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Reasons why you should NOT trade cryptocurrencies

Matt (BluePanther)
Jan 07 2018 at 13:10
1356 posts
To supporters of cryptocurrency:
As I stated earlier, speculation is fine: if you are happy to speculate on horses, football, casino, HYIPs and Ponzi Schemes, then cryptocurrencies is perfect for you. At least 'gambling' is a regulated industry: HYIPs, Ponzi Schemes and cryptocurrencies are largely UNREGULATED.

@hotakac You raise some mute points, if you see my earlier posts:
1.
...supply of each currency is theoretically finite
There is nothing to stop a crypto 'forking', and nothing to stop a new crypto appearing every day. There is not a finite supply of crypto.

2.
Blockchain technology keeps track of all existing Bitcoins
So much for the 'anonymity' argument - everything can be traced. Makes sense: anything electronic can be tracked.

Cryptos acts more like shares (a security or asset) than a currency (method of payment). Investors need to determine what is supporting a crypto's valuation: is it just hype and FOMO? Or is there substantial utility or value to justify its price (or growth)? Unlike shares, there are no dividends and few regulations (if any). The risk of market manipulation is greater, and the security surrounding wallets and transactions is dubious. TBH not my 'cup of tea'. 😞
Matt (BluePanther)
Jan 08 2018 at 08:51
1356 posts
SEC, CFTC warn of risk of virtual currencies and initial coin offerings (Jan 7, 2018)
https://www.marketwatch.com/story/sec-cftc-warn-of-risk-of-virtual-currencies-and-initial-coin-offerings-2018-01-04

Statement of Chairman Jay Clayton and Commissioners Kara M. Stein and Michael S. Piwowar on “NASAA Reminds Investors to Approach Cryptocurrencies, Initial Coin Offerings and Other Cryptocurrency-Related Investment Products with Caution” by NASAA (Jan. 4, 2018)
https://www.sec.gov/news/public-statement/statement-clayton-stein-piwowar-010418
Matt (BluePanther)
Jan 08 2018 at 12:18
1356 posts
2018 THE DIGITAL MONEY FORUM, PRESENTED BY: Synchrony Financial - Tuesday, January 9
https://thedigitalmoneyforum.com/2018-agenda/
Matt (BluePanther)
Jan 08 2018 at 15:49
1356 posts
Well, cryptocurrency just lost one-third of the world population (Muslims). If one-third of the world cannot use a medium of exchange, this reduces its effectiveness of purpose, thus reducing demand. And as demand is reduced, thus purpose effectiveness is reduced in kind. The effect is synergistic and compound.

Egypt’s Grand Mufti: Bitcoin is forbidden in Sharia law (Jan 03 2018)
https://www.forexbrokerz.com/news/Egypts-Grand-Mufti-Bitcoin-is-forbidden-in-Sharia-law
charlesjr
Jan 09 2018 at 07:39
10 posts

Hello friend, thank you for informing us. Even when you know you have not invested as you can be 100% convinced without ever having intentions to invest? In such a case, it is possible that we will ever have a little money to be able to test and sustain these threads with expert information. New here. And learning little by little
bmcochran1218
Jan 09 2018 at 08:13
1 posts
Thank you for the information, I just googled Cryptocurrency today because someone I knew, was asking. I am glad I looked at your posts.
Matt (BluePanther)
Jan 10 2018 at 17:17
1356 posts
Warren Buffett says bitcoin will ‘come to a bad ending’ (Jan 10, 2018)
https://www.marketwatch.com/story/warren-buffett-says-bitcoin-will-come-to-a-bad-ending-2018-01-10

China has been closing bitcoin mining operations (Jan 10, 2018)
https://www.marketwatch.com/story/china-has-been-closing-bitcoin-mining-operations-2018-01-10

Opinion: Why bitcoin is worth exactly $0 (and blockchain might be very valuable) (Jan 10, 2018)
https://www.marketwatch.com/story/why-bitcoin-is-worth-exactly-0-and-blockchain-might-be-very-valuable-2018-01-09

Chasing the Next Bitcoin, Investors Shell Out $700 Million for Coins With ‘No Purpose’ (Dec. 18, 2017)
https://www.msn.com/en-us/money/companies/investors-shell-out-dollar700-million-for-coins-with-no-purpose/ar-BBGXfKk?li=BBnb7Kz

Bitcoin: Regulation vacuum leaves banks 'unwilling to work' with cryptocurrency traders (3 Jan 2018)
https://www.abc.net.au/news/2018-01-03/banks-unwilling-to-work-with-bitcoin-traders/9302340

