-democratic states, which ARE the planetary majority, might get behind something new.
    senketsu and Digitalzone like this.
  13. QuantumPhysics

    QuantumPhysics TS Evangelist Posts: 1,240   +900

    I'm disappointed that I said it was dead back in February 2017, yet I don't get recognition.
  14. QuantumPhysics

    QuantumPhysics TS Evangelist Posts: 1,240   +900

    Bitcoin was a conspiracy between Nvidia and AMD to sell more GPUS.
  15. Karlos95

    Karlos95 TS Enthusiast Posts: 33   +11

    This is exactly what hedge-fund managers say when they want the price to go down so they can buy at even lower prices than they did before.

    This is nothing but seeding fear into the new investors keeping them from putting their money into it or making the old ones sell so they can buy and buy and buy until another rally puts the price well above last year highs and then when that train moves again the old and new investors come running back in hopes to make money again only to be buying near peak where the fear manipulators such as this bloke will be selling again and holding on to those profits for another year only to buy again when everyone gets scared again.

    Remember the words of Warren Buffett. "Be fearful when others are greedy, Be greedy when others are fearful".

    Plain and simple.
    Kwigis and rrwards like this.
  16. Newbsaibot

    Newbsaibot TS Rookie

    What do you think people said the first time someone offered them paper for their gold? Just curious.

    Tech in the banking industry is archaic and the fastest way to send money to someone, especially internationally, is to pull cash and fly it to them personally.

    BTC is a scam the same way everything else in life is, those who know make money and those who don't lose money.

    Guess what? The USD, like all fiat, is all simply based on debt so the economy can be artificially expanded. Like all fiat, the USD will collapse and when it does the entire world will be thrust into darkness and what comes from it no one knows but it WILL happen. It's math, only a matter of time now.

    All that said, yes, traditional banks will continue to rule the world until that time comes but to say crypto is a scam just further proves how little you actually understand it much less the economic workings of the global economy we are in now.

    China for example, doesn't want it's people using BTC or any crypto because it literally takes away the power of their own CONTROLLED economy. They don't want their currency to have to compete with anything.

    This is what you see. The only people who call it a scam are those with something to lose, close minded "traditional" banking types and those with no actually understanding of said technology.

    BTC has "died" AT LEAST 10x now and even today at its "lowest point this year" is still faaaar more valuable than it was last year. It will die 10 more times and all you guys will still he saying "see I told you it was dead a decade ago!" Lmao

    Good luck
    rrwards and mongeese like this.
  17. JaredTheDragon

    JaredTheDragon TS Guru Posts: 583   +383

    And Einstein and Schrodinger stated Quantum Mechanics was dead before it was even born, back in 1025, yet here you are using the phrase like that never happened. Show them some recognition.
  18. fktech

    fktech TS Maniac Posts: 526   +138

    Glad I bought at IPO.....
  19. CorvusCorax

    CorvusCorax TS Member Posts: 24

    I'll put a dollar on that! Are you good for the ten million?
    senketsu likes this.
  20. mbrowne5061

    mbrowne5061 TS Evangelist Posts: 1,209   +670

    US' debt to China is written in USD, not Yuan. They don't get to 'eat it'. If they call it in, in a way that is meant to be hostile, the US, because it is written in USD, can simply say 'Naw, we don't feel like it'. The US will take a hit to their credit rating, and the Chinese market will collapse overnight because they built their wealth on a foundation of owning US National debt. Of course, they could simply write it off - even just a portion - and say 'we will never collect'. In which case, The US' credit rating improves, and the Chinese market tanks.

    China messed up when they started buying US debt in USD, plain and simple. Short term, it made sense because why would they buy it in any other (less stable) currency? Long term, they've loaned themselves into a corner. How does the saying go? "When you owe the bank $500 dollars, that is your problem. When you owe the bank $1.8 trillion dollars, that is the bank's problem"
  21. NightAntilli

    NightAntilli TS Maniac Posts: 300   +222

    He wants everybody to sell their Bitcoin so he can buy more at a cheaper price.

Add your comment to this article

You need to be a member to leave a comment. Join thousands of tech enthusiasts and participate.
TechSpot Account You may also...