British “Independent”: fathers have pensions, we have digital currency

nnnRaiders comment: more and more people began to join the digital money market, but the overall situation, this new asset is more attractive to young people. This article on the British “Independent” website analyzes this, lists a number of respondents, why it is particularly attractive for the millennial generation, and by the mouth of the interviewee given Some investment advice is worth thinking about people interested in digital money.n
nnTranslated by: Inan
nMost readers may have heard of Bitcoin, which is currently dominated by the encrypted money market, a digital currency. It has received so much attention not only because of its soaring value (less than 1 cent at the beginning of 2010, now around $ 2,600), but also because it often appears in hacker attacks and black market-related events such as Mt. Gox The exchange was swept away by $ 500 million in 2014 and recently appeared in the news of the Wanna Cry extortion software asking for the ransom of the special currency.n
nBut do you know that the total value of the stack is close to $ 20 billion? Know bitter currency in August 1 is divided into two, the price plummeted and quickly picked up? Do you know that the price of less than 1 cent at the end of March is about 40 cents in mid-May? now has more than 800 kinds of money is not high value and the name of the strange money.n
nOver the years, digital money has been a proficient anarchist and liberal niche market, and they are excited about government-dominated financial networks, and today, digital currencies may become mainstream. Ron Ginn (35), founder of Text Event Pics, a private photo sharing service company in Florida, has pulled all the money out of the stock market and invested in the Swiss currency and real estate. “It’s like investing in the Internet in the 1990s, and I’m pretty optimistic about the rally, hoping to earn millions of dollars through a small amount of money, and it’s a golden opportunity,” he says. “Finance will also go to its Internet era.”n
nThe attractiveness of digital money to the millennial generation is understandable. They were in the midst of a financial crisis in 2008 and are now experiencing the rise of anti-globalization populism that affects global economic stability. 22-year-old John Guarco recently graduated, living in Staten Island, he said:n
nn”The threshold to enter this market is very low, do not need to pay a lot of fees, and the millennium is the most familiar with the technology.n
nnLike other respondents in this article, Guarco asked not to disclose the name of the currency they were investing in because of fear that would be targeted by hackers.n

nUnlike previous generations, these investment novices do not have pensions, are not willing to put money in mutual funds, and are completely accustomed to owning digital assets. As the traditional way to become a middle class has been debt, too high prices and unstable job market blocked, these investors believe that the digital currency can not only hedge the risk of the stock market crash, but also the most reasonable and utopian-style investment.n
nThe 33-year-old Sebastian Dinges is the director of operations for tableware manufacturing company Cheeky, who started his first job after graduating from college in 2007. When he had enough money to invest in the stock market, he said he “wanted to take a risk and get a big return.” But in less than six months, the stock market collapsed. “So there must be a sense of disillusionment,” he said.n
nDinges now holds most of the assets are digital currency. Many of his digital money lovers, who are quite old, have expressed their distrust of traditional markets, and they have observed recent political and economic turmoil.n
n24-year-old Gabe Wax in Brooklyn operating a studio called Rare Book Room, he said:n
nn”I think the present situation is that no one knows what will happen.We rely on things that are not so reliable, our president knows nothing about the economic operation, and appoints those who have a peculiar economic point of view. Is the most afraid of me. “n
nnWhen the crisis broke out in 2008, Wax was still in high school, but he was very concerned about the news. Guarco is the same, he argues, that digital money can “protect people from turmoil in the rest of the world.”n
n”Investing in digital money is a hedge against risk, and the rich are beginning to enjoy long-term control and tax cuts, which is not the best way to achieve stability,” he said.n
nWax also invests in digital currencies to support its financial situation as freelancers in the unstable music industry.n
nHe said:n
nn”I often feel that I am looking at the edge of the cliff.I do not like to put money in the savings account, because there will be inflation, interest rates and low, which is losing money. Music industry now can earn money unprecedented , It makes me very anxious, so it might be odd, but having a digital currency will ease this anxiety and really can.n
nnHe is not the only one who wants digital money to ease his financial worries.n
nThe Internet forums and Twitter accounts, which are keen on this topic, are filled with speculators who see digital money as a lottery ticket. For ordinary office workers, those who do not have jobs and are beaten by college loans, investing $ 100 in the future to harvest nearly $ 100 million (if the money in 2010 with the money to buy a bit of money would be) the opportunity is too Seductive.n
nHowever, there are a lot of dissidents in the future of digital money is not so optimistic. They think we are in the biggest bubble, speculation in Japan and South Korea exacerbated the situation and pointed out that the collapse of Bitcoin was enough to doubt it. But the participation of the market is not just the traditional investment tools to lose confidence in the young people. Ginn resigned from Fidelity’s job the day before the 2008 market crash.n
nSpeaking of the job, he said:n
nn”The investment advisory industry must give advice on euphemism, and when you start doing a mutual fund, you lose the ability to win the market.”n
nn44-year-old Tom Berg is the founder of Bloktek Capital in Northbrook, Illinois, who invests in digital and digital assets. He said, “I am a few years ago from the stock market.I personally do not want to struggle for so little profit. It is a conservative place.” In contrast, he believes that although the digital currency is always linked with the black market money laundering, But it overturned the Internet, for those who are willing to join the early people who created an important opportunity. “The earliest appeared is the Internet of information, and then the Internet of things – social media, I can trade on it, and now it’s time for the Internet,” he said.n
nIn his view, the digital currency in six months ago from the “dark age”, although it was “anarchist” in the field. He believes that the digital currency to become mainstream at least five years, after which the bubble will burst, when he will sell their own assets.n
nHe said:n
nn”If one day my gardener would come to me to inquire about the digital currency, then I could quit the circle.”n
nnThere are some obstacles to achieving universal access. Investors must be familiar with and trust the Internet in order to transfer funds through digital currency exchanges such as Coinbase or Poloniex. Some exchanges also have a detailed and slow authentication process, and some states do not allow users to invest in digital money. But this transaction is becoming more and more easy, multiple exchanges allow the use of credit cards to buy quickly.n

