To use chat, please login.
Back to contacts

Reasons why you should NOT trade cryptocurrencies

Matt (BluePanther)
Jan 07 2018 at 13:10
1354 ieraksti
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
1354 ieraksti
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
1354 ieraksti
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
1354 ieraksti
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 ieraksti

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 ieraksti
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
1354 ieraksti
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
1354 ieraksti
Matt (BluePanther)
Jan 11 2018 at 09:32
1354 ieraksti
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
1354 ieraksti
Lūdzu ienāciet, lai komentētu.