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Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1. Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2. Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?
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Well, i have seen that the future of crypto industry will attract regulations from the government. the reason why there are less regulation is due to the fact that the industry is still very young.
But, here is what i want to know. How will the government regulates bitcoin and other cryptocurrencies that are decentralized?
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The world of business has two form of people which i term the irony state , we have one the Nakamoto and we have the de-nakamoto (personal terms).
1. The Nakamotos are the true inventors, their aim of inventing is to solve a problem and not to make money. in his whitepaper, he said the TRUST given to the reserve banks have been broken, by them devaluing the currency, so we need an invention to take back the trust, hence we become our banks through bitcoin which supports P2P.
2. The De-nakamotos are the entrepreneurs that Adams Smith described to have selfish interest. Their future is to convert the original intent of an invention into a money making opportunity. A good example is the conversion of the origin philosophy of bitcon which is decentralization to centralization by the other entrepreneurs.
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In just 11 years of cryptocurrencies existence we've seen a series of shitcoins coming up, making a choice on which coin to hold aside $BTC & $ETH $BET $DOT $ADA & LINK is becoming difficult, how best can I get to know more viable projects like the ones I already have? When will the proliferation of shitcoins in crypto space stop? Who will check mate the proliferation of shitcoins?
Well, i feel that there is no two coins that have perfectly similar feature and value propositions. What separates one altcoin or shtcoin from another is the problem they are created to solve, for instance, dodge coin is different from Ethereum due to the problem they solve in crypto space. well, i think a good project must have a very sold business model, great team and a very detailed whitepaper. These are the areas you must consider in knowing a project that has a future.
As long as creating shitcoins is profitable it will never stop. People have a preference when choosing where to invest their money at. Some people choose a project due to their product or use case, and some are investing just for money. Developers are earning a lot of money by creating different types of projects, this includes scam projects because there are still people who get attracted by too good to be true returns. No matter what form of crowdsourcing it is, there will always be projects out there that will take advantage of it and will scam people.
Yes, do you know there are entrepreneurs that make money just by developing new business idea to make money? these type of entrepreneurs are in every industry, especially in the crypto space. What they do is to develop a project, and probably raise funds from angel investors or an ICO. I don't see the rationale behind this kind of business, as it is a pure scam.
It might somehow stop in the future when most of the investors agree with the same view about crypto investments. From 2018- mid 2019, many have stopped investing to Icos and ieos.
But when the yfi projects have came, then many investors became agressive again and active. Maybe it will be a cycle of being inactive, passive and then active again if there is a new trend.
Many investors do not have a position and decision about their investment or how they invest. So, these kind of investors are carried away by any trend, they dont care f such trends are noise or real trend that could be profitable to their business. well, i feel having a position about an investment is a good strategy. [moderator's note: consecutive posts merged] |
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Today Tyson Fury tweeted out a statement confirming that Anthony Joshua will be his next opponent. "Coming soon somewhere near you. 2021"The tweet was accompanied by this photo:  Recent statements by promoters Bob Arum and Eddie Hearn indicate that the fight for the undisputed heavyweight championship will take place at a location in the Middle East. There is already several casinos taking bets on the fight with Tyson Fury being the favorite according to the odds tracking site Pro Boxing Odds. Well, I know less of Tyson Fury, but I am a fan of Anthony Joshua because of certain features he has that make me to always bet him against other boxers. First and foremost, he has the potential to win this match, you know Anthony Joshua could confront existing or former champions and defeat them. The second reason why AJ is predicted to win is due to his courage and optimism, he believes he can win, and he always end up winning. |
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Well, as a crypto expert (to an extent) i knew what has happened to him wow i think im the one who got flattered and shy when you say this hehe just kidding . i didnt knew that you are expert , i didnt feel it in your aura but you have a talent at predicting too because you know what happened to the guy . awesome Reading your comment made me smile, as you are doubting my expertise already in this field (lol). But, who exactly is an expert? An expert is one who has a knowledge above another, that he can teach the other party with less knowledge how a particular thing work. I felt that was the position i was to the victim that day the incidence happened. So, we are expert in degrees, while some are in degree 1, others are in degree 10. What degree are you? |
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well, while this may be a good idea but it is not very strategic. I would rather suggest you start a youtube channel to create contents around some of the hottest issues on bitcoin and crypto industry. one of the areas you could dwell your analysis on is how to use exchange platforms like Binnance.
What is the purpose of your blog OP? Do you want to monetize it in the near future? If yes then its a long way to go you need a lot of interesting topic that may attract visitors and you need traffic to earn enough many bitcoin blogs I saw are struggling to attract visitors must better to use https://steemit.com/ instead. A second side to your thought is this; there is opportunity in niche markets. I mean if he can create a special niche content, say for new projects and related issues, he would rank higher in no time, as people would like to know what to do to avoid investing wrongly in ICO. [moderator's note: consecutive posts merged] |
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Bitcoin isn't a scam. It is an advancement that has provided freedom to the people who are part of it. Using the name bitcoin more scams were promoted by different people across the world. It is the reason why most of the people have such a misunderstanding about bitcoin. Another thing just on hearing people believe it, and never intend to analyse what is the truth. If one gives a try, further he'll not say it a scam anymore.
