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Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....

leo23
Dec 15 2017 at 11:38
posts 570
BoneTrader posted:
leo23 posted:
1.Bitcoin and other cryptos have the potential to completely erase and remove the current financial systems like central banks and ultimately it will erase the central governments due to lack of paid tax amount from citizens. So those authoritarian people will try to keep saying bad things about cryptos to keep a control, but they can't control actually.

That's a Bullshit. Neither Bitcoin, nor other crypto-currency has any potential to replace current financial system. If you have some advanced knowledge about either of How Finance works nowadays, or How Blockchain technology works, you would never say that it has potential to replace the Cash.

Current system is based 100% on full identification of the customer. You open an account with any bank, you have to identify yourself. You make a transaction - you again have to identify yourself. And this is done not for the Banks to make tons of money, which they definitely do. It is first of all made to protect you from losing your money.

Now you, and everyone who has some vision of the Crypto Currencies overtaking the world, do you really think that one day all the people who are still very far from technology boom, they will all agree to switch to any CryptoCurrency and take the risk of loosing all of their assets if they don't manage to keep their private keys in secret and at the same time not loosing them? Do you really, really believe this could happen one day? Do you also really believe that the anonymity is a global problem, for the majority of people on this planet? And how about the fact, that the Bitcoin is not that anonymous anymore, because exchanges require full identification, because ISPs can trace your traffic and identify you, because of many other things already happening around. And do you know that this is much worse than what we currently have, because anyone, I repeat - ANYONE, knowing your wallet address can see all of your transactions, at any time?

So, you might call me an idiot, I don't care, but I know for sure that not Bitcoin, or any other Crypto Currency could ever replace the Cash. It's just not going to happen.
First of all, if I don't know about how the financial system, banks and cryptos work, then I would not be interested in cryptos as compared to the current financial system and I would not have posted any comment without a basic understanding of what it is.

Second, cryptos are not going to replace the financial system tomorrow or next week and that's I am sure about it and hence, no one has to be in a hurry. But neither me nor anyone knows when it will happen, but I know this for sure is that when it will happen people who are too far from the latest technologies will have no time in even understanding what it is and will be in a chaos. That is the whole purpose of creating this thread and explaining about cryptos.

The reason for this is because cryptos emerged out of Blockchain technology and every new technology has a tendency to follow exponential growth which may seem nothing at the beginning, but when it will sustain for a sufficient time, then it will grow in an infinite growth in very short time that is what is being shown in Bitcoin and it is still just the beginning. But I call only those people as idiots who don't understand and see the underlying fact that it is natural exponential growth and they keep saying it as bubble. All exponential curves in time scale will appear as bubble, but they are not.

When I said replacing the system and you have many questions, you can get answers how cryptos will replace current financial is like follows:
Did everyone stopped using land phone after the emergence of mobile phone and tablets? No
Did everyone stopped using bullet carts, horse carts after emergence of cars, vehicles, planes, etc? No

People will or may still use banks if actually they will exist in future, but the % of people and % of cases where banks will be used might be so negligible that it is almost like cryptos will only control the whole financial system.

Though there are many reasons for it, but two of the main reasons for the current financial system to collapse is as follows:
1.No fixed supply of currency for a particular country: In the current central banking system there is no fixed supply of currency and the central governments can print money whenever they want to control the entire economy and control the currency value which leads to devaluation of the currency per unit currency.
2. Centralisation of money: Following the point number one, there are a hand full of people who have 80% or more of control of the entire economy of the entire world and they can play around with the economy and the currency value whenever they want as per their personal agendas leaving the common public having no control of their earned money. So whether someone makes 1000 USD per month or 10,000 USD per month income when the currency itself can be controlled, then such figures don't mean anything.

There are many other challenges or reasons which can be solved by the crypto currencies in one shot though it can lead to some other problems for sure. Also, other challenges like scaling problem is there in bitcoin that's why thousands of cryptos arised now.

