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I'm just going to try to pick apart each thing of what you've said. The question and the fear are recurrent. If the government loses money from the collection of taxes, because people are saving in BTC or another Altcoin, will it stimulate the states to regulate the issue? If you're saving money (or investing) by putting money into an altcoin and not selling it, the government isn't losing anything because you haven't sold yet. They're only going to be losing money if you sell and you don't declare the capital gain THIS IS TAX FRAUD, JUST SO YOU ALL KNOW So based on just putting money into bitcoin years ago and not selling, that's NOT the government losing money. The equivalent in stocks would be buying a stock and not selling it-- like many Americans do. Starting from that premise, when you take money from your bank account to turn it into Cryptocurrencies, that money, even if you do not have it, will be subject to taxes. Not until you sell that Cryptocurrency if you hold it you're subject to nothing. In summary, whenever you use cryptocurrencies in conversion between Cripto and FIAt you will be paying taxes, directly or indirectly, for governments it is not a problem, it is for us, that unless we develop, more than technology and the trading market, we develop everything a consumer market without having to go to FIAT, we will be being punished twice. Well yes, this portion is true. I just want to stress that the entire crypto community thinks that they're being taxed more than any other investment and this just isn't true if you buy a crypto and sell it within a week you're going to be subject to the same short-term capital gains (which is a much higher rate than the long-term capital gains) which a person who did the same exact thing with a stock would be subject to. Thanks! That really makes sense. Very useful. |
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Here is a dirty secret. It is all B.S.
Even in markets like the NYSE "analysts" rarely do better than chance. In a market as opaque as bitcoin it is ridiculous to think you can know much about the price tomorrow.
Just think big. Do you think bitcoin has a future? If so, get some then stop reading the click-bait news and go enjoy life. If we are right, there will be plenty of profit for us in the future.
Right. Just start trading, because reading too much about it only, doesn't help much. The market is relatively new, so practice is the best way to study it all  |
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1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.
2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.
Hope this could help some newbies in trading crypto
I have no prob with #1, but #2, i.e. "Stick to your plan" doesn't always work good for me. Thanks for your post! Happy trading! |
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As you know, one of the most popular kinds of manipulations on the cryptocurrency market. Big players on the cryptocurrency market are known as whales. They can manipulate the cryptocurrency price using the tactic “Pump and dump”. Whales buy a lot of cryptocurrency in several days causing price increases. This attracts new investors to the cryptocurrency because hamsters want to buy more cryptocurrency in hopes that the price will be raising and they will be able to sell assets for the higher price. But this isn’t happening, because whales, after gaining a specified mark, begin to dump coins. In such way, whales get a profit, and the price of the cryptocurrency falls. How do you think how not to become the prey of such kind of whales` manipulations?
HODL is the best weapon from this kind of so manipulation. Other's go with the flow, buying in dips and when the whales started to make a sell, they usually dump as well and just rebuy in dips. The only problem is that you don't know when are the whales going to dump it, You might be sleeping across the globe while there are a lot of actions going on. So for me, I would rather HODL my coins for long term and will just sell if the condition is ripe for the taking. Agree with you about HODL. That's the best way for now but this way need a lof of patience. I used group of signals, tried to sell or buy, pump and dump and this is the easiest way to lose your money I can say. I think a lot of people here have the same experience with all of these "signal groups". Yes, I'm sure HODLing is the best you can do, but sometimes you may just lose the focus and forget about the key word, which is ' patience.' |
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I bought bitcoin when it was around $14,500 in January and I am still holding because I am not discouraged. I have great hope that bitcoin is going to increase in price and volume in some years to come.
That is the spirit mate, keep holding it tight until it gives you a profit. Thank you for the encouraging words and I really believe that in two to three years to come we would get more profits than those that buy in 2014, bearish market and sold last December. I am seriously hopeful that we would make money if we can hold and be patience! I'm encouraged by your posts, too. I know I'm not alone in this boat Happy holding! We are going to win in the long run! I know it. Remember an old saying? Winners never quit and quitters never win! |
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Although crypto market and bitcoin seem to be manage with the supply and demand of all investors, this is not a fully sufficient explanation. Unfortunately, big investors and groups with high share in the market are managing the market.
