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Reasons why you should NOT trade cryptocurrencies
Member Since Jan 25, 2010
1288 posts
Dec 21, 2017 at 20:49
Mark Cuban: Although he has dismissed Bitcoin as a bubble, he made it clear that he believes in the value of cryptocurrencies, noting that “I’m not questioning the value. I’m questioning valuation”. This is in line with his concerns about a bubble, and he back this up with his own valuation, albeit a lot lower than current values.
https://www.forexcrunch.com/whos-trading-cryptos/
The article might be support for crypto in general, but there are some that think BTC is way overpriced.
forex_trader_314834
Member Since Mar 25, 2016
58 posts
Dec 22, 2017 at 10:15
FX is more a bubble...especially those who think you can trade it profitably.
Putting your money into stocks, ETFs etc is safer. Buy and hold beats FX trading.
99% of FX traders lose yet people want governments to ban btc lol.
Also the reality of current money is that the debt tied to it can never disappear. Yet people vote for politicians who favor austerity.
BTC is more aligned to reality than the endless printing of government money.
Putting your money into stocks, ETFs etc is safer. Buy and hold beats FX trading.
99% of FX traders lose yet people want governments to ban btc lol.
Also the reality of current money is that the debt tied to it can never disappear. Yet people vote for politicians who favor austerity.
BTC is more aligned to reality than the endless printing of government money.
Dec 22, 2017 at 11:31
The most common warning I have seen made by Central banks about Bitcoin is that it has no intrinsic value. The present valuation is simply driven by greed and the greater fool theory. Bitcoin is just digital codes of 0's and 1's.
The notion that cryptocurrencies will replace fiat currencies is simply reasoning based on fantasy and not an understanding of the fundamentals and the function of a governing sovereign state. The major currencies act as a medium of exchange in international trade because they are backed by the sovereign nations that not only provide stability but security, law and order in which international trades are conducted. Without security, law and order there will be no international trades - just chaos. Imagine when an orderly society is displaced, there will be no functioning electricity, and no internet. Try transacting with your crypto then - good luck.
The notion that cryptocurrencies will replace fiat currencies is simply reasoning based on fantasy and not an understanding of the fundamentals and the function of a governing sovereign state. The major currencies act as a medium of exchange in international trade because they are backed by the sovereign nations that not only provide stability but security, law and order in which international trades are conducted. Without security, law and order there will be no international trades - just chaos. Imagine when an orderly society is displaced, there will be no functioning electricity, and no internet. Try transacting with your crypto then - good luck.
Member Since Aug 27, 2017
875 posts
Dec 22, 2017 at 11:38
BluePanther posted:Mark Cuban: Although he has dismissed Bitcoin as a bubble, he made it clear that he believes in the value of cryptocurrencies, noting that “I’m not questioning the value. I’m questioning valuation”. This is in line with his concerns about a bubble, and he back this up with his own valuation, albeit a lot lower than current values.
https://www.forexcrunch.com/whos-trading-cryptos/
The article might be support for crypto in general, but there are some that think BTC is way overpriced.
Thank you very much for sharing this informative link here! Yes, I have also the same option on overprice!
keeping patience.......
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 12:17
(edited Dec 22, 2017 at 12:35)
Thanks guys... and here's more:
Real ‘Wolf of Wall Street’ slams bitcoin again: It's a ‘huge danger’ and a 'bubble'
https://www.cnbc.com/2017/12/19/real-wolf-of-wall-street-calls-bitcoin-a-huge-danger.html
Bitcoin CRASH imminent? Investor warns bitcoin bubble is ‘bloodiest DANGER of the century’
https://www.express.co.uk/finance/city/893104/bitcoin-price-crash-bubble-eric-schiffer-cryptocurrency-investment-risk
BITCOIN WARNING: Investor who made MILLIONS from currency in alert – ‘It may be WORTHLESS’
https://www.express.co.uk/finance/city/892921/Bitcoin-price-bubble-warning-crytocurrency-worthless-crash-investor-grant-sebatier
Bitcoin bubble: Cryptocurrency hits new $20,000 record high as experts warn of CRASH
https://www.express.co.uk/finance/city/893471/Bitcoin-20000-bubble-crash-value-price-latest-cryptocurrency-finance
Bitcoin craze: Be prepared to LOSE money as cryptocurrency 'DWARVES' 1929 crash bubble
https://www.express.co.uk/finance/city/892769/Bitcoin-news-Bitcoin-craze-1929-crash-bubble-Bitconnet-Bitcoin-cash-prize-Ken-Fisher
Bitcoin: What the bubble tells us about ourselves
http://www.abc.net.au/news/2017-12-11/bitcoin-what-the-bubble-tells-us-about-ourselves/9245104
Buyer beware.