By the way, after just few years may be 5 to 10 years of time, no one will be going to bank to open an account and transfer funds etc and everything will be done online based on biometric data of individuals and I am not talking about some sci-fi stuff here. There are multiple countries which are collecting and trying to link biometric data to banks which will be ultimately can be linked to cryptos as well. Such technolgies are already existing and will be soon implemented in cryptos.
Artificial General Intelligence
BoneTrader
Dec 17 2017 at 08:18
posts 35
I already regret starting this discussion, but whatever... There is no way back now.

leo23 posted:
When I said replacing the system and you have many questions, you can get answers how cryptos will replace current financial is like follows:
Did everyone stopped using land phone after the emergence of mobile phone and tablets? No
Did everyone stopped using bullet carts, horse carts after emergence of cars, vehicles, planes, etc? No

This kind of does not go inline with what you said before:
leo23 posted:
Bitcoin and other cryptos have the potential to completely erase and remove the current financial systems like central banks and ultimately it will erase the central governments due to lack of paid tax amount from citizens.
'Completely erase' was the key phrase that I was replying to. But OK, let's skip this and get back to your last post:

leo23 posted:
People will or may still use banks if actually they will exist in future, but the % of people and % of cases where banks will be used might be so negligible that it is almost like cryptos will only control the whole financial system.

Let me reply in the your style - Did the banks collapse with the Stock Markets joining the game? Did any of the banks collapse when Market introduced Futures, Options, CFDs?

The answer is No. No, they got bigger and stronger with each new technology or Financial Instrument being introduced. So why would you expect that banks would collapse now? As I said, you do not have proper vision of what Bank is, as an Institution.

The Bank is not about cash or money in any Currency. It is about relationship between two persons or entities on each end of the Transaction. It was never about money. It was about Trust. You don't need bank today, you can take Cash and pay for whatever you need. Banks do no oblige you to use Account for that reason. But people don't like cash nowadays, you know why? Because there is no Trust in Cash. You don't want someone to come to your house to pay for your car in Cash. You want to have mediator for that operation, the one who can entrust reliability of the second party. And the second party wants the same - to have trust in the other party.

With Blockchain and any Crypto Currency you have to let the Trust go. Somebody pays you for something, you don't know who they are, how can you guarantee it was the right party paying for the service? Somebody claims they have payed for the Internet, standard price of 50$ for example, how do you check that? You ask for the transaction, they just go to your wallet, grab one of the thousands transactions made for that amount and claim it was theirs, what do you do then?

Of course there is workaround to handle all this, but it is your problem now. And many people (me among them) do not want to take care of all of that, I prefer to pay banks the fee to take care of issues like this.

And when someone says that CryptoCurrencies will take over the world, I will be posting this every time: https://blockchain.info/address/114hvMb8gCQv5GsmpZPEkVTp8xXBrwLJC6 Do you want this to happen to your Direct Debit account?
You can see your money there, you have tons of people that can confirm that it is your money, but there is 0 ways that you can use that money again. How do you like that opportunity?

And one more - Blockchain was said to be cheap compared to Bank fees. So imagine you are selling 5$ cost product, and you have 2 Buyers. One has payed 0.5$ for the Transaction fee, another has payed 1.5$ because his transaction is enormous due to a lot of underlying transactions. So yes, you've been payed 5$ by both customers, but no, you do not have 10$ now. To spend first 5$ you would pay 0.51$, and to spend other 5$ you would have to pay 1.51$. Am I right, or am I missing something?
¡ŋ ђθς ş¡ģŋθ ұ¡ŋςəş /
FlavioGonzalez
Dec 17 2017 at 08:27
posts 14

Have you heard about TRADER? I have been told that it is a currency that promises. Your face value is accepted internationally, zero transfer commission can send funds from one broker to another without using your bank account, among many other advantages.
leo23
Dec 18 2017 at 07:14
posts 570
@BoneTrader
If you get a better argument by playing with words in a sentence, you can't still change the facts.Facts will remain facts. I am sharing ideas here and I don't play with words. So do some through research and try to understand the statements to the core before putting arguments and you don't know anything what you are talking about.