What surprise me is him saying that the crypto business is based on pyramid scheme or ponzi scheme model, that infuriated me. He spoke with enormous ignorance. Ponzi scheme or pyramid scheme are business tactics that can be applied to any business, the common negative feature is that they are not sustainable. so we have ponzi scheme in agribusiness, health business, NGOs, finance etc. The basic thing is to know such business models when presented an offer, so you could avoid the pitfall that will inevitably happen.
He got scam himself after seeing the Bitcoin price move higher.
Yeah, it is really hard to convince people especially when they are close-minded individuals. And that even they are listening to you but then, we can't assure that they got the point what we say. They only appreciate this thing if they saw with their eyes that you are making good in this and that they saw that you are also improving yourself, otherwise, it is just a waste of time.
This is very true, the very guy later asked me that if i claim to be an expert in crypto, i should tell him if i make money from it? i sincerely told him that with my knowledge, i make money from two sources. 1. from creating a crypto portfolio , which i started with a little capital but would grow and 2. from doing signature campaign works. He was skeptical of the informaton i was sharing until i explain that i make money with this too.[moderator's note: consecutive posts merged] |
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he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.
Sorry But do i missed some Part? you Keep saying that He talks against Bitcoin all the time then How come that He gave Money to "Others" and Losses them? I tried to explain and educate him with the following;
1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.
He later admitted that he made a mistake.
If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?
If i were in your shoe? I would tell him nothing because He is Old enough to understand what He is doing , and learning from you ? i don't know what on the other side that He changes His Mind and decided to invest in Crypto ? or he is just a Bitcoin hater but altcoin believer ? is this what you mean here ? What I mean is that he put his fiat money in a bitcoin investment that later turn out to be a scam. He came, he starting writing that btc is a scam and so and so forth. I had to address his ignorance and mistakes |
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Seriously if you can’t sleep at night because Bitcoin fell 20% then you have too much of your assets allocated to it. Bitcoin is volatile. It will swing a lot in both directions. You need to be able to handle the volatility. If you can’t handle the volatility then don’t put so much of your money into it. If you only put 20% of your money in Bitcoin and the price falls 20%, then that’s only a 4% drop in your net worth. If Bitcoin is 50%, then that’s a 10% drop. If you cannot handle these swings then to need to lower your exposure. You should not be up at night wondering how much money you may gain or lose the next day and how it will affect your financial situation. This mostly goes for losing money though as no one seems to think they’re over overexposed when they’re making money.
Having a diversified portfolio is a way to approach investment in an organized manner. But, as you diversified portfolio you need to consider stock, bond, businesses, crypto. also, it is your risk appetite that will determine the percentage composition of your portfolio. if you have 50% of crypto, it means you are exposed to volatality by 50%. |
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Sorry but the majority of my transactions are for day-to-day transactions. Top of the list is food delivery (which is getting more frequent in these times), but I'm also now already able to get a lot of credit (paid for with Bitcoin) at almost all the stores I shop at. Cashback rocks.
That's not even counting the payments I make to people or to deposit for the things I do every day (sportsbetting for example). All in Bitcoin.
Sure, I still have to sell for the cash to pay most bills and other expenses. And granted, it'll continue to be the case for a while. But sorry, Bitcoin really is for my day-to-day.
This may be the way you use Bitcon currently, but in the future you will change this approach. lets say 1 btc is now $100k, that means it is not what you can just use because you may not want to lose hold of that asset. Hence, this is why i agree with the thread maker, in the nearest future, btc will be used for few transaction because the value will be so high that you can use it for small transactions. |
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The net value for which he has sold is $4.2m and if he has kept hold for another few weeks he could've got more $1m.
One more week could be the different between his smiling and crying. we need to differentiate the difference between when holding is no longer patience but greed , and when patience is greed. I feel, what the guy did is a smart move. so, here is the insight i want to draw from this. Except your goal is to keep holding for the long term gain, if not sell when the profit you are making is satisfactory . |
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Being that there is already an expert analysis and prediction that btc price would rise to $50k, i feel this falling will be short lived and the price will catch up again. i feel, many smart investors will enter the game to buy more of btc, which is in line with the fundamental principle of trading or investing, you buy low and sell high. However, i believe holding may still be very good because a new ATH will begin soon or in the future. |
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If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?
