Reasons why you should NOT trade cryptocurrencies

IG Client Sentiment: Contrarian Bias

5 nice trades to choose from ,that will keep you busy till close.

'...For many of them, including not a few on this boat, screwing over other people for your own gain is not just a side effect of economic philosophy, or proof of concept. It is a sacred calling. To them, the presence of thieves and Ponzi scheme dealers means the new free market is thriving.'

'...This is no less bonkers and a lot more good-hearted than the five talks I’ve just sat through where people in suits declared, and I am barely paraphrasing, that bitcoin will go up forever, taking everyone in the room with it until we leave this mortal plane and ascend into the ionosphere where ICOs rain chocolate money and there is no death.'

Four Days Trapped at Sea With Crypto’s Nouveau Riche (DEC 5, 2018)
https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/

SaltaLargo posted:
The sentiment charts are very interesting but I do not understand why 'we take a contrarian view to crowd sentiment'? Surely if everyone is buying then this means that price will go up? Please explain as I do not understand

You need to educate yourself:
1. Watch this video:
2. Read this article: https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

... this explains why there are usually buyers and sellers willing to participate at most price levels. If this was not the case, we would really just be witnessing large gaps and erratic price action. In fact, you should find merit in this case as you compare a liquid futures market to an illiquid one that has fewer participants. The illiquid markets will have more gaps and volatility with more unpredictable price action.

Nouriel Roubini @Nouriel
'Your pseudo logic is totally idiotic. Yes I am not a scatologist buying cans of shitcoins worth 0 or rather negative with their environmental externalities. It is an investment choice: I am not a masochist HODLer losing 95% of my wealth in a year. Get a life u conflicted lakey'

Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud erupts (Dec 10, 2018)
https://www.marketwatch.com/story/cryptos-or-the-sp-a-1-million-buffett-bet-20-is-brewing-as-twitter-feud-erupts-2018-12-10

Bitcoin fans troll Warren Buffett with ‘Rat Poison Squared’ clothing line (May 15, 2018)
https://www.marketwatch.com/story/bitcoin-fans-troll-warren-buffett-with-rat-poison-squared-clothing-line-2018-05-15

Opinion: Heed Warren Buffett’s warning: Bitcoin is pure FOMO (Feb 10, 2018)
https://www.marketwatch.com/story/heed-warren-buffetts-warning-bitcoin-is-pure-fomo-2017-12-26

Famed crypto millionaire says Bitcoin is dead (Dec 17, 2018)
https://www.techspot.com/news/77889-famed-crypto-millionaire-bitcoin-dead.html

Vitalik Buterin Bashes Nouriel Roubini: Prominent Economist and Cryptocurrency Skeptic (Oct 15, 2018)
https://blockonomi.com/vitalik-buterin-vs-nouriel-roubini/

Roubini Goes Head-To-Head With Pompliano In Twitter Feud As ‘Bitcoin Buffet Bet 2’ Lives (Dec 12, 2018)
https://bitcoinexchangeguide.com/roubini-goes-head-to-head-with-pompliano-in-twitter-feud-as-bitcoin-buffet-bet-2-lives/

Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud erupts (Dec 10, 2018)
https://www.marketwatch.com/story/cryptos-or-the-sp-a-1-million-buffett-bet-20-is-brewing-as-twitter-feud-erupts-2018-12-10

S&P looks very tempting right now. Looks like it will close down on the year. S&P is a safer bet than crypto I reckon. Lower potential profits but lower risks as well.

' In a very accurate review, the CFA Institute says of Bitcoin “Whatever it is, it is not a legitimate investment.” Indeed it is, and then some.

Ever since the pseudonymous and illusive inventor of Bitcoin unleashed what should perhaps be regarded as a rebellious tool for mavericks and anarchists to place a dark and indecipherable peer to peer economy into their untrained hands some 10 years ago, digital currency has left behind a trail of destruction in the form of disappearing virtual exchanges, illicit marketplace seizures, plundering of e-wallets by self-imposed, inexperienced and unregulated ‘exchange’ owners and jail sentences for ponzi and false token schemes.'

' The CFA Institute does not consider Bitcoin as an asset class at all, but instead marks it out as “too inefficient to be a currency.” '

' 'In my view” said one CFA Institute contributor, “most of those who invest in bitcoin are effectively participating in a pyramid scheme either as a future victim or a perpetrator. Some no doubt truly believe that bitcoin will function as a currency for enabling transactions, rather than a “store of value.” But I wonder whether such people truly understand economics, our monetary system, or our business environment.' '

'Just two months ago, Goldman Sachs proved FinanceFeeds correct in stating that it will never engage in any form of cryptocurrency trading.