Real ‘Wolf of Wall Street’ slams bitcoin again: It's a ‘huge danger’ and a 'bubble'
https://www.cnbc.com/2017/12/19/real-wolf-of-wall-street-calls-bitcoin-a-huge-danger.html
Bitcoin CRASH imminent? Investor warns bitcoin bubble is ‘bloodiest DANGER of the century’
https://www.express.co.uk/finance/city/893104/bitcoin-price-crash-bubble-eric-schiffer-cryptocurrency-investment-risk
BITCOIN WARNING: Investor who made MILLIONS from currency in alert – ‘It may be WORTHLESS’
https://www.express.co.uk/finance/city/892921/Bitcoin-price-bubble-warning-crytocurrency-worthless-crash-investor-grant-sebatier
Bitcoin bubble: Cryptocurrency hits new $20,000 record high as experts warn of CRASH
https://www.express.co.uk/finance/city/893471/Bitcoin-20000-bubble-crash-value-price-latest-cryptocurrency-finance
Bitcoin craze: Be prepared to LOSE money as cryptocurrency 'DWARVES' 1929 crash bubble
https://www.express.co.uk/finance/city/892769/Bitcoin-news-Bitcoin-craze-1929-crash-bubble-Bitconnet-Bitcoin-cash-prize-Ken-Fisher
Bitcoin: What the bubble tells us about ourselves
http://www.abc.net.au/news/2017-12-11/bitcoin-what-the-bubble-tells-us-about-ourselves/9245104
Buyer beware.
forex_trader_314834
Member Since Mar 25, 2016
58 posts
Dec 22, 2017 at 12:58
Dove777 posted:
The most common warning I have seen made by Central banks about Bitcoin is that it has no intrinsic value. The present valuation is simply driven by greed and the greater fool theory. Bitcoin is just digital codes of 0's and 1's.
The notion that cryptocurrencies will replace fiat currencies is simply reasoning based on fantasy and not an understanding of the fundamentals and the function of a governing sovereign state. The major currencies act as a medium of exchange in international trade because they are backed by the sovereign nations that not only provide stability but security, law and order in which international trades are conducted. Without security, law and order there will be no international trades - just chaos. Imagine when an orderly society is displaced, there will be no functioning electricity, and no internet. Try transacting with your crypto then - good luck.
"Without security, law and order there will be no international trades" - this is the old system.
Think about what you are saying if we replace currency with the internet
"Without security, law and order there will be no internet". Computers can make transactions with no humans overseeing them. Think about how ridiculous it is when you want to advocate manual work rather than a robot doing it.
"Without a manual worker, there will be no cars being made" yet cars are being made with robots.
So the old system = fiat currency will of course push peoples boundaries since they will violently reject the new.
Not saying anything about the price about btc but talking about fiat currency vs digital currencies with a limited amount.
Also on this site people are invested in fx so they want btc to fail otherwise they would have to learn something new.
In the end if btc and other digital currencies win, fx fiat trading will disappear like all old forms. Blockbuster vs netflix etc. Napster vs the music industry that kept on rejecting the new.
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 13:26
(edited Dec 22, 2017 at 13:55)
CoinSpot: "Please note: We have temporarily disabled new AUD deposits."
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 13:41
(edited Dec 22, 2017 at 13:48)
The ulterior motives of cryptos:
Breaking: Bankers’ New SDR Crypto Blockchain Will Enslave Humanity – Lynette Zang
http://dprogram.net/sgtreport/breaking-bankers-new-sdr-crypto-blockchain-will-enslave-humanity-lynette-zang/ (35:00)
Catherine Austin Fitts: Bitcoin Is Not What It Pretends To Be Bitcoin-CRASH IS COMING
Hmm...
