Are cryptos the new pay dirt? Yes, and here are tactics to look out for.
Tales from the Gold Rush
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The gold rush in the Western United States in the mid to late 1800s attracted miners in droves. People were lured by the promise of riches in the hills, striking the big find and getting rich.
Whenever there is success found, it is human nature to flock to it. We humans are hardwired to seek opportunity and are generally an optimistic bunch. We want to believe it will be us.
This summer, our family had the opportunity to spend time in Breckenridge Colorado (currently going through ha different type of "gold rush" but more on that later). Breckenridge also experienced a gold rush in the late 1800s with more than 1,000,000 Troy ounces of gold extracted from the hills.
We got a chance to pan for gold, even finding some minuscule pieces. it was exhilarating and fun.
Panning for gold!!
But the takeaway message was that life was pretty terrible for most of the miners, they were forced into working conditions that were often dangerous, and untested. Small, hastily constructed mines with lots of dust and particulate matter, risk of collapse, and long shifts.
Mine shafts
Huge operations were built and then abandoned leaving behind a wasteland of contaminated soil, rubble and detritus.
An old processing building
I had the opportunity to bike through much of the area that was in the center of gold mining, and as I peddled I was struck by how much machinery, metal parts, construction materials and other things were brought into the area. Talking with folks at the historical society revealed that in fact the real lucrative aspect of gold mining had nothing to do with the actual gold, but rather in Mining the Miners those seeking gold Brought with them their own small fortunes, to "invest" in the hopes of striking it rich. Their labor, time and energy went into making other people very rich. I have since noticed this trend and business approach being applied in many ways. It is a tremendously effective strategy for generating money.
Tools of the trade
So a lesson to learn, and an opportunity to capitalize on. I believe that there is a future in crypto-currency, no doubt, I've drank the Kool-aid. But in my short time on here I've seen countless examples of "Mining the miners" type of behaviors, paying for up votes, high level accounts for sale, and other techniques being deployed to capture additional revenue from those seeking riches and wealth. Not to mention the thousands of other ICOs, coins, cryptocurrencies, and other schemes out there.
So have fun, learn constantly from the past and whats on the horizon, and thanks for reading!