Neither I have taken any responsibility here to educate others about cryptos nor I have some mission to fulfil to give exact answers or to be 100% accurate in everything what I write in each word. Also, I have no such interest to forcefully impart my understanding to others. Every answer to your question is there in the internet, but you may take few months or few years to grasp and there is no shortcut here from me.

I just share some basic facts after thorough understanding and research about everything what I write and providing the information way ahead in time so that it will be helpful for people who have no clue about those things now.

So the only answer I can give to all your questions is to wait and watch everything including the current financial to collapse or do some research and stay prepared ahead in time. I don't have any more time to answer your questions individually.

All my answers are probably getting above your head or you are not reading or probably you use only cash and so you are getting terrified by people talking about vanishing cash. If you are only using cash, then get ready for a situation when your country government will suddenly ban all physical currency notes permanently, then what you will do.
Artificial General Intelligence
leo23
Dec 21 2017 at 07:20
posts 570
BTC has given very sharp and sudden movement today due to conversion of Bitcoin to Bitcoin cash and vice versa. There are almost a movement of 4000 USD in one day starting from 18,000 USD to 14,000 USD and back from 14,000 USD to 17,500 USD in one day.

I am waiting for the BTC price to settle down between 500 K USD to 1 Million USD per BTC. But it is not going to happen immediately. So there are many altcoins which will emerge and move along with Bitcoin price increase. So many times large investors move money back and forth from Bitcoin to altcoins and vice versa which is leading to sharp and sudden price movements.

Such movements will increase more and more in future and so small and medium term investors should take precautions while investing in high value cryptos. Total market capital of all cryptos is rapidly increasing to reach towards 1 TRILLION USD. Now, it is around 630 BILLION USD.
Artificial General Intelligence
Jaco Ferreira (JacoAF)
Dec 22 2017 at 14:31
posts 130
leo23 posted:
AmDiab posted:
Crypto instruments are different from general trading instruments! Till now, many brokers don’t add this trading instrument into their platform! But I really appreciate your effort.
@AmDiab
Please note that cryptocurrency trading is completely different than forex trading. So never try to margin trade or day trade cryptocurrency using a forex broker. The best way to make money from cryptocurrencies in long run is to buy the cryptocurrencies and keep it in a hardware wallet by exchange trading.

Of course, no one has to follow my advice and this is just my personal opinion that cryptocurrency should be traded only in exchange trading mode and not through margin trading due to high volatility and you can easily get stopped out no matter whatever is your stoploss since it varies upto 50% within a matter of few days or weeks.

---------------->

I agree with Leo, if you want to trade Bitcoin and other Crypto's then DO NOT trade with a margin account. Your account should effectively have a 1:1 margin.

Just look at at Bitcoin this week. Dropped from $19800 to $10400. These moves are made by big players on the CME. The small traders with margin accounts (e.g. 1:50, 1:100, 1:500) will now be in a world of pain.

Crypto's are NOT for noobs with margin accounts.

Good luck anyway if you are trading these markets.

PS: Just a quick edit to include the following article on Crypto's. Check out the 'Top 10 Crypto-Currency Prices and Market Valuations – December 22.' table. All Crypto's in this table down at lest 25% (ranging between 25-42%). Again, to emphasize Leo's point, DO NOT trade Crypto's with high-leveraged accounts. In my personal opinion (not that I'm an expert on Crypto's - just 8 years of trading experience common sense), approach it with the mindset of longer term investing.
Keep it simple, be disciplined, get rich slowly and above all protect your equity!
mlawson71
Dec 22 2017 at 15:29
posts 1487
There has been yet another hack and theft from a cryptocurrency exchange. Youbit, a relatively small South Korean cryptocurrency exchange, announced it was hacked and has lost 17% of its coins, stored in the online hot wallet.( https://www.forexbrokerz.com/news/Korean-crypto-exchange-Youbit-hacked-again-files-for-bankruptcy) This is the second time they get hacked, the first time was back in April. The cryptocurrency exchange is filing for bankruptcy this time.
leo23
Dec 24 2017 at 09:24
posts 570
JacoAF posted:
leo23 posted:
AmDiab posted:
Crypto instruments are different from general trading instruments! Till now, many brokers don’t add this trading instrument into their platform! But I really appreciate your effort.
@AmDiab
Please note that cryptocurrency trading is completely different than forex trading. So never try to margin trade or day trade cryptocurrency using a forex broker. The best way to make money from cryptocurrencies in long run is to buy the cryptocurrencies and keep it in a hardware wallet by exchange trading.