Breaking: Bankers’ New SDR Crypto Blockchain Will Enslave Humanity – Lynette Zang
http://dprogram.net/sgtreport/breaking-bankers-new-sdr-crypto-blockchain-will-enslave-humanity-lynette-zang/ (35:00)
Catherine Austin Fitts: Bitcoin Is Not What It Pretends To Be Bitcoin-CRASH IS COMING
Hmm...
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 13:53
(edited Dec 22, 2017 at 13:58)
Is this the beginning of the end...?
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 14:37
(edited Dec 22, 2017 at 14:56)
Catherine Austin Fitts - Blockchain & Cryptocurrencies, What About You?
(31:00 - bitcoin and cryptos can be "switched off")
(39:00 - no global reset / banking system crash)
(specifically 8:00 - "have everyone chipped")
Member Since Jan 25, 2010
1288 posts
Dec 22, 2017 at 15:19
(edited Dec 22, 2017 at 15:46)
“Op: a set of planned actions for a particular purpose.” ~ Merriam-Webster Dictionary
“You can’t solve a political problem with a financial product.” ~ Catherine Austin Fitts
This week Harry Blazer joins me for a Special Solari Report to discuss the dark side of the cryptocurrency revolution. Whether you choose to speculate in cryptocurrencies or not, make sure you understand their deeper nature as bubbles.
https://solari.com/blog/special-solari-report-bitcoin-the-op-with-harry-blazer/
http://www.capitolreader.com/sum/10211-masterswitch.pdf
https://solari.com/blog/bitcoin-101-with-sarah-wiesner/
Member Since Jan 25, 2010
1288 posts
Dec 23, 2017 at 03:12
(edited Dec 23, 2017 at 03:29)
PETER SCHIFF - Bitcoin may look profitable, this is a trap that you should never be fooled by - update 2017
http://investivdaily.com/how-will-you-react-to-volatility
Temporarily offline? Woops: can't offload the BTC while the price is high; losing money by the minute (poor BTC investors)
http://investivdaily.com/how-will-you-react-to-volatility
Investors usually hold through the downturn only to sell in capitulation and buy back in when things turn back to optimism which leads to terrible long term returns. Where are you now on the above chart and how does your emotional state influence your investing activities? It’s extremely important to have a clear strategy in place for when we see an increase in volatility as this will prevent you from making emotional decisions.
Member Since Jan 25, 2010
1288 posts
Dec 23, 2017 at 05:11
Bitcoin/Cryptocurrency is a Government Conspiracy (2017)
How the Bitcoin Bubble Will Pop
How the Bitcoin Bubble Will Pop
forex_trader_314834
Member Since Mar 25, 2016
58 posts
Dec 23, 2017 at 08:50
More than 95% of forex traders lose money trading forex
https://www.theforexguy.com/forex-traders-lose-money/
In some cases only 2% are profitable.
Who earns money on forex?
Banks and brokers.
Stop promoting forex it is a pure gamble, like a casino.
https://www.theforexguy.com/forex-traders-lose-money/
In some cases only 2% are profitable.
Who earns money on forex?
Banks and brokers.
Stop promoting forex it is a pure gamble, like a casino.
Member Since Jan 25, 2010
1288 posts
Dec 23, 2017 at 13:22
(edited Dec 23, 2017 at 13:51)
@johndoe2016
The title of this thread is "Reasons why you should NOT trade cryptocurrencies".
I welcome your input on cryptocurrencies and why they are to be avoided.
There is another thread if you wish to promote cryptocurrencies, by Leo23:
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1
Please understand:
1. there is a big difference between cryptocurrencies and forex.
2. myfxbook is a forex community: I question why you are a member if you do not support forex trading.
3. you seem to be part of the 2% that is profitable in forex trading (congratulations). Though it is most unfortunate that profitability does not endow intelligence. Why do you advertise your hypocrisy?
The title of this thread is "Reasons why you should NOT trade cryptocurrencies".
