In today's Exponential Investor...- Grylls, Meaden, Willoughby, scam
- Pass it forward
- Just a teenager assessing the GPU market
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If Holly Willoughby, co-host of popular daytime ITV show
This Morning, told you to buy bitcoin because she did, would you?
What about if Bear Grylls, the "survivalist" and also TV presenter, told you to buy bitcoin because he had, would you buy it if he told you to?
What about if one of the popular
Dragons' Den investors, Deborah Meaden or Peter Jones, told you to buy bitcoin because they had? After all, these are highly successful businesspeople, with strong reputations to uphold. Surely they wouldn't tell you to buy bitcoin unless they meant it?
So, if Meaden or Jones told you to, would you?
I ask for a simple reason. These are all "celebrities" commonly used to front crypto scams.
Typically these scams will show up as some kind of advertisement where they (very convincingly) show you how the celebrity got into bitcoin. The aim is to convince you/dupe you into thinking these celebrities endorse bitcoin and specifically a trading system that you get sucked into.
These ads can be very convincing. They can look very real. Sometimes they might also appear as an official "news" article from the BBC convincing you even more about their credibility.
Unfortunately, these are all scams.
None of these celebrities endorse these trading systems. And the trading "systems" themselves also end up being outright scams. Their sole focus is to sucker you in with FOMO (fear of missing out) and fleece you of your hard-earned wealth.
I bring this up because I saw the Holly Willoughby crypto scam pop up on The Sun website last week. You can find the link to the article from a tweet I posted about it
here.
This is good. We want major publications like The Sun to call out and identify these scams. They are a blight on not just the crypto world but on humanity. Scammers are scum, no two ways about it. The more we can prevent them from operating, the better.
I bring this up because I still get emails from subscribers asking if something they've come across is a scam or not. That's also good. I want you to check in with me if you see a potential crypto scam and you're not sure.
I've seen them all, and we've been warning investors like you about this very scam and ones like it for
years. We may never shut them all down completely. But the more we can help you be aware of how to spot them, the more you can then pass on that knowledge, and the better off we'll all be.
Stay safe, stay vigilant and if you're ever unsure about something being a scam or not, write into us and ask.
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Nvidia's attempt at self-sabotage
Nvidia (NASDAQ:NVDA) has become one of the world's largest, most powerful companies. Its core business is in making hardware for our high-tech world.
It started off many years ago in making and developing GPUs (graphical processing units) for computers.
I recall as a teenager sitting in the computer room at my friend's house having heated arguments about which GPU was the better one, Nvidia's GeForce or ATI's Radeon. Note: ATI would end up being bought by AMD (NASDAQ:AMD), an equally powerful competitor to Nvidia.
The Nvidia vs. ATI (subsequently AMD) debate has now raged for
decades. Or at least to nerds and geeks like me, it's a long-standing debate.
But in days gone by it was always a debate by gamers. The better your GPU, the better your gaming experience was. When a new GPU came out, there was hot demand from the gaming world to get it.
And they'd almost always sell out and then become exorbitantly priced in the second-hand market.
This debate was arguably won as we headed into the 2010s as Nvidia continued to innovate and develop its tech at a faster rate than AMD was able to.
Where AMD seemed to lose its way for a while, Nvidia streaked in front.
While the gamer market was still a huge market, unexpectedly Nvidia found a new market demand for its products.
Cryptocurrency.
During the 2010s, particularly early on, Nvidia became the go-to GPU maker for bitcoin mining.
Due to the sheer power that Nvidia GPUs could handle, they became perfect for mining bitcoin running the SHA-256 algorithm. Successfully running this algorithm and mining a block would net you 50 bitcoin in the early days.
And the primary way of doing this was using a hand-built computer (mining rig) typically running Nvidia GPUs.
As mining bitcoin has become more and more popular (and profitable), the requirement for more and more GPUs has also taken a sharp turn higher. Again, Nvidia has really been a leader in this space.
When Nvidia releases new GPUs, they almost always sell out. That's due to the demand from its original core market, video gamers, but now also from cryptocurrency miners.
This is causing Nvidia some difficulties. The problem it faces is there's simply not enough to go around. Nvidia can't meet its markets, and it is also now starting to see AMD not only catch up with its tech, but also start to head past them.
So in one of the strangest moves I think I've ever seen from a company worth hundreds of billions of dollars, Nvidia has decided to make its tech
worse. Nvidia is deliberately limiting the performance of its GPUs so that crypto miners stop using them.
Rather than finding a way to ramp up production capacity to meet the soaring demand, Nvidia has decided to make its GPUs worse.
I'm frankly astonished by this move. To me, it's an own goal. To me it's a perfect reason why instead of looking at Nvidia, I'd be eyeing up AMD again to seize the mantle as the world's preeminent GPU manufacturer.
Strange times when tech companies decide to be worse, but while one makes a strange move, perhaps the opportunity opens for the competition. Some food for thought in this wild market.
Sam Volkering
Editor,
Exponential Investor
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