When are we investors and when are we speculators?

When we buy into something that has intrinsic value which generates revenue and ideally provides us with an income, we are investors.

When we buy into something that is the complete opposite but we feel that we could sell it for a higher price in future, we are speculators.

People often get into serious trouble when they think they are investors when they are really speculators.

Speculating is not for everyone.

People of more modest means would do better if they stay away from speculating and just stick to investing.

The value of all outstanding cryptocurrencies has fallen by about $600 billion, or 75 percent, since the peak in January.

The damage is likely to be particularly bad in places like South Korea and Japan, where there was minimal cryptocurrency activity before last year, and where ordinary investors with little expertise jumped in with abandon …