Why a dot-com-style collapse in bitcoin won’t kill blockchain (Dec 28, 2017)
https://www.marketwatch.com/story/why-a-dot-com-style-collapse-in-bitcoin-wont-kill-blockchain-2017-12-19

Here’s why UBS is bullish on blockchain, but not bitcoin (Oct 26, 2017)
https://www.marketwatch.com/story/heres-why-ubs-is-bullish-on-blockchain-but-not-bitcoin-2017-10-24

Bitcoin is ‘just going to implode one day’: Saudi Prince Alwaleed (Oct 23, 2017)
https://www.marketwatch.com/story/bitcoin-is-enron-in-the-making-saudi-prince-alwaleed-2017-10-23

Crypto Market In Red, Total Market Cap Down $100 Bln Since Monday (10 Jan 2018)
https://cointelegraph.com/news/crypto-market-in-red-total-market-cap-down-100-bln-since-monday

CoinMarketCap Removes South Korea Exchanges, Ripple Market Cap Drops $20 Billion (10 Jan 2018)
https://cointelegraph.com/news/coinmarketcap-removes-south-korea-exchanges-ripple-market-cap-drops-20-billion

‘Fraud.’ ‘Not willing to pooh-pooh.’ A list of what Wall Street CEOs have said about bitcoin (Jan 10, 2018)
https://www.marketwatch.com/story/fraud-or-the-future-how-bitcoin-is-being-described-by-billionaires-and-wall-street-ceos-2017-10-05
Matt (BluePanther)
Jan 10 2018 at 19:24
1356 posts
Matt (BluePanther)
Jan 11 2018 at 09:32
1356 posts
Bitcoin fraud on the rise as Canadians swindled out of $1.7M this year (December 11, 2017)
https://globalnews.ca/news/3908474/bitcoin-fraud-canadians/

South Korea prepares to ban cryptocurrency trading, exchanges raided (Jan 11, 2018)
https://globalnews.ca/news/3958267/south-korea-prepares-ban-cryptocurrency/

A bitcoin conference has stopped taking bitcoin payments because they don't work well enough (Jan 11, 2018)
https://www.cnbc.com/2018/01/10/bitcoin-conference-stops-accepting-cryptocurrency-payments.html?recirc=taboolainternal
Matt (BluePanther)
Jan 12 2018 at 07:01
1356 posts
Bitcoin seen at USD 1780 by end-2018 - Quinlan & Associates (12 Jan, 2018)
https://www.fxstreet.com/news/bitcoin-seen-at-usd-1780-by-end-2018-quinlan-associates-201801120438

End for Bitcoin? 'Three-quarters of WORLDS' mining to suffer MAJOR regulation clamp down (10 Jan, 2018)
https://www.express.co.uk/finance/city/902525/Bitcoin-China-mining-cybercurrency-cryptocurrency-clamp-down-electricity-Russia-Iceland
Matt (BluePanther)
Jan 13 2018 at 08:07
1356 posts
Mnuchin says U.S. doesn’t want cryptocurrencies to be the next ‘Swiss numbered bank accounts’ (12 Jan, 2018)
https://www.marketwatch.com/story/mnuchin-says-us-doesnt-want-cryptocurrencies-to-be-the-next-swiss-numbered-bank-accounts-2018-01-12

Opinion: The bitcoin bubble is a bad omen for the U.S. economy (12 Jan, 2018)
https://www.marketwatch.com/story/the-bitcoin-bubble-is-a-bad-omen-for-the-us-economy-2018-01-12
Matt (BluePanther)
Jan 14 2018 at 20:50
1356 posts
Matt (BluePanther)
Jan 15 2018 at 22:40
1356 posts
South Korea says 'shutdown of cryptocurrency trading on the table' (15 Jan, 2018)
https://m.koreatimes.co.kr/phone/news/view.jsp?req_newsidx=242447

Singapore MAS Chief Hopes Crypto Tech Will Survive Crash (15 Jan, 2018)
https://www.rttnews.com/story.aspx?Id=2851840

Indonesia Central Bank Warns Against Virtual Currencies (15 Jan, 2018)
https://www.rttnews.com/story.aspx?Id=2851875
Matt (BluePanther)
Jan 16 2018 at 09:42
1356 posts
European regulator warns: Investors could lose everything on cryptocurrency ICOs (16 Jan, 2018)
https://www.cnbc.com/2018/01/16/esma-cryptocurrency-icos-can-result-in-loss-of-your-investments.html

France Plans To Regulate Crytpocurrencies (16 Jan, 2018)
https://www.rttnews.com/story.aspx?Id=2852092