At that time, we stated that this is enough proof that whilst blockchain-type technology can be institutionalized, digital assets cannot.'

Bitcoin “a pyramid scheme” says CFA Institute (Dec 20, 2018)
https://financefeeds.com/bitcoin-pyramid-scheme-says-cfa-institute/

Goldman Sachs proves us right: The institutions will never embrace Bitcoin (Sep 6, 2018)
https://financefeeds.com/goldman-sachs-proves-us-right-institutions-will-never-embrace-bitcoin/

Despite the clamour, Bitcoin has NO CHANCE of becoming a reserve currency – Op Ed (Nov 5, 2015)
https://financefeeds.com/despite-the-clamour-bitcoin-has-no-chance-of-becoming-a-reserve-currency-op-ed/

'Simply, the binary options business was sitting tight and waiting, before doing what the orchestrators of most scams do, reinvent itself as something else which appears to be a ‘too good to miss’ opportunity, and in this case appearing innovative so that it catches the attention of the young bloggers and ‘tech’ publications to propagate it as the next big thing.

Airware – sarcastic software industry terminology used in the late 1990s for a non-existent product – could be an appropriate label for the latest buzzword that is proliferating the internet, that being ICO.'

Binary options ‘ban’ is pure hysteria. The bandits will carry on as normal (Oct 24, 2017)
https://financefeeds.com/binary-options-ban-pure-hysteria-bandits-will-carry-normal/

'In terms of opinion, we would strongly advise not to enter into ICO schemes, or crypto-startups of any kind. Yes, Bitcoin may well be a commodity, however there is a huge difference between a properly managed, compliant FX firm in Britain, Australia or America, to a startup touting false tokens in a non-existent scheme to raise capital for a non-existent pipe dream, which when all is over and the money has been stolen, will reduce Bitcoin values to a point at which anyone trading them, broker or client, will catch a very severe cold.

If you as a retail broker want to take the word of a professional for it, simply make a call to one of the few genuine prime of prime brokerages, and see if you can get a liquidity channel for Bitcoin. Not a price feed, an actual liquidity channel where trades can be cleared at prime of prime level. The answer will be no.

FinanceFeeds reached out to senior executives at the firm concerned, and no response was provided.'

Some brokers lost a fortune on crypto currency trading yet have remained silent. Our advice: Stay away (Dec 19, 2017)
https://financefeeds.com/some-brokers-lost-a-fortune-on-crypto-currency-trading-yet-have-remained-silent-our-advice-stay-away/

I see, now the uptrend is already started! & the buying momentum is really high. Nice to see, the buyers.

AmDiab posted:
I see, now the uptrend is already started! & the buying momentum is really high. Nice to see, the buyers.

Reasons why you should NOT trade cryptocurrencies

AmDiab posted:
I see, now the uptrend is already started! & the buying momentum is really high. Nice to see, the buyers.

wrong thread

BluePanther posted:

AmDiab posted:
I see, now the uptrend is already started! & the buying momentum is really high. Nice to see, the buyers.

wrong thread

That means, this thread is only for negative discussion on Crypto? Is it?

AniLorak posted:

BluePanther posted:

AmDiab posted:
I see, now the uptrend is already started! & the buying momentum is really high. Nice to see, the buyers.

wrong thread

That means, this thread is only for negative discussion on Crypto? Is it?

As the thread title states.

Additionally, the first post states:

[

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.

Please note specifically:
'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.'

Don’t trade Crypto’s since, till now it’s an unstable market!

Beware Of Crypto Risks - 10 Risks To Watch (Jul 21, 2018)
https://www.forbes.com/sites/dantedisparte/2018/07/21/beware-of-crypto-risks-10-risks-to-watch/#36324fa65f17

Inside the crypto world's biggest scandal (Jun 19, 2018)
https://www.wired.com/story/tezos-blockchain-love-story-horror-story/

How Wired lost $100,000 in BitCoin (May 28, 2018)
https://www.wired.com/story/wired-lost-bitcoin/

someone f***ed up and lost ALOT of money (Oct 29, 2011)
https://bitcointalk.org/index.php?topic=50206.0

The Story of the ‘Accidental’ $137K Bitcoin Payment Just Got Very Strange (Apr 27, 2016)
https://motherboard.vice.com/en_us/article/wnxxd5/someone-tried-to-pay-5-in-bitcoin-sent-137k-instead