What would happen if we took a new trader, somebody with zero knowledge at all, and I give them I dunno, .01 Bitcoins for free, for them to get started trading with. What is that, about $200 worth? But here is the experiment. The experiment is to have them ONLY read this Speculator forum and nothing else is allowed. They are not allowed to use any charts, not allowed to learn TA or FA. They would just rely upon being just another bozo on the bus here at this Speculators forum. So: all of their trades would have to be based upon what they read at this subforum alone. What would the outcome be? Big lose? or Big win?
I would speculate that our new trader will be losing the money big time. What I know is that successful traders are using all the available tools and strategies at his/her disposal, and they are not limited to only one tool that they can use anytime. There has never been any history or any claim that anyone here in this forum made a lot of money in trading just reading here and nothing else. That can be a very risky proposition but it would be exciting to see it happen, that is if there will be someone willing to shoulder the required amount of Bitcoin as capital. I doubt anybody would agree here to carry the cost. But thanks for suggesting you are adding more colors to the forum. |
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The problem has always been the glaring lack of adoption from the people and from the business community. So why there is that lack of adoption in the first place? Aside from the usual volatility of the digital assets, people are feeling that in this industry there is a lack of security. And it is not the fault of the government. In the first place, if people in cryptocurrency especially with Bitcoin are heavily using the assets in the P2P manner, we would not have any government and its regulatory power coming into the scene that much. But this is not what is happening. Many people are not feeling secured in this industry partly because of the many scams and hacks going on. And that is not the fault of the government. We usually have a distrust with the government because of what happened a decade ago but that concern is now fading, and we could not use that kind of fear anymore these days. Partly the government can be a reason but the biggest reason why bull run is having a hard time to happen is the market itself. When there is an avalanche demand for cryptocurrency no government can do something about it. But when the demand is not that attractive, we usually survey the horizon and just pick up anything to lay the blame for.
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Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.
This can be making SoFi a big player soon in the world of cryptocurrency if they are making sure that no stone is upturned especially in marketing to the targeted people the services they are offering. Considering that SoFi is already a successful platform, there is a big probability they can also be doing good in cryptocurrency. We need more players in the marketplace that will hopefully help a lot for the dreamed massive adoption of cryptocurrency. I understand that it is not that easy to obtain a BitLicense in New York and so getting one a good amount of vetting process has been hurdled with. |
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Hackers and scammers are very creative in finding new ways they can be able to successfully steal something from innocent people and since the possible prize can be good these evil people are really focusing their time, skills and resources, so they can be on the top of their game. We should be careful with anything we are downloading and maybe we should also be demanding for platforms to do their part of verifying app publishers before they are allowed on board. It is always unfortunate that as technologies are growing by leaps and bounds so does the scams and hacking strategies. |
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Today there are hundreds of Bitcoin exchanges in existence. Exchanges operate like a bank but for cryptocurrency. Before using one you will have to register for an account and upload identity documents to verify yourself. Personally, I use Coinbase and Paxful as my main exchanges as they are both user-friendly and hold a large stash of cryptocurrency in their vaults for the safety of their users. For those of you around the globe, what is your favorite Bitcoin exchange?
I am heavily using Binance, Kucoin and Bittrex. Yes, these exchanges are requiring users to do the KYC but for small transactions they are allowing you to do business even without first complying with the requirements. Understanding that centralized exchanges could possibly pose some problems, I am making sure that no big amount of digital assets stay in my exchange accounts. These days we should always be careful not to be one of the victim statistics of bad exchanges because we know what happened to Cryptopia, QuadrigaCX and many more. |
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In opinion, the core of the matter is not that OP is smarter than the rest of us but it is how some members of this forum carry themselves. Admittedly, I sometimes experience some arrogance of a few members of this forum but knowing that we are all still living in a democratic world I just shrugged it off, not letting them affect the way I think while remaining active on this forum. The point of the matter is that no matter how knowledgeable or expert we can be, we should always be humble in dealing with other people and in presenting our own ideas and opinions. There should be no condescending attitude toward anybody as we are all equals in this forum except if one is really just a spammer.
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My decision is wrong or right? The upcoming year 2020 give me good profits ??
Only time can eventually tell of your decision to sell that old bike and buying some Bitcoin can be wrong or right, can be profitable or not. Nonetheless, if you are planning to hold on to your Bitcoin for some months or even a year then I am advising that you stick to that plan and not change course along the way. First, you have to determine at what level of price you would be letting your Bitcoin go. Unlike the regular Bitcoin traders, holders really have to extend more patience and the best way to do it is just forget that you have some Bitcoin in the first place. Bitcoin holding is more like farming especially long-term crops. Patience and time are things we have to understand well. Anyway, good luck to all of us. |
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I am predicting that eventually digital currencies can be replacing the paper money but not totally wiping it out. This is just similar to the radio and TV story. When TV came, people thought that radio can be dead and be totally replaced but what happened is that both are now co-existing though there is no question that TV is getting the most views or the bigger audience share. Now, when I said digital currencies that certainly include the ones to be introduced by many central banks and this can be the reason why paper money will slowly decrease its use and circulation. Soon, we might be seeing this in China when the government in there will be launching its state-controlled and sponsored cryptocurrency. Sadly, this is not because of the real cryptocurrencies we now have all because admittedly massive adoption for this industry is getting harder each day and in my view it can be taking decades before we can convince majority of our people to make the big switch. Still, I am hoping that am wrong, anyway.