S. Korea’s FinMin: There is irrational speculation in cryptocurrencies (16 Jan, 2018)
https://www.fxstreet.com/news/s-koreas-finmin-there-is-irrational-speculation-in-cryptocurrencies-201801160230
Matt (BluePanther)
Jan 16 2018 at 20:49
1356 posts
Bitcoin price skids after South Korea suggests crackdown (January 16, 2018)
https://nypost.com/2018/01/16/bitcoin-price-skids-after-south-korea-suggests-crackdown/

Bitcoin tumbles to 6-week low as top cryptocurrencies all sell off (Jan 16, 2018)
https://www.marketwatch.com/story/bitcoin-tumbles-to-6-week-low-as-top-cryptocurrencies-all-sell-off-2018-01-16

Opinion: Regulators should keep their hands off bitcoin and blockchain (Jan 16, 2018)
https://www.marketwatch.com/story/how-bitcoin-and-blockchain-can-truly-become-internet-30-2018-01-16

China Escalates Crackdown on Cryptocurrency Trading (15 January 2018)
https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading
kieran (snapdragon1970)
Jan 16 2018 at 22:49
1946 posts
As long as you don't gamble the House ,you might make some profit from this crazy sell off.
"They mistook leverage with genius".
Matt (BluePanther)
Jan 17 2018 at 04:35
1356 posts
Matt (BluePanther)
Jan 17 2018 at 11:13
1356 posts
Bitcoin Extends Sharp Slide On Regulation Worries (17 Jan, 2018)
https://www.rttnews.com/story.aspx?Id=2852554

Bitcoin, cryptocurrencies attempt to steady after sharp selloff (17 Jan, 2018)
https://www.marketwatch.com/story/bitcoin-cryptocurrencies-attempt-to-steady-after-sharp-selloff-2018-01-17

Cryptocurrencies extend the rout, Bitcoin down -11% (17 Jan, 2018)
https://www.fxstreet.com/news/cryptocurrencies-extend-the-rout-bitcoin-down-11-201801170950

The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market (8 Dec, 2017)
https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

THOUGHT OF THE WEEK: ARE CRYPTO-CURRENCIES REAL CURRENCIES? (23 SEPTEMBER 2017)
https://www.mql5.com/en/blogs/post/708231
Matt (BluePanther)
Jan 17 2018 at 16:57
1356 posts
0.25% per day guaranteed? HYIP right here...

5 key reasons bitcoin, other cryptocurrencies have lost a stunning $400 billion in 10 days (17 Jan, 2018)
https://www.marketwatch.com/story/5-key-reasons-bitcoin-other-cryptocurrencies-have-lost-a-stunning-365-billion-in-10-days-2018-01-17

Bitcoin trades below $10,000 as selloff continues (17 Jan, 2018)
https://www.marketwatch.com/story/bitcoin-cryptocurrencies-attempt-to-steady-after-sharp-selloff-2018-01-17?siteid=rss&rss=1

What intrinsic value is left when the Chinese, South Koreans, and Japanese pull their money out...? #ponzischeme

More than $200 Billion Wiped Off Cryptocurrency Market Cap
https://www.marketpulse.com/20180117/more-than-200-billion-wiped-off-cryptocurrency-market-cap/

The big lesson stock traders can learn from the crypto meltdown (17 Jan, 2018)
https://www.marketwatch.com/story/the-big-lesson-stock-traders-can-learn-from-the-crypto-meltdown-2018-01-17

Bitcoin drops 28% below $10,000 on Coinbase; ethereum crashes 30% in 24 hours (17 Jan, 2018)
https://www.marketpulse.com/20180117/bitcoin-drops-28-below-10000-on-coinbase-ethereum-crashes-30-in-24-hours/

Cryptocurrency Sell-Off Widespread (17 Jan, 2018)
https://www.marketpulse.com/20180117/cryptocurrency-sell-off-widespread/

Bitcoin Extends Sharp Slide On Regulation Worries (17 Jan, 2018)
https://www.rttnews.com/story.aspx?Id=2852554

Why bitcoin’s ugly rout could get worse before it gets better (17 Jan, 2018)
https://www.marketwatch.com/story/why-bitcoins-ugly-rout-could-get-worse-before-it-gets-better-2018-01-17

'If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.'#hyip #ponzischeme

BitConnect Shutters Crypto Exchange Site After Regulator Warnings (17 Jan, 2018)
https://www.coindesk.com/bitconnect-shutters-crypto-exchange-site-regulator-warnings/
Matt (BluePanther)
Jan 17 2018 at 16:58
1356 posts
snapdragon1970 posted:
As long as you don't gamble the House ,you might make some profit from this crazy sell off.

Timely advice... good call!
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