In The Mania Of Cryptocurrencies

In The Mania Of Cryptocurrencies

Many students in the US speculate with the new digital currencies: they often stay awake all night watching the price fluctuations. An alarmingly large number of them even use his tuition loan to buy the digital coins.

Robert Kelly is adamant that Bitcoin is more valuable than gold: „Bitcoin has the same qualities as gold, but you can transfer it immediately and it’s safe.“

The 25-year economics student and founder of the crypto club at Baruch College, New York, said that he’s a long-term investor. But he’s not a good gambler like many of his classmates who respond to price fluctuations in the many digital currencies to get rich – often in seconds. Some of his friends even manage to make a lot of money by playing poker against Bitcoin. https://www.bestbitcoinpoker.org/websites/betcoin-ag/ is one of the casino sites used by american students.

„Some of my friends stay awake all night, and when the price of a currency plummets, they panic, or they try to profit from a price fluctuation, but prices are constantly changing and they have to be careful, that’s a lot of work.“

High Electricity Consumption In Dormitories

More and more students in the US speculate with the new digital currencies – even on the pump. Because according to a survey by the Student Loan Report, a website that reports on the tuition industry, 21 percent of students used their tuition to buy the digital coins. A big mistake, says Emin Gun Sirer, a computer scientist at Cornell University – and a cryptocurrency expert.

„We hear bad news about students taking credit and spending money on digital currency betting, which is frightening and irresponsible, they want to get rich fast, but because trading in cryptocurrencies is like visiting a casino, many of them will Lose money.“

In addition, power consumption in student dormitories has increased dramatically since students set up large-scale computer systems needed to complete transactions. As a result, universities like Stanford have banned this activity. That’s good, says Emin Gun Sirer.

„The huge computers not only consume a lot of energy, but could overheat and become a fire hazard.“

Although students‘ interest in digital currency can hardly be more public, many universities are slow to respond – and students are discovering the new world on their own. For example, a group of high school students at the University of Michigan launched their own fund last year to invest in digital currencies.

And members of the Blockchain Club at the University of Pennsylvania not only organize conferences, but helped David Crosbie, a professor of engineering, to develop a course to introduce the subject. How does the market work? What is the influence of algorithms on society? He wants to answer these difficult questions together with a law professor from autumn onwards. And if he does not understand something …

„… then I send a message to the Blockchain Club and someone comes over to explain everything to me.“

The students even admitted to frequently enjoy Bitcoin gambling. This is no surprise since trading and gambling in that area are close together. People enjoying one are likely to enjoy the other as well. However, experts say that there is a big difference between trading and gambling, since in the case of the latter it’s really just a matter of luck while trading can be a real profession. The only game that is comparable to trading is poker. Poker experts manage to make a lot of money, other than other kinds of gamblers.

Digital Currencies Are Leading To Big Changes

He hopes that students will soon be able to pay their semester fees in cryptocurrencies – a proposal that also pleases the New York economist Gur Huberman.

„This should apply initially to students who come from areas where the banking system does not work, the problem is that the value of currencies is not stable and is subject to extreme volatility.“

The researcher at Columbia University does not believe that even the largest currency Bitcoin can exist for a very long time. But the complete system in which the digital currency works will someday change our lives. Emin Gun Sirer of Cornell University agrees. He also warns:

„Our students should focus on understanding the core technologies – not on speculating in currencies – these technologies will accompany us all our lives – and fundamentally change our way of doing business.“

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