I have run into several Bitcoin "newbies" over the last couple of months, that are spreading the wrong information on forums and/or in person. Their intentions is good, but the results is bad, because they did not do proper research. Some of these people are selling themselves as experts, because they have been in the scene for a few months. I have been in the scene for years and I still know very little about EVERY aspect of this technology. I think you should rather admit it, when you do not know something about the technology, than selling your little knowledge as facts. I will regularly tell people that I am not clued up with every aspect of this technology, but I always try to do proper research, when I encounter something that I am not 100% clued up on. ~ Ask, if you not sure. ~ Do not lie, if you are unsure. ~ Do proper research, before you educate other people. ~ Accept that you will not know it all. ~ Fact check what you already know. ~ Do not argue, if you not sure about your facts. Let's agree that we all learn something new about this great technology almost every day, so only a small amount of us are experts.  This are very great points you have raised here, and thanks for the enlightenment post. Most people have actually been very guilty of this. Out of over zealousness and trying to convince someone to buy into the Bitcoin idea, they start talking off point with unfound information about the blockchain technology. I hope people learn from this. |
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Yes, I very much agree with the author. We must all have an open mind and share knowledge with everyone on the forum and most importantly on other forums not related to Bitcoin or cryptocurrency. We need those who know nothing about cryptocurrency to become aware of it. That is most important for the growth of Bitcoin and cryptocurrency.
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I think everyone has been very happy to see the recent good development of the Bitcoin price. This might just be the journey to the all time high of about $20,000 or even beyond it by December. Let pray the price rise continues. It is really a confidence booster.
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No, I don't believe the market ranking should be scrapped. It serves as a guide to people to make their investment choices especially the new comers into the market and as such, let the ranking continues, and also the competition between similar Cryptos also continue.
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I don't support this strategy. I would recommend you leave the alts you already have in their respective wallets and see how far the prices go, and then use another fiat to buy Bitcoin. We need new investment in the entire crypto market.
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Yes I agree with you that Bitcoin is the future. But is that enough for you to put all you have on Bitcoin? I think you were not being cautious of the fact that anything can happen to all the Bitcoins you have online and you will be left with nothing. You should have used only a part to invest.
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I am very impressed with the government of South Korea. Sometimes ago, they announced banning cryptocurrency. With this u-turn in decision and also now encouraging the technology, I think it is very nice for cryptos.
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Banks offering Bitcoin deposits? Of what use would it be? With cryptocurrency I am supposed to be a bank of myself using my blockchain wallet or any other platform. It will also be a far more risk for the banks than even the depositor.
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It will be difficult for cryptocurrency to replace fiat, also it may not be good for us to depend completely on cryptocurrency without fiat. This is because the two systems have their merits and demerits. It is true that crypto transactions are preferable in long distance transactions as their are no boundaries. But Fiat will be preferred for offline transactions when internet may not be available.
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This your listed channels are all known social media platforms where cryptocurrencies information are easily discussed or published. The bounty hunters use this platforms a lot when carrying out their bounty campaigns.
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Although I am not too sure why the prices have been increasing for the past few days, I believe the recent news about the South Koreans thinking of implementing electronic currency system may have supported Bitcoin too.
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I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
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I believe every citizen of any country that is taxable should remit the tax due. If you fail to pay tax, then I consider you a cheat. You know why? Because, you are enjoying the amenities provided as a result of tax contribution from others without any contribution from you. It is against the law if you failed to pay.
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You know the old people always have a lot of skepticism about modern things and facilities. They are not usually willing to try new things, they are most times comfortable with only what they are already used to. I think that is why they continued to chose gold and silver and not willing to even try Cryptos.
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I have read several posts on this forum where people have claimed to have invested all the money they have on Bitcoin, I also read a post where a guy claimed to have used all the $20,000 his uncle gave him to also invest in Bitcoin, some even sold their landed property. The reason for these risks and others is the firm believe that Bitcoin would be $50,000 - $100,000 by the year 2019 or thereabout.
First, I must say that I admire the courage and high risk appetite of such persons. But, I must also warn.
Yes, It is good for everyone to have high hopes for Bitcoin, and also hope it gets to 100k USD in future, but you should also consider a safety factor in anything you do including investing.
Mathematically,
DO NOT Assume,
P(Success of future term) = 1 ; and
P(Failure of future term) = 0
This implies that, you must always leave a little fraction for probability of failure which in this case is the safety factor, no matter how little the fraction may be. Simply put, you don't have absolute control of what happens to Bitcoin and Cryptocurrencies in the future.
Invest wisely, only invest what you can afford to loose
Just a piece of advice.
What are your own suggestions?
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Currently on the coinmarketcap site only about 1590 projects compared to at times more than 1700 projects. They have left many projects without developers or scam projects. I personally invested in some of these projects and lost a lot of money like bitconect and centra. Do you trust the projects you are investing in and will keep them for a long time until they succeed or are they just looking for profit in the short term?
Most of the projects are scam that is why most end up been delisted. I also personally lost some investment in a probably scam project recently which is EJOY, although I still hope they get back on track. The reason is that most of them are not sustainable. They don't really have a clear focus, they are only interested in making quick money and disappearing from the scene. |
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Everyones hasn diferent beliefs about money and wealth. See for example 35 different ways of thinking about it here: https://daringtolivefully.com/powerful-beliefs-about-moneyOne famous author, not my favourite, yet an influential one is Robert Kyosaki. In his book "Rich Dad, Poor Dad", he examines two different beliefs and states that those believes will shape your success. What of these do you agree with? What other beliefs do you have about money? 1 - Millionaires are greedy, that is why they become millionaires. 2 - Company managers just want to use the workers to make themselves rich and others poor. 3 - Having money is a question of luck, if not of "gods grace". 4 - Debt is always bad. 5 - To make money, you just need to have a great idea nobody thought off. 6 - Cryptos are the way to make money and be successful without having to put effort into it. 7 - To become rich I just have to believe in Bitcoin because many people have become rich doing that. 8 - To become rich I just have to be more clever and streetwise than everyone around to get my share of the cake. Your turn to think ... (EDIT: These are NOT my beliefs, at least not necessarily, is just a list to think. Is not the list by Robert K. either.) I kind of agree with 3 & 4 without any form of objection. Luck has a very crucial role to play when it comes to issue of having money or being rich. Two people might be doing same kind of business, applying exactly the same skills, energy and strategies and yet one of the two comes out more successful than the other. You should also try as much to desist from being a debtor. |
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Some cryptos are mineable while others are not. I don't really know much why this is so, but I do feel it is usually set by the developers of that particular crypto.
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