Of course, no one has to follow my advice and this is just my personal opinion that cryptocurrency should be traded only in exchange trading mode and not through margin trading due to high volatility and you can easily get stopped out no matter whatever is your stoploss since it varies upto 50% within a matter of few days or weeks.

---------------->

I agree with Leo, if you want to trade Bitcoin and other Crypto's then DO NOT trade with a margin account. Your account should effectively have a 1:1 margin.

Just look at at Bitcoin this week. Dropped from $19800 to $10400. These moves are made by big players on the CME. The small traders with margin accounts (e.g. 1:50, 1:100, 1:500) will now be in a world of pain.

Crypto's are NOT for noobs with margin accounts.

Good luck anyway if you are trading these markets.

PS: Just a quick edit to include the following article on Crypto's. Check out the 'Top 10 Crypto-Currency Prices and Market Valuations – December 22.' table. All Crypto's in this table down at lest 25% (ranging between 25-42%). Again, to emphasize Leo's point, DO NOT trade Crypto's with high-leveraged accounts. In my personal opinion (not that I'm an expert on Crypto's - just 8 years of trading experience common sense), approach it with the mindset of longer term investing.
Yes, you are absolutely correct. That's what I am repeatedly telling to everyone. Never trade any crypto using a margin account, otherwise, today or tomorrow your account will be wiped out. If you want to trade crypto, then buy and hold in a secure hard wallet.
Artificial General Intelligence
leo23
Dec 24 2017 at 09:44
posts 570
Cryptocurrencies are now at another key level for massive quick gain within next few months. Especially, Bitcoin seems to gain massively within next few months.

BTC price may quickly jump from 15K to around 30K or more by end of January or February. This rally will continue even at high rate over next months.

By now, it is very much clear that Bitcoin will reach 1 MILLION per BTC..but when is the question!! If it will happen after 5 years or 10 years, then it doesn't make sense for me.

I want BTC to hit 1 MILLION USD per BTC by end of 2018. I know it is a big target compared to the current price and also, compared to market capital, but 1 MILLION per BTC will happen for sure and I want it to happen by end of 2018. How many of you want it to happen by end of 2018??

BTC to hit 100K per BTC by end of 2018 is a very easy prediction and even if everyone don't want to happen still Bitcoin will reach 100K per BTC by end of 2018. But I want it to hit 1 MILLION per BTC by 2018 which seems a big target for now.How many of you want it to happen by end of 2018??
Artificial General Intelligence
leo23
Dec 27 2017 at 07:46
posts 570
Few financial market predictions for 2018:
*********************************
We are now almost ready for entering to new year which I will call a year of beginning for a paradigm shift from fiat currency to cryptocurrency. We can expect massive gains as well as very high volatility in almost all cryptocurrencies and devaluation of many fiat currencies.

One year is not sufficient to replace the fiat currency by cryptocurrency, but by end of 2018 most of the people who are now trying to avoid cryptocurrencies may be in panic mode to buy any cryptocurrencies available and they might think it's too late to buy which is not true of course.

Because we have to wait at least 3 to 5 years to replace the entire forex fiat money or bank money by cryptocurrencies. It is going to be the beginning year. It is possible that many countries financial systems like central banking system may collapse and political situations may be chaotic. So most of the people may be in panic to quickly switch to cryptocurrencies from fiat currency.

2018 will show massive opportunity for cryptotraders and unfortunately, the forex traders have to accept the reality that forex trading will be over within next few years. That is the fact of the future and the quicker the people realise this, the better it will be for everyone.

