I have traded Bitcoin and Litecoin many times on contracts with no problems ,over different time frames, buying dips anytime it gets dumped,to me it has no value that's why it is getting pumped and dumped so many times on speculation,when traders form attachments to what there trading it becomes very risky.
Bitcoin will always be one of the most popular currencies that exist in the world, perhaps it is a project that started much earlier than other cryptocurrencies and the great boom that it has had since its appearance.
NO WAY TO REGULATE or SHUTDOWN CRYPTOS: ***************************************** There are a lot of fake news in TV and blogs regarding banning cryptos, regulating cryptos etc which is very funny as always and hence, in this post I will make few important points regarding regulation of cryptos.
There were very few ways to shutdown or control or regulate cryptos previously and with the rise of additional 1000 cryptos and more, the options for a ban or shutdown or controlling or regulating crytpos are getting lesser and lesser.
Though I heavily support cryptos and I should not give ideas to others as how to ban cryptos, but I will list out what are the ultimate and final options to ban cryptos and what are the solutions.
Here is the list: ========= 1.Shutdown the electricity supply to the whole world Solution: Using solar panels for running computers and cryptos can still run with few computers running in the whole world
2.Shutdown the whole internet to the entire world Solution: Creating a decentralised internet using local area network using individual computers as nodes and many projects of this type already on the way and so cryptos will still run if whole internet supply to the entire world will be shutdown
3.Burn all the hard cash printed for every currency of each country and force everyone to use only online banking/online payment system to track each and every transaction Solution: Still people will use crypto and even more people will use crypto since they will loose trust from banks. They will use 100% anonymous crypto coins not to be tracked at all.
4.Try to criminalise people who are using cryptos though they can't prove or track Solution: Then, people will leave that country and live in other countries which supports cryptos or live in their private islands of crypto users and many people have done that. New countries may arise soon.
These are the 4 impractical ways by which governments and banks can try to ban or control crytpos finally, but they can't.
But the most important part is that the big shift or switch from fiat to crypto will happen suddenly and much rapidly, because a big chunk of income tax comes to the government from major companies in the world and they will suddenly go bankrupt due to devaluation of currencies as well as those companies can be overtaken by even small start up competitors who use cryptos.
So either existing companies will have to quickly adopt cryptos and modify their business model or they will go bankrupt. Or if governments will ban using of cryptos, then they will move to other countries and china is the biggest example of it.
Finally, the who point of this post is anyone who is smart enough to see that a handful of people control the entire economy and power of the world for their own benefit, then he will avoid using products and services which are not decentralised. I hope the number of such smart people will increase rapidly in very near future. Of course, there will be some people always who will first choose slavery and will keep complaining why they are slaves. Everyone should ignore them.
So there is no way to ban or regulate cryptos and it's simply a wastage of time from governments. It's just time up for central governments, central banks and big authorities and time to quit.
I would clarify and repeat that such news articles, blogs, videos, social media posts and tv news are especially used to create a FUD to crash the market temporarily. It is possible to do that because still the market capital is less than 1 TRILLION and new users don't know what to do and they panic and sell in loss and the big players who create the FUD take the advantage to buy at the deep.
The latest example was the JM Daemon who told few months back that Bitcoin is a fraud and after that market crashed and he bought few million dollars of Bitcoin at low price. So I will recommend to stay away from such news especially if you are seriously considering to invest in cryptos in long term.
Now, regarding South Korea, they have already clarified that there is no such ban at all in near future. I don't have an article to post now, but I am posting this comment by doing my own research. After all even if they will try to ban or anyone will try to ban, they can't and I explained in my previous post how to ban or regulate cryptos which is impossible.
If at all some country will try to ban cryptos, then that will be the end of banking system and not the end of crypto. Because crypto is way ahead in terms of technology as compared to banks.
That’s food for thought Leo. I am always interested in regulatory news, because if there are such news and they cause a rattle on the market, I’d rather know. For example, Bitconnect got shut down. (https://www.forexbrokerz.com/news/Bitconnect-shuts-down-exchange-stops-lending-too) In an announcement from January 16th , the platform said the lending operations are terminated immediately, while the exchange will continue to operate for another five days. “We are closing the lending operation immediately with the release of all outstanding loans”, BitConnect said. They also said there are three main reasons behind the decision: “continuous bad press”, which has created uneasiness in the community, two cease and desist orders from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. The third reason are “Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue”. Haven’t there been numerous complaints about them (this exchange in particular) for being a Ponzi scheme? And if they were, isn’t it a good thing they’re shutting down?
Haven’t there been numerous complaints about them (this exchange in particular) for being a Ponzi scheme? Yes
And if they were, isn’t it a good thing they’re shutting down? Yes
Now, keeping aside regarding cryptos, note that in this era of technology even if you want to avoid, you may not be able to avoid continuous flow of information both positive and negative information, right and wrong information to you either by social media, media, news websites etc. There is no 100% guarantee regarding any information to be 100% genuine to through everything what you have and trust in it.
So it depends on you as how fast you process the information to distinguish the right information and misleading information and make the judgement to take how much risk on that what you trust and that is what decides the success.
Regarding cryptos, I really don't understand the logic why should I waste my time in a crypto which is having numerous negative reviews when there are hundreds of other cryptos in which I can spend that amount time to study more before investing. And if at all I invest in a crypto, I will never invest more than 1% of my net worth if I highly trust in it and I don't care if I loose that 1%. Because if I invest that 1% I expect at least 10 times to 100 times gain for that 1% investment which is worth investing now.
Finally, that doesn't mean that someone will just appear in public media like warrent buffet or JM Daemon or Prime minister of a country or whoever he is and start saying about Bitcoin and Etherium as ponzi schemes, then I will just laugh at them, because they don't know anything what they are talking about. It's like a Biology teacher teaching students about Quantum mechanics.
Because I know what Bitcoin and Etherium are not just from my study, but I use them for transaction and it is not about investing. At the same time I simply don't ignore what someone says, because it might have temporary impacts on markets.
One of my favourite cryptos waiting for long time to launch is finally active now and it's SingularityNet(AGI). It's my favourite not due to investment purpose and I have not invested anything in it, because I already missed the ICO though I got the opportunity to participate, but the main reason is due to the 'Artificial General Intelligence(AGI)' technology involved in it.
This is one of the technologies which can revolutionise the whole world so quickly and so fast which is almost impossible to comprehend at this time how future will look like after 5 to 10 years from now if they will implement everything as per their plan.
I have not done thorough research on it's cryptocurrency utility, but I just know that it will be used for AI service. But I am waiting for any practical applications to be launched by their team to be available for common public to use. So definitely a good crypto and a good technology to keep an eye on it.
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