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Good to hear that Elon Musk took the initiative of clarifying this suggestion of him selling his Bitcoin during the ATH and that he is actually hodling for the long haul. Maybe it can be said that the Bitcoin community found a solid and very pro-active supporter in the person of this man. And though some might debate this: I think that the whole Bitcoin industry should be thanking the man for his strong belief in Bitcoin and cryptocurrency.
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What was Peter Brandt’s political affiliation during the election last year? I am not certain but he appears to be a progressive democrat hehehe. There was a thread on election betting in the gambling subforum. There were people there who speculated that Biden will be better for the cryptospace than Trump. I do not know if they have a similar opinion today, however. They might not anymore hehehehe.
The Biden administration is just months in office and yet there is that consensus forming that generally it is not that good for cryptocurrency especially Bitcoin. Under the rule of the Democrats, we can expect more regulations and of course tax is going to be the central part of those regulations. After 4 years in office, we might conclude that the Trump era can be better than what Biden has provided. But this can never be surprising at all. |
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Of course, institutional buyers are keenly watching the market, so they can determine when to enter again the Bitcoin race for maximum profits. Many of these buyers and traders are just for immediate gains so when they feel that BTC will eventually start to move up again they could buy like an avalanche, and we can see the fast rise of the coin in the market. This pattern is already established in Bitcoin and those who got the guts and the capital will always have the big glory of profits.
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Good to know that the gas fees in the Ethereum network is slowly decreasing. But I would be more happy if they can bring it to a manageable level -- averaging not more than $10 and slowly going back to the normal range as before. This high transaction cost in Ethereum is a big insult to the people who are now trusting cryptocurrency. This has become a big detriment to people who are just holding small quantities of coins or tokens. Before you can be able to encash in exchanges coins or tokens with just face value of $5 because the whole thing can still be profitable...right now it can take a big miracle for that to happen. I am hoping a BIG miracle is coming from the Buterin team.
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Right now, we should be proclaiming that Ethereum is a big failure on the basis of the incredibly high transaction fees involved. Seems to me that the people behind Ethereum failed to foresee this problem even if they are already there for years. In the past, people were then complaining of high BTC sending cost especially those bull run months but in my estimate there is nothing that can compare with the things happening with Ethereum right now. Sending tokens worth less than $100 is a big waste of time. And this is so detrimental to small holders like me since I could not liquidate any asset with small equivalent value. This is not what cryptocurrency should be. And I am sure that it can be taking for Ethereum devs to solve this problem. They are making the miners so rich at the expense of the people they are serving in the first place.
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I fully agree that the Chine government has been exerting all efforts they can to control many things even including the global economy. And that story involving Jack Ma is a big testament that people in that government are so serious in making sure that all of their plans and strategies will be working according to plans. But I fail to see the connection of that with Bitcoin. Yes, anytime the government can decide to stop miners from doing business within China, and it can wreak havoc the coin, but it will never stop everything since there are also miners outside the country. In fact, it can be good if China will be acting on this. In my view, China is just tolerating Bitcoin for now by allowing its mining since they know that it can be a big bringer of foreign money to the country too. I failed to see the connection in the post above, sorry. Please try harder. But don't worry I am not a big fan of China since I fully understand its overarching agenda and my country is a victim of its unashamed moves to take territories not of their own.
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Nobody can really be sure when is the start of the bear market and how long will it last if ever there can be soon. Now, there can be some tidbits of information from the past bear season, but we know that BTC has the habit of destroying its own historical precedents. People who are afraid of the bear must liquidate their digital assets as soon as possible but this is not a financial advice because even the best man in making predictions can also be wrong many times over. Always trust your guts and if ever your guts can be wrong then you are paying a tuition fee for your education.
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Bitcoin is down. Yes, that's true. Bitcoin is die. No, that's not true.
