Reasons why you should NOT trade cryptocurrencies

There are some potential game changer advantages of cryptocurrency.
But do not be ignorant of the risks also.

Watch from ~40:00. Be informed.



Timestamp: 16:43pm 01/02/2020

EDIT: Magic Money: The Bitcoin Revolution | Full Documentary (posted Feb 1, 2018)

Myfxbook moderators please include this title in my previous post as I am not able to edit my post.
Thank you.

BluePanther posted:
This thread is in response to Leo23's discussion: 'Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....'
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1

I am blocked and unable to post in his thread, but I would like to share some important information related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this new market.

My only questions are:
- Is this another case of Tulip-mania?
- Does Leo23 have a vested interest in garnering support for investment interest in cryptocurrencies?

Here is an important article I think the community should read to get a better understanding of recent growth in cryptocurrency demand (specifically BTC):

https://protradingresearch.com/2017/12/14/one-bank-believes-it-found-the-identity-of-who-is-propping-up-the-bitcoin-market/

Sharing (information) is caring. 😎 Feel welcome to share your personal and professional opinion on cryptocurrencys, especially if Leo23 has blocked you from his thread. Please backup all opinions with evidence where possible. Unfounded opinions, posts contrary to generally-accepted social norms of respect, and posts in breach of myfxbook's Terms of Use are deemed inappropriate and may be reported.

Full disclosure: I have invested $0 in cryptocurrencies, and have 0 intention to do so any time soon. The phenomenal gains are the only reason it has caught my curiosity. I will continue to trade 'normal' forex only TYVM.

Bitcoin pumpers forced to admit it’s not digital gold (FEB 26, 2020)
https://dprogram.net/peter-schiff/bitcoin-pumpers-forced-to-admit-its-not-digital-gold

I tested trading BTC but my problem with it is liquidity and the data is not enough.

Cryptocurrencies hard to predict than other assets.

BTC needs to be a long term Buy or a Long term sell, that is it. NO day trading as it too volatile and costs are too high

'I lost all the bitcoin I ever owned', Peter Schiff tells Kitco News (JAN 21, 2020)
https://www.kitco.com/news/2020-01-21/-I-lost-all-the-bitcoin-I-ever-owned-Peter-Schiff-tells-Kitco-News.html

BluePanther posted:
This thread is in response to Leo23's discussion: 'Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....'
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1

I am blocked and unable to post in his thread, but I would like to share some important information related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this new market.

My only questions are:
- Is this another case of Tulip-mania?
- Does Leo23 have a vested interest in garnering support for investment interest in cryptocurrencies?

Here is an important article I think the community should read to get a better understanding of recent growth in cryptocurrency demand (specifically BTC):

https://protradingresearch.com/2017/12/14/one-bank-believes-it-found-the-identity-of-who-is-propping-up-the-bitcoin-market/

Sharing (information) is caring. 😎 Feel welcome to share your personal and professional opinion on cryptocurrencys, especially if Leo23 has blocked you from his thread. Please backup all opinions with evidence where possible. Unfounded opinions, posts contrary to generally-accepted social norms of respect, and posts in breach of myfxbook's Terms of Use are deemed inappropriate and may be reported.

Full disclosure: I have invested $0 in cryptocurrencies, and have 0 intention to do so any time soon. The phenomenal gains are the only reason it has caught my curiosity. I will continue to trade 'normal' forex only TYVM.

I find crypto way to unpredictable at times

saturdayresearch posted:
BTC needs to be a long term Buy or a Long term sell, that is it. NO day trading as it too volatile and costs are too high

I agree mate it’s a hard grind, I’ve made most money shorting

Cryptocurrencies lose nearly $21 billion in total market cap in Sunday selloff (MAR 9, 2020)
https://www.marketwatch.com/story/cryptocurrencies-lose-nearly-21-billion-in-total-market-cap-in-sunday-selloff-2020-03-09

BITCOIN MANIPULATION BY CME?! STOLEN BITCOIN DUMPED! BITCOIN DUMP PRICE PREDICTION! BTC & ETH TA (MAR 9, 2020)

Let me disagree, crypto currencies are very interesting assets and they are rare, but still open up strong prospects that allow you to earn a large enough amount at a time. That's true, if you know it. You just have to give it a try.

Crypto currencies are dangerous and this is a fact, just look at it:
a. they rarely have a strong movement, so you have to wait all the time, not the best option.
b. Cryptov currencies do not have regulatory bodies, so it is difficult to track them, it is a game of one goal.
с. There are scandals and scandals and stuff like that aren't safe...

Adolis posted:
Well, I can say about any asset and give you ten reasons why you shouldn't use it to trade, in fact, any Forex trading has certain risks and each of us understands it, so use small amounts to assess the situation, no one says that it is worth risking too large amounts.

Thank you for your contribution.

Please be advised, this thread relates specifically to cryptocurrency. Please note the OP of this thread:

'Sharing (information) is caring. cool Feel welcome to share your personal and professional opinion on cryptocurrencys, especially if Leo23 has blocked you from his thread. Please backup all opinions with evidence where possible. Unfounded opinions, posts contrary to generally-accepted social norms of respect, and posts in breach of myfxbook's Terms of Use are deemed inappropriate and may be reported.'

Malohuginn posted:
Crypto currencies are dangerous and this is a fact, just look at it:
a. they rarely have a strong movement, so you have to wait all the time, not the best option.
b. Cryptov currencies do not have regulatory bodies, so it is difficult to track them, it is a game of one goal.
с. There are scandals and scandals and stuff like that aren't safe...

Thank you for your contribution.

Hmm, there are bright fans of these assets among my acquaintances, particularly Bitcoin, but there are also those who never trade this asset. It seems to me that a lot depends on personal preferences and experience, and only you should decide whether it was worth it or not;

Bitcoin plunges 26%, its sharpest selloff in 7 years (Mar 12, 2020)
https://www.marketwatch.com/story/guid/8e7fb3ba-64ab-11ea-a20b-16f630c69909?siteid=rss&rss=1

Fall in price continues. Why is this happening?