I welcome your input on cryptocurrencies and why they are to be avoided.
There is another thread if you wish to promote cryptocurrencies, by Leo23:
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1
johndoe2016 posted:
Stop promoting forex it is a pure gamble, like a casino.
Please understand:
1. there is a big difference between cryptocurrencies and forex.
2. myfxbook is a forex community: I question why you are a member if you do not support forex trading.
johndoe2016 posted:
More than 95% of forex traders lose money trading forex
In some cases only 2% are profitable.
3. you seem to be part of the 2% that is profitable in forex trading (congratulations). Though it is most unfortunate that profitability does not endow intelligence. Why do you advertise your hypocrisy?
Dec 24, 2017 at 09:44
johndoe2016 posted:
"Without security, law and order there will be no international trades" - this is the old system.
Think about what you are saying if we replace currency with the internet
"Without security, law and order there will be no internet". Computers can make transactions with no humans overseeing them. Think about how ridiculous it is when you want to advocate manual work rather than a robot doing it.
"Without a manual worker, there will be no cars being made" yet cars are being made with robots.
So the old system = fiat currency will of course push peoples boundaries since they will violently reject the new.
Not saying anything about the price about btc but talking about fiat currency vs digital currencies with a limited amount.
Also on this site people are invested in fx so they want btc to fail otherwise they would have to learn something new.
In the end if btc and other digital currencies win, fx fiat trading will disappear like all old forms. Blockbuster vs netflix etc. Napster vs the music industry that kept on rejecting the new.
The problem with your reasoning is the fallacious logic used.
No doubt that AI and robotics will replace manual activities in the future but that itself doesn't mean that cryptocurrencies will replace fiat currencies. That is a fallacy of equivocation.
forex_trader_449466
Member Since Aug 04, 2017
30 posts
Dec 24, 2017 at 09:47
johndoe2016 posted:
More than 95% of forex traders lose money trading forex
https://www.theforexguy.com/forex-traders-lose-money/
In some cases only 2% are profitable.
Who earns money on forex?
Banks and brokers.
Stop promoting forex it is a pure gamble, like a casino.
Every business is a gamble, unless you know what you are doing and are good at it. With the right skills, trading(forex, stocks, commodities) is actually one of the safest business opportunities out there.
Member Since Nov 29, 2017
30 posts
Dec 24, 2017 at 09:48
johndoe2016 posted:
More than 95% of forex traders lose money trading forex
https://www.theforexguy.com/forex-traders-lose-money/
In some cases only 2% are profitable.
Who earns money on forex?
Banks and brokers.
Stop promoting forex it is a pure gamble, like a casino.
We should then focus on what the 2% know. Clearly the 2% don't invest and flip these currencies as we see on the charts day in and day out. It is only the retailers that buy/sell and hold for the big win but no one on wall street trades that way.
Member Since Nov 29, 2017
30 posts
Dec 24, 2017 at 09:48
BluePanther posted:
Bitcoin/Cryptocurrency is a Government Conspiracy (2017)
How the Bitcoin Bubble Will Pop
Nice videos. However, it doesn't change the fact that we can profit a lot "trading" it!
I mainly sell bitcoin but it moves and has the same patterns as forex. Why not do it?
Attachments:
Member Since Jan 25, 2010
1288 posts
Dec 24, 2017 at 18:12
(edited Dec 24, 2017 at 18:30)
TrumpsForexHack posted:
Nice videos. However, it doesn't change the fact that we can profit a lot "trading" it!
I mainly sell bitcoin but it moves and has the same patterns as forex. Why not do it?
Agreed. Well done my friend. 😎
I am unable to change the thread title from "Reasons why you should NOT trade cryptocurrencies" to "Reasons why you should NOT invest long-term in cryptocurrencies"
Indeed, it would be a more accurate title to this thread, and this is the purpose I intended. Cryptocurrency has volatility ten times higher than gold (so I heard somewhere) - if your broker permits it, trade the hell out of it! Just don't invest in it long-term (or rather, only invest money you can afford to lose - consider it lost already). 😎
Thank you for your input!
PS. In addition to increasing margin requirements, IC Markets has "Close Only" on BTCUSD positions.