I wish good luck and happy new year to all cryptotraders. An excellent year waiting ahead for cryptos. However, hacking and security issues will continue to rise even more and hence, I suggest all crypto traders to keep their coins safe in hard wallet.

I expect the total market capital to cross at least 20 TRILLION USD by end of 2018. I expect the Bitcoin market capital to reach at least 5 trillion USD by end of 2018 with a price value of around 300K to 500K per BTC. But still I will be optimistic to see 1 MILLION USD per BTC by end of 2018.
Artificial General Intelligence
Jaco Ferreira (JacoAF)
Dec 27 2017 at 09:02
posts 130
leo23 posted:
Few financial market predictions for 2018:
*********************************
We are now almost ready for entering to new year which I will call a year of beginning for a paradigm shift from fiat currency to cryptocurrency. We can expect massive gains as well as very high volatility in almost all cryptocurrencies and devaluation of many fiat currencies.

One year is not sufficient to replace the fiat currency by cryptocurrency, but by end of 2018 most of the people who are now trying to avoid cryptocurrencies may be in panic mode to buy any cryptocurrencies available and they might think it's too late to buy which is not true of course.

Because we have to wait at least 3 to 5 years to replace the entire forex fiat money or bank money by cryptocurrencies. It is going to be the beginning year. It is possible that many countries financial systems like central banking system may collapse and political situations may be chaotic. So most of the people may be in panic to quickly switch to cryptocurrencies from fiat currency.

2018 will show massive opportunity for cryptotraders and unfortunately, the forex traders have to accept the reality that forex trading will be over within next few years. That is the fact of the future and the quicker the people realise this, the better it will be for everyone.

I wish good luck and happy new year to all cryptotraders. An excellent year waiting ahead for cryptos. However, hacking and security issues will continue to rise even more and hence, I suggest all crypto traders to keep their coins safe in hard wallet.

I expect the total market capital to cross at least 20 TRILLION USD by end of 2018. I expect the Bitcoin market capital to reach at least 5 trillion USD by end of 2018 with a price value of around 300K to 500K per BTC. But still I will be optimistic to see 1 MILLION USD per BTC by end of 2018.


These are bold statements my friend. My personal view, and this MY PERSONAL VIEW, Bitcoin may hit $40 000 / BTC during 2018. I am too much of a conservative trader to trade Bitcoin, but I may invest in it (buy and hold if the price comes down to say about $2000/BTC.

I don't know man. Most Investors/Traders currently into Bitcoin is doing it purely for speculative reasons, which will cause volatility to be extreme, meaning sudden sharp moves up will always cause sudden sharp moves down not soon after. Greed, Fear and FOMO (Fear Of Losing Out) is driving Bitcoin at the moment. Don't get me wrong, I'd love to see Bitcoin succeed, but I think 1M USD/BTC is way too optimistic. What possible real value will Bitcoin then have apart from a lucrative speculative vehicle? For Bitcoin to compete with currencies, the average Joe needs to adopt Bitcoin as a means of payment, i.e. pay for a new computer, car etc. If the value of Bitcoin changes so much in such a short time, who will use it to buy anything? Everybody would rather sit on it and get rich quickly.

Again, these are my personal views formulated around some valid point people much smarter than me made recently. So think of it this way. If Bitcoin guns for the levels you say, then its cannot possibly compete with the currencies of today, let alone replace it, and it will simply be an impossibly volatile speculative instrument. On the other hand, if Bitcoin should be a competitive alternative to currencies, then the price has to come down and stabilize. The way I see it anyway. Maybe I'm wrong.

Anyway, for those who have a pair of 'you-know-what' to trade or invest Bitcoin, I wish you all the luck and may you succeed. 😄
Keep it simple, be disciplined, get rich slowly and above all protect your equity!
Dove777
Dec 27 2017 at 15:06
posts 10
leo23 posted:
Few financial market predictions for 2018:
*********************************
We are now almost ready for entering to new year which I will call a year of beginning for a paradigm shift from fiat currency to cryptocurrency. We can expect massive gains as well as very high volatility in almost all cryptocurrencies and devaluation of many fiat currencies.

