About a month ago Jordan Belfort announced that ICOâs are as bad as penny stocks, this is coming from the guy who was the king of penny stocks. Is there any truth in this? Well we all know there is a risk with any investment, but to compare the twoâ¦ it sounds more like jealousy than facts.
He says in October:
âIt isnât Bitcoin itself that is the issue, but the fever pitch surrounding the cryptocurrencyâs trading, telling the FOX Business Networkâs Stuart Varney, âPeople all over the world who know nothing about what theyâre buying, theyâre just operating with the greater fool theory, meaning if thereâs someone more foolish than me, youâll buy it a higher price than itâs a great price where it is.Â Thereâs no value, itâs just pure speculation.â
âIt reminds me exactly of 2005, 2006 in the mortgage market when youâre getting your haircut and your haircutter says âoh, I also sell mortgages now...,â itâs like everybody and their grandma became involved in real estate and mortgages, thatâs whatâs happening with Bitcoin.â
He says himself that he doesnât own any currencies or isnât interested in getting involved in ICOâs, but is it really worse than what he was doing?
âIt's the biggest scam ever, such a huge, gigantic scam that's going to blow up in so many people's faces, It's far worse than anything I was ever doing."
Apart from a couple of scams, people of the Crypto Community are very clued up on what they are investing into. What he was doing, was purposely taken money off people with full knowledge of a penny stock not taken off, where as the crypto currencies show that all it takes is little proof in the technology and youâre onto a winning formula.
So Jordan, why do you hate ICOâs?
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