Yes, I have always suspected that. They call those big investors and groups ' whales,' right? Or ' whales' are different? Just curious... |
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I don't think it is so now, but in some distant future this might become true.
Broadly, banks make money by issuing loans and placing deposits from customers as well as providing some settlement services, etc. and they charge commissions on all their operations. The commissions vary by country, but they're significantly higher than the cost of a transaction in BTC. Of course, banks will start losing money they used to have from their customers because in order to stay competitive they will have to lower the commission amount, etc.
So, BTC is not a disaster for the banks now, but it might turn out to be a disaster in the long run, I suppose.
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That's a very good news, isn't it? We need as many participants in the crypto market as possible to keep it alive, so I'm glad more countries join the crypto community.
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... these greedy bastards will manipulate the markets to cause chaos and panic....
... these greedy bastards will manipulate the markets to cause chaos and panic.. -  Thanks! I'm sure after your explanation many of us will become more confident, stop panic and we'll try to hodl as long as we can. The manipulators won't get us!  |
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I don't believe humans come from monkeys if that's the case. But that's my belief, there is still no true evidence for it.
When I look at some peoples' behavior, I just can't help thinking that yesterday (or last week/month, etc.) they were still apes Kidding, of course, but some people really make me think that way |
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I agree, we need more moral education, but first we need to redefine the standards and "a list" of generally acceptable things, I believe.
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I don't think it is the crime rate that changes; it's our attitude. There are certain things people used to believe were okay, but then people changed their minds.
In addition, the number of social media and people on them are constantly increasing, which increases the publicity thus making us feel the crime rate increases, but it doesn't. In fact, I believe that in reality the crime rate decreases.
As simple as that.
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Hodling, as you know is the safest strategy, but it takes a lot of patience. Day trading, on the other hand, might bring you more money during volatile periods while you have to keep waiting, but, unlike hodling, day trading takes a lot of experience and skill to be successful in it.
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It's only natural. People have always been wary of everything new and unfamiliar. On the contrary, I'd be extremely surprised if they were ready to put all their money in crypto before they learned what it was |
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You have mentioned all the important aspects to it, including preparation, checklists, process orientation, and active emotional detachment, but I guess there's one tiny detail I'd like to add. In addition to breathing exercise, jogging would be a must. Take my word |
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I'm a bit concerned about my pension plans which are kinda uncertain, so I'm trying to find a way to make ends meet when I grow old and have to face the cruel reality. Hopefully, this works
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Here's how I have been able to change people's opinion from being haters of Bitcoin to thinking about buying some and even some actually buying some.
I follow these 3 steps/rules that I made:
1. Don't get aggressive:
A lot of bitcoin denier get VERY aggressive about how bitcoin is a scam, don't get aggressive. If they are too aggressive and mad, just change the subject for the moment. No need to waste time.
2. Make them doubt their convictions.
Make them doubt that bitcoin is a scam or doomed to fail. A couple of examples that I use are:
- This is comparable to when people wouldn't want to use their credit cards online because they were scared of fraud.
- Bitcoin is far from reaching it's full potential, mass adoption takes a lot of time. This is comparable to when Amazon just sold books or Google was nothing compared to Yahoo.. remember Yahoo? (laughs)
- Crypto currencies are the next steps in the evolution of payment : Barter -> Precious Metals -> Paper Money -> Plastic Cards -> Digital Money
3. Mention the Coinbase $10 when you buy $100 in Bitcoin and then let it simmer...
Let them think about it, they will so their research or ask around. Most will come back to you to get your code for the referral bonus.
Do you have other arguments that you use? I'd love to know.
BTC: 3LcmdDp52oShwv9UTy55vX69JxEibEoKrw
ETH: 0xe822Dc108cb78C9137BF2D92429449B97F1415E0
Almost the way I do: I never get aggressive and I always make them doubt their convictions. The latter even could be fun! Boy, I love seeing their puzzled faces when they start thinking rationally! |
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