Internet Marketing –No referee!

Cryptocurrency craze wins over
Harry Redknapp –
but gets red card from others
Nils Pratley
Ex-football boss is ‘proper excited’
about something dismissed by IMF,
bankers and economists trouble with these cryptocurrencies
is that expert opinion is so divided.
In the sceptical camp, you have the
likes of Kenneth Rogoff, the former
chief economist of the International
Monetary Fund; Jamie Dimon, the chief
executive of one of the world’s largest
banks, JP Morgan; and

our own Financial Conduct Authority.
In the other camp,
there’s Harry Redknapp.
Yes, the football manager who recently
departed Birmingham City is the latest
celebrity to join the craze.
“Proper excited about
Mobile Cryptocurrency!
I’m in, get involved!” tweeted Redknapp
in support of Electroneum, which bills
itself as “the first British
Redknapp is free to speculate as he
wishes, but the advice here remains the
same: if you find yourself tempted to
have a flutter on a cryptocurrency, lie
down until the feeling goes away.
The second paragraph of Electroneum’s
own announcement of its initial coin
offering, or ICO, provides one reason
to be cautious.
Cryptocurrencies used
to be a minority sport, it observes,
but, after the surge in bitcoin’s
value, “every tech-savvy entrepreneur
and currency speculator” wants a piece
of action.
Well, quite. There is a danger that
late arrivals will be joining a party
that is already old, which was the gist
of Dimon’s comparison of the bitcoin
phenomenon with Dutch tulip mania in
the 1630s.
Another observation was echoed by
Rogoff, who argued: “It is folly to
think that bitcoin will ever be allowed
to supplant central-bank-issued money.”
That must be correct: governments like
to control their financial systems.
It is, of course, possible that the
craze can become wilder still – bitcoin
hit a new high on Thursday.
But last
month’s warning by the spoilsports at
FCA was sober and correct: “be prepared
to lose your entire stake” and remember
that most ICOs are unregulated.
So, no post-match grumbling
about the referee,
please, because there isn’t one.
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