One year is not sufficient to replace the fiat currency by cryptocurrency, but by end of 2018 most of the people who are now trying to avoid cryptocurrencies may be in panic mode to buy any cryptocurrencies available and they might think it's too late to buy which is not true of course.

Because we have to wait at least 3 to 5 years to replace the entire forex fiat money or bank money by cryptocurrencies. It is going to be the beginning year. It is possible that many countries financial systems like central banking system may collapse and political situations may be chaotic. So most of the people may be in panic to quickly switch to cryptocurrencies from fiat currency.

2018 will show massive opportunity for cryptotraders and unfortunately, the forex traders have to accept the reality that forex trading will be over within next few years. That is the fact of the future and the quicker the people realise this, the better it will be for everyone.

I wish good luck and happy new year to all cryptotraders. An excellent year waiting ahead for cryptos. However, hacking and security issues will continue to rise even more and hence, I suggest all crypto traders to keep their coins safe in hard wallet.

I expect the total market capital to cross at least 20 TRILLION USD by end of 2018. I expect the Bitcoin market capital to reach at least 5 trillion USD by end of 2018 with a price value of around 300K to 500K per BTC. But still I will be optimistic to see 1 MILLION USD per BTC by end of 2018.

You should go slow on those banned substances. Long term usage might lead to permanent delusional syndrome.
leo23
Dec 27 2017 at 15:09
posts 570
@JacoAF

In my understanding,usage and research in cryptocurrencies, Bitcoin can be never be used in daily transactions due to various technical and fundamental reasons and especially at the current conditions of Bitcoin.

There are thousands of other cryptos are there now and at least a bunch of them are far better than Bitcoin in terms of daily usage and much better than even fiat currencies if they will be implemented properly for daily usage.

Bitcoin price is not driven by and will not be driven by daily transactions or even speculations from small buyers and sellers. The main and massive driving force is due to 3 reasons:
1.ICO(Initial coin offering) funding using Bitcoin and number of ICOs will increase rapidly in coming years and hence, Bitcoin usage will be increased as well
2.Institutional investors using Bitcoin as a store of value as a replacement to gold, stocks, bonds, real estate, currencies etc.So all the trillions of USD from these markets will slowly start flowing into Bitcoin and of course, other cryptos as well. But Bitcoin will definitely be the first option due to it's high value and small limited supply of 16 MILLION BTC total.
3.Sudden country wide adoption, usage and conversion of a specific country's currency to Bitcoin due to financial insecurity. Whenever one country joins Bitcoin, one big price move happens. What a bunch of hundred people or thousand people will do may create a temporary impact on Bitcoin, but will have no impact at all on the overall Bitcoin price in long run.

Yes, 1 MILLION USD per BTC by 2018 is a big optimistic target from me. But I am sure for the Bitcoin to reach at least 200K by 2018.