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Well, one of the reasons why some people hate Bitcoin is that it is still alive after being proclaimed to be DEAD many times in the past. These people predicted that Bitcoin could never last, could never be successful and could never achieved the way it is now and when their predictions failed big-time they are doing all they can to paint Bitcoin as something that should be avoided. Sadly, majority of Bitcoin haters are not even from the government but also from people like us though some can be carrying some god recall into their names. Now, there can also be those who failed to fully grasp the whole thing, and so they pretend they know everything by sharing their misconceptions and wrong conclusions to people willing to hear their own ideas and opinions. The bottom line is that we are living in a world where opposing ideas and convictions are all allowed to be expressed, so we in the Bitcoin community should not anymore be surprised at all why some personalities seem to be obsessed that Bitcoin should be not allowed to grow and be adopted.
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Hardware wallet is considered to be on the top list when we talk about the safest way to secure cryptocurrency but of course one of the biggest problems is when holders are not so careful with the necessary information to be able to use the wallet. I was once a victim of phishing because I was not aware of it before, those days of my naivety. At all times, we have to be always informed of the latest developments pertaining to hacking and how we can all avoid them and not become part of the victim statistics. This is one hell of an industry where a concentration of hackers, phishers and scammers is quite high.
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I have had many silent thoughts on this matter and I contemplated the outcome of this experiment, if Satoshi decided to reveal his true identity. How many people would actually take him to court for intellectual copyright infringement? Companies like PayPal revolutionized person-to-person payments online and they might even find a reason to sue him. Is this not one of the reason why Satoshi Nakamoto never revealed his true identity?
This can be just another speculation as to the disappearance of a guy named Satoshi Nakamoto from the eyes of the public. One thing we should clarify is that Satoshi Nakamoto can be hard to sue because in the first place he was not, he is not and will never be the owner of Bitcoin. Well, this can be the beauty of the decentralized nature of Bitcoin. If ever there will be a case, then all of us in this industry has to be sued including the miners and maybe even cryptocurrency exchanges. That would really be unthinkable, in the first place. Now, having said that, proving that Satoshi Nakamoto plagiarized the works of many men mentioned by OP can even be more difficult to prove under a fair court run by law and common sense. |
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This is just a small step towards big awareness to the US citizens about the positive use case of Bitcoin and other cryptocurrencies. This one reminds me of a Philippine senatorial candidate Ted Casino who pushes blockchain technology for elections, which he did not win a seat. I just believe one day he will in the next election period.
The more that we have crypto-friendly people sitting in many positions (both elected and appointed) the more that the causes championed by the Bitcoin and cryptocurrency community can be heard and be influential. In fact. I am dreaming that one day this community can be a big voice that can be a force in an election. However, we should also be careful that cryptocurrency will not be mixed with political colors and persuasions but that of the interest of the people alone. In addition, the reason why Ted Casino may have a hard time in any national election is because he is very much identified with the left, the group which is falling out of flavor with the people with the rise of Mr. Duterte. |
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People are always proclaiming that we are at the accumulation phase and that whales are buying Bitcoin by the millions but if they are how come the market remains to be anemic? Ahh, so that answer to that is that the whales are buying, and they are controlling the price, so they can buy low. Okay, I better take that argument hook, line and sinker since I am already tired of all these hullabaloos. This industry has already been turned into a big circus without us knowing it all because maybe we are enjoying being entertained with.
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Although we should be considering this as a good news and a confirmation that indeed many central banks are now entertaining the idea of digitalization (or whatever term we might call it), the point is that this has nothing to do with Bitcoin or with cryptocurrency. There is no big reason that the cryptocurrency industry should be excited with this news but for the sake of stimulating the market I would have no problem if we can use this as one of the reasons why we have to be positive on the prospect of cryptocurrency especially its future. However, we should note that governments do have the power and the resources to also be using the technology behind cryptocurrency without necessarily also adopting Bitcoin or Ethereum. In addition, I am sad that we should be looking for good news from the government in the same way that people are expecting positive developments coming from China and when we get nothing the market reacted negatively.
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I am seeing a slow change in the mindset of the people setting in many regulatory bodies in the USA and this example with SEC is just one of the many manifestations that eventually regulators are going to cooperate with the cryptocurrency industry in laying down the infrastructure needed especially in the protection of the interest of the investing public. To those people who can't seem to understand why there is a need to work with the government, they just need to look at China, period. I am dreaming that one day there will be a place where people can start their own government and will be adopting Bitcoin as the official currency but for the time being we have to pinch ourselves and face realities.
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Now Bloomberg claims that in their research paper, they think that Bitcoin would really pump back to $10k soon. Of course, they can predict all they want. But let's face it. Most of the predictions aren't accurate or correct at all. The cryptocurrency market is so unpredictable, that's the truth. We may not know exactly the day Bitcoin and other cryptocurrencies would pump or dump. It may happen in just a minute or a few minutes, an hour from now, few hours later, tomorrow, next week or so. It's okay to have a positive outlook, but we have to face the reality. But let's just hope for the best though.
Just another good prediction of what can happen with Bitcoin soon but makes this really different is that the one making the prediction is Bloomberg which is more credible compared with many known personalities who already spewed their opinions and ideas as to where Bitcoin is going. We know those personalities are and there is no need to mention here. So the question is: Should we listen and listen just because it is Bloomberg who said so? Well, that all depends on the person reading it. As for me, I believe that Bloomberg can be carrying a weight but still it is the market that will determine the fate of Bitcoin in the next few months. |
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