nWhen people have a digital currency, hacking is also a very worrying issue. Even if the user can use the dual authentication on the phone, there may be no system that sets the “cold storage” technology or the offline storage (for example, on a computer or dedicated hardware). No insurance company to provide insurance; it once gone, that is really gone.n
nAssuming that people’s money is protected, but in view of the volatility of digital currency, investment risk is still great. Digital money usually fluctuates greatly within a day, which is often due to the fact that some users are better able to manipulate the price in this unregulated free market.n
nTherefore, I am exposed to the investors do not carry out short-term transactions, and choose long-term holding. Dinges and his wife recently bought a house in Los Angeles, but he did not sell the bitcover to get the decoration money.n
nHe said:n
nn”It’s a good chance to sell, and you can spend money on house renovations, but it’s not worth it to take into account its future potential.”n
nnBerg will agree with this view, he suggested that BloKtek Capital’s customers “bought to forget”, do not be tempted by short-term trading.n
nHe said:n
nn”I and my wife take it as a bank account, and take a certain percentage of each salary into the long – term hold, and we do not expect a richer of the night, because that may also make people become pauper in an hour.n
nnEven those who hold long-term digital money are admitting to watch their prices uncontrollably.n
nWax said:n
nn”The price has not left my mind for a few seconds and I want to see it again.I look at the price of money as much as social media, and it is distracting with other things on my phone.n
nnBecause Berg is working in the digital money field, he will be more closely observed, very tired.n
nHe said:n
nn”I have been staring at the market, as the saying goes, ‘digital currency does not sleep’ it is the all – weather global market.n
n”I sleep about four hours a day.”n
nIn addition to long-term holdings of possible economic returns, many digital money holders also see it as a tool for social change. Although many digital currencies can only play the role of money, but some (such as the Swiss currency and the ether square) has a significant practical effect, and by banks and financial institutions.n
nGinn said:n
nn”The economic benefits are certainly good, but what is really important is to improve the world, improve the financial system, increase transparency, reduce costs and improve the speed.” He believes that the Swiss currency can replace the more stringent government oversight to help “reduce systemic risk” Then
nn24-year-old Yoni Saltzman designs robotic mechanisms for aerospace and medical applications. He holds four digital currencies and works with a small team in New York to develop a digital currency that is expected to be launched within a year. He said:n
nn”The focus is not just about making money, but we hope that we can not only change the world but also save the world.”n
nnOf course, Silicon Valley executives in the introduction of their own business will use a similar idealist tone, but not everyone is so noble. At the same time, people who join the field of digital money often promote it to their friends and family. There is no doubt that their propaganda in the same age will get a better response to young people. Stalen’s graduate Guarco has succeeded in persuading several friends to enter the field.n
nBut those old relatives are not accustomed to this can not be pulled out from the pocket of the coins, to their publicity is difficult.n
n”They usually say, ‘figures … what?'”n

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