What is happening right now with the cryptocurrency market is just another normal day...and a normal day can be subjected to its ups and downs. We are here confirming that BTC is a very volatile asset...while we can be celebrating when it is pumping we should not ignore the fact that there can be dump days too. The bottomline is: there is no reason to be alarmed as days from now BTC can be starting its rise again...maybe to the summit of Mt. Everest.
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Dogecoin is an example of a cryptocurrency that is decentralized yet many are raising concerns that the biggest concentration of ownership seems to be falling on a limited number of people. Some are fearing that if these people will decide to let go of their holdings then the value of the coin can immediately crash. Now, whether this fear or concern can be legit or unfounded that depends on what can really happen in the future. No wonder why Elon Musk is also raising this concern. Still, we have to congratulate all the holders with that recent big pump.
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We are here comparing orange with an apple. Which is orange and which is apple depends on who is looking at these two interesting platforms. Ethereum has already made a big impact in the world of cryptocurrency and I think it will really go on to become the top 2 next to Bitcoin for a long, long time while BNB is catching up as it is also making a lot of inroads here in this industry. Both posses their own advantages and benefits and that is why users of both platforms are growing at a good rate. To be bias, I am more excited with Binance since this has more dynamism to me, and it got related infrastructures already in place. In between the two, I can see more entrepreneurship with the people behind BNB than with Ethereum. Anyway, I am actually using both networks so I am wishing these two the best.
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There will always be FUD around Bitcoin and the whole cryptocurrency industry for that matter. I am not saying that these fake news can be positive, but one reason for this phenomenon is the fact that Bitcoin is now getting really valuable and many players are exerting any influence they can to push or downplay its value for their own personal interest. The kind of dynamism involved with and in Bitcoin is telling us that more and more people are getting interested with this digital asset and with the coming in of institutional money there is no stopping its train. We have to remember that FUD will most likely targeted on something that has real value and not anymore that is worthless.
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We have to understand that Bitcoin or the concept behind it is surely evolving. I am sure that in the past, Bitcoin was more of a medium of transferring money and not so much as money in itself or a currency (though there are some who are arguing the difference between money and currency). Now, with that famous Pizza story, it has become obvious that the day of Bitcoin as a currency started. In the simplest understanding, what can be utilized as a medium of exchange can be considered as a currency. It is therefore easy to conclude why a growing number of people are viewing Bitcoin and the growing number of alts as currency without anybody recognizing its legal standing for that matter like what is reserved for any state. We have to understand that there are many technical understanding in the past that had already undergone transformation or mutation depending on developments affecting it. Hence, the meaning of "farming" today here in the cryptocurrency marketplace is so different from its original meaning...this is just an example of what I mean. Right now, Sushi or Pancake is already not something you can eat.
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Can I then conclude that Nigeria's SEC is not really agreeing to the crypto ban as imposed by the central bank? I really hope they realized that actually "poor" countries can have a good opportunity to promote more growth with its economy with the use of cryptocurrency. Nigeria should take advantage of this once-in-a-lifetime lifeline to improve its economy and help a lot of people. What they should do instead is to make sure that no players are taking advantage of the people by strengthening laws on scams and shady platforms. They should educate the people on how to be legally part of the cryptocurrency movement and how they can increase their finances by adopting healthy mindset and strategies.
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There are much good news happening around this platform so I am not wondering why it made some high surges - 2,000% since the beginning of February 2021. That is an amazing move. I am hoping then that you were able to caught with that impressive growth. Growing 20X can be a big dream of anyone holding a digital asset for some time. Just look at the many plans of this platform and you can determine if this can really worth waiting for. Good luck and more power.
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What IRS should do is to give more focus on how they can acquire modern and effective technologies to be able to track tax violators. While cryptocurrency including the explosion of both DeFi and NFT can be new grounds of opportunities for many people and of course for the government to make more money with tax revenues, the government is seeing some difficulties with the new technologies being applied here. They should focus on research and development improving their tracking capabilities - this is the only way they can cope up and be abreast at least with these new realities already developing in the marketplace. And they should talk with this industry so that a partnership can be ironed out instead of "killing" each other which can result into a loss-loss situation.
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