The reason I am optimistic for 1 MILLION USD per BTC by 2018 is because BITCOIN to reach 1 MILLION USD per BTC is 100% sure and it may take a couple of years from today, but every time Bitcoin price has outperformed my expectations in terms of time and 200K per BTC is a calculated value of BTC by 2018. But 1 MILLION per BTC is my expectations. Let's see what happens.
Artificial General Intelligence
mlawson71
Dec 30 2017 at 15:51
posts 1487
One million per BTC seems like a fantastic number, but considering its rally so far maybe it's not that fantastic. We'll see.
mlawson71
Jan 02 2018 at 15:47
posts 1487
The South Korean government has taken new measures to curb the speculative trading on cryptocurrency exchanges. They will include a ban on opening of anonymous cryptocurrency trading accounts and new laws that will allow regulators to close cryptocurrency exchanges, if needed. (https://www.forexbrokerz.com/news/South-Korea-to-ban-anonymous-cryptocurrency-trading-allow-regulators-to-close-exchanges)
“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in a statement.
Johnw7
Jan 07 2018 at 07:07
posts 6
The easiest way to buy bitcoins or other cryptocurrencies is to do it in specialized exchange houses, many of which have an app from which you can buy and sell in a simple way.
FlavioGonzalez
Jan 07 2018 at 07:50
posts 14
The flow of its price is defined, for the most part, by market demand and thanks to the complicated codes with which they work, cryptocurrencies are impossible to falsify. They are created to obtain a reward, albeit with an uncertain investment effort. The long-term results are still unknown, although their popularity is increasing more and in the immediate future they have entered with a firm step and will probably continue that way.
Hotaka Ching (hotakac)
Jan 07 2018 at 08:10
posts 20
For most investors today, the cheapest method, once transaction fees are considered, is simply to buy cryptocurrencies directly and save them. This leaves you, as an investor, with the legal ownership of the asset and the responsibility to keep it and protect it. The concern is to protect the code, since proof of ownership of most cryptocurrencies is like a bearer share: anyone who has access to the code can 'spend' the cryptocurrency. Remember that, even if you have the code written on a piece of paper, and you receive it and store it by email, you are as vulnerable to hacking as your email. An alternative method of storage and protection is to use a digital wallet and / or vault (Vault). These services can be a third-party server, a mobile application or a program that you store on your computer or on a USB.
mlawson71
Jan 08 2018 at 15:38
posts 1487
In some countries the decision are made by financial regulators, in others by the local religious leaders. Or, in other words, Egypt’s Grand Mufti Sheik Shawki Allam has issued a fatwa against trading in cryptocurrencies. According to the religious ruling that technically does not have a legal binding, Bitcoin is forbidden by Sharia law, as it “causes harm to individuals, groups and institutions” (https://www.forexbrokerz.com/news/Egypts-Grand-Mufti-Bitcoin-is-forbidden-in-Sharia-law) Furthermore, the Mutfti notes, the cryptocurrencies should not be used in transactions, because they are not recognized as a financial instrument by Egypt’s c-bank.

Isn’t there a thriving market of cryptocurrencies in countries like Saudi Arabia?
leo23
Jan 11 2018 at 15:50
posts 570
Since we are about to enter into a paradigm shift in financial system from fiat currency to crypto currency and hence, each and every authority who hold a large chunk of fiat money or hold power related to the money will try to manipulate the crypto market to take the advantage from the cryptos.

So I will highly recommend all cryto users to do proper and genuine research and analysis before buying or selling any crypto of any kind. Otherwise, simply you are going to pay to the pockets of the big authority even if you use cryptos if you listen to any of such individuals.

In this thread, ahead in time last year I mentioned the same thing regarding huge market movements on daily basis and now few group of people are trying to manipulate the market by pumping and dumping fiat into specific cryptocurrencies by creating hype or FUD. Such a huge market manipulation happened recently using RIPPLE(XRP) where money was just pumped to create a hype and then, dumped.

I have been saying this for many times, never trade cryptos for margin trading or day trading. ONLY BUY AND HOLD those cryptos which you firmly believe in the project.

FINALLY, NEVER LISTEN TO ANY FINANCIAL ANALYST OR BANKING PERSON EVER FOR ANY CRYPTO PREDICTION. BECAUSE THEIR PREDICTIONS ARE BASED ON FIAT MONEY WHICH WILL NOT WORK IN CRYPTO WORLD IN GENERAL.

Also, most of the times they create the FUD to temporarily crash the market for their benefit to buy cryptos at better rate. The most latest and biggest example is JP Morgan bank's chairman or something I don't know exactly..his name is something JM Daemon.. He created FUD and crashed the BTC market before months for sometime and bought few million dollars of BTC and now made few billions probably and now apologising for his mistake which makes no sense for traders who lost their money due to the FUD.

SO NEVER LISTEN TO ANY FINANCIAL ANALYST OR BANKING PERSON EVER FOR ANY CRYPTO PREDICTION. JUST LAUGH AT THEM IF YOU KNOW THE VALUE OF CRYPTOS....
Artificial General Intelligence
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