Tell them that Bitcoin is Digital Socialism.That usually stops 'em in their tracks. Digital socialism in what sense? do you mean the deocratisation of monetary people and disintermedation of banks through a P2P bitcon or crypto mechanism? you need to explain what you mean by digital socialism. |
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Yesterday(1/11) the Bitcoin price dropped about 20%（from 38266 to 31294.） But today(1/12) it showed yesterday's closing price is 35476？ https://www.wantgoo.com/global/bitcoinWhy? Thanks for your kindly reply~ Do you know that cryto market and forex market are similar but different in a way? While forex operates on 24/5 that is 24 hours per day for 5 days in a week, btc operates 24/7 that is constant 7 days per week . The point I want deduce from this analysis is that btc never stop changing or fluctuating, while you sleep others are awake doIng one form of transaction or the other. In my opinion, that is what may be the cause of the difference in what you think it was yesterday, and what it is this morning. Hope this input help. |
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Cryptocurrency industry is an industry like other industries that need caution from the players. It was yesterday, one of the members of a WhatsApp group i belong made series of comment, and in all his posts he said Bitcoin is a ponzi Schem, people doing btc are thieves.
Well, as a crypto expert (to an extent) i knew what has happened to him and i needed to educate him on what he should know about bitcon. I asked him what was his basis for this kind of derogatory comments, he said i should never mind, i later gathered that he gave his money to another person to invest in crypto and the person screwed him.
I tried to explain and educate him with the following;
1. How to invest in bitcoin.
2. the importance of trading or investing yourself.
3. why Holding and Timing are very important.
4. why it is scary to entrust your cash into someone.
5. Why knowledge is one of the most important tool you need in this industry.
He later admitted that he made a mistake.
If you were in my shoe, what would you've told a person that says bitcoin is a ponzi scheme created to scam people?
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what makes Elon Musk to be the richest man in the world is not the capitalization of the Tesla, but his stake or share in the company when compared to Jeff Bezos share or stake in Amazon. According to Forbes, Jeff Bezos share in Amazon is 10.6% while Elon musk stake in Tesla is 21%, the difference is 10.4%. That is an impressive metrics in wealth determination. |
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WHAT HAS HAPPENED?
Elon Musk edge past Amazon founder Jeff Bezos to grab the title of world's richest person, according to Bloomberg.
I personally believe that if only TESLA can make Elon Musk to be the richest man in the world, SpaceX and Neauralink plus others could make him a trillionaire in the nearest future. Imagine, what will become the valuation of SpaceX once the success is becoming visible and massive. Elon Musk is the father of modern entrepreneurs... |
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What's your advice? Is it keep holding? What if keep holding means holding at a loss?
I have some advice. Yes, investing in Bitcoin is might risk but it will also profitable if you know how to manage Bitcoin very well. Bitcoin isn't good for seeking a short term profit, that is very risky. Try to hold Bitcoin for at least a year(s) or don't sell it until your profit wasn't there. Every one of us doesn't know how to have an accurate prediction in Bitcoin price, it will fluctuate in the unknown direction which may lead to us a huge loss if ever we made mistake. Research on your own and see around how far Bitcoin had these achievements, we're now on mainstream, and people around are almost all aware of Bitcoin through the help of those institutions that adopted Bitcoin. I think the price will keep rising throughout this year. There might a short correction but it will always end up rising the price. Looking at the bitcoin market movement today, i had to reflect on this thread again. We see how the price of btc dipped from 40k to 33k, what a decline! i feel, $7K correction is a small correction but a huge correction. But, to those that have already made loss, there is every tendency that it will either rise or fall but i feel if you have already made loss, you should consider either to continue to hold or you sell. |
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Dips and rallies is part of investing, it happens in every asset class except t-bills. If you got stressed out, you probably need to diversify your portfolio to appropriate allocations for your risk tolerance. A 100% cryptocurrency position is bad strategy, or no strategy at all.
This is why investment expert talks about investment philosophy and risk appetite of investors. To invest you need to determine your investment profile and also to have a portfolio that suit your profile. To me, i have crypto and Start up equity in my newly developing portfolio. In the crypto asset i have, btc and Eth. i did this so that i will see what is working well and what is not working well. This will help me to minimize the risk of putting all my eggs in one basket too.
It was predictable. Once a round figure hits, the selling pressure increases and that happened once the price was touching 41k USD yesterday. For the newbie investors out there who got FOMOed in buying at 35k USD levels, I would say wrong timing because if they did not sell at 40k USD and were drooling for more then they lost money today. This is the basis of a speculative market that is unregulated. You must sell at the profit and not expect for more when already there has been massive gains in the price, because a dip is incoming.Timing is what I would give a bigger importance to in the bitcoin market. Risk managing is cool but timing is everything here. The speed at which the price dropped does not make it seem bulls can take over right now. Price will rise again but first it needs to stop dropping.  But this is a wrong argument to show that altcoins need to be bought. No, altcoins are not worth your money, unless you are advisor of that project, in which case you are going to be rich already. Altcoins will not let you sleep soundly at night because of the continuous cycle of fear and anxiety added to it the manipulation from the team. "Timing is everything" in crypto, that is more than a fact but a truism. Investing in crypto needs attention, and being current to the movement of the price, so as to know when to cash out. you see, greed is always the problem. Some investors would have profited greatly at $40k, but they felt there will be a continuous rising probability and possibility. Well, if you cant hold then maximize your investment with attention to TIMING. [moderator's note: consecutive posts merged] |
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