The issue of Trust is not only evident in relationships, it is applicable in our daily endeavours. People are more committed to system they trust than the one they don't trust. Even in this forum, you can easily do business with someone with a positive trust than one with a negative trust.
As the saying goes "wherever ones treasure is, there his soul is". So, in this article we would try to establish if ;
1. If people have fallen out of Trust with the Traditional banking system.
2. If people can trust BTC than banks.
Discussing issues 1. I'll use myself as a case study;
Most times I would feel cheated by my banks even when I have no evidence to prove same. I always have this feeling that a bank with over 3million customers can decide to deduce 0.5cents from each customers account without sending them alert. The customers may also not notice because the figure is small. Multiplying 0.5cents by 3m customers will give you $1.5m. I don't know why I always believe there are hidden charges in the traditional banking system.
Secondly, data management: I know of few companies that pay hugely in order to know how people spend their money, on which products, which days and which class of people spends much.
This company can quietly walk to the bank and get these information. They will pay the bank, and our data would be released to them without our consent. Because, with debit cards, how often you visit the grocery can be determined, etc.. I also feel cheated here.
Further; information privacy is another concern of mine. In most cases, the bank can give out your bank statements or any other salient information of yours to the government or public without your consent.
Considering my above worries, the issue of trust in the context is therefore not limited to trusting your bank to save your money, but also trusting them with your personal data.
On this premise I created a poll to know if we still trust the traditional banking system or we would rather trust the BTC (self bank).
You are right and all this points cannot be totally ruled out of what can happen to your accounts balance/information at the Bank. The first scenario you mentioned actually happened in a my Bank but not directly by the Bank but from a staff of the Bank how have been withdrawing small amounts like that from customers accounts for a long time before it was discovered and the staff was arrested and confessed to it but what happens if it was the bank's themselves involved? Even when we don't have that full trust for Bank's, most times we do not have the option but to continue to deal with banks until we have more and more places to spend Bitcoin and other cryptocurrencies directly. |
|
|
|
I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.
Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise. I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day. |
|
|
|
the market is pretty good today. since the discussion started until now bitcoin seems to be trying to recover the price. and some of the big altcoins are also green. ethereum returns to 2k, and top-ranked altcoins are on the rise. although not very big, the impact of their discussions made the market better.
I believe so too. I didn't really see any one or especially Elon musk saying something much negative again about Bitcoin and he even further clarify that not only that he owns Bitcoin, spaceX too own some amount of Bitcoin and I believe it generally went well since the market is holding steady and even seeing some uptrend for some cryptocurrencies after that discussion. |
|
|
|
Now there are three questions in America. 1. The sluggish economy 2. High inflation 3. The outbreak of the epidemic.
Dow plunges nearly 900 points on July 19 2021.Bitcoin drops back below $30,000 yesterday.
All are disappointing signs. Many investors plan to sell Bitcoin.Most people lose patienceIn for cryptocurrency.
But In long-term trading, in addition to knowledge, patience is more important than any other factor.How do u think of it?
For those that want to know, this is not something that needs to be discussed as long as you have been in the cryptocurrency space for some time. Investors already know this, that no matter how dip Bitcoin drops, it will and has always recover even if it will take some years hence, patience has always been the "WORD" for those that understand. Except for the few lucky ones that invested at the right time on the right project, thinking that your investment even in Bitcoin will make you profits immediately should be dropped instead, long-term investment should be the aim. |
|
|
|
I'm currently receiving some of my income in BTC, and I'm just holding it because I expect it will go up long term and so it is my savings.
But sometimes I'd like to be able to turn it into fiat for daily expenses. I can't yet pay my rent or buy my groceries with BTC (hopefully one day! but not today and not in the near future).
With banks in some countries blocking transactions from known exchanges is there a worry that one day it will become impractical to turn the BTC into fiat? Either just very hard to do, maybe street-corner-deals or at risk of getting your bank accounts frozen?
Do people think about this and have plans to work around these kinds of banking barriers? Or are there ways around it already but I'm not aware?
This worry of yours too has happened in my country when the Government has prohibited all Banks from dealing in any form of transaction that is cryptocurrency-related but this shouldn't be any worry since the Government did not outrightly ban cryptocurrencies in general in the country, so because of this, cryptocurrency traders are still engaged in P2P trading from just about every exchange and fiat is just been transferred between bank accounts. I believe this is the best alternative as long as you don't have a total Ban in your country and I believe it will be here for as long as cryptos are been traded. |
|
|
|
That is the question. I'm thinking we are near the bottom. About $30,000 has been support for awhile. A lot of bad news has come out and while there can be surprises, I think the bad news is out for this cycle. Probably the good news will start to come out e.g. the USA approving an ETF.
Probably yes, and I hope we actually see some good news to change the price direction to the upside. Bitcoin has been trading in that parallel channel of between $29k - $36k+ in about a month now  I too believe that this might likely be the bottom area or even if there is going to be some drop, not much and hopping on an upside to around that $50K - $70k as well by EOY. |
|
|
|
I also agree that panic sellers mostly lose their money panic sale when they hear any rumor. I always believe DYOR is the best method for earning from crypto and avoid listening rumor, panic sale etc. Patience is the key to make profits here. Whenever i want to invest in a particular coin, i don't believe in sale in small fluctuations.
It is true. no need to panic. simply choose the best asset, buy it, then hold it until it makes a profit. Don't think too hard about what's being said on social media. as long as our assets are good, we will remain calm with the investments we make. down no problem, it will come back someday. I very much believe that people know these things you are saying but somehow even those that invested in Bitcoin and the other top Alts seem not to understand HODl once the market shows some weakness because if investors do, we will not be seeing what is currently going on in the market. I think this is just theory to most investors they don't actually practicalize it. |
|
|
|
You've done that before right! because you have benefited from there and I think you already know when to buy back and when to get out, For long term investment I think BNB is still very safe
I kinda think the same way. I believe it all depends on your intention for investing with regard to time. How long are you planning your investment for? if it is for a longer period then, it is good to invest because I personally believe BNB is one of the fast recovery coins out there once the market starts to reverse and is still one of my favourites to invest in. |
|
|
|
Holders and traders have some differences and also have a similarities. I'd say they have difference since holders could've make us earn profits or lose, while in trading you are the one who sets your price on what you trade. Their similarities are that they may brought you profits and also they may brought you deficits.
So, which one would you like more? trade or hold coins? we know everything is at risk. but everyone also knows how crypto assets around the world are the riskiest investment assets. but everyone likes it. because it can benefit from many things. I myself changed my strategy following the market trend. when in correction I will wait for the best price for me and buy some assets. long-term hold or short-term does not matter, it all depends on our analysis of each asset. but when in bull momentum, I would prefer to trade following the market hype. it's a big risk but if we get the momentum that is always right, the profits will continue to flow for you. I believe we are both alike except that I tried to do the trading daily thing and was losing funds so I decided to be Hodling for a much longer period. During the bull momentum, it will be much easier to follow the market even if you are not doing the everyday trading but just trying to understand the market chat then sell and buy during few fluctuations. In all, I believe I do well with HODLing my crypto assets for a period of than the daily trade moves. |
|
|
|
We can't deny the fact that losing is one way of developing our self confidence, and when we trade our knowledge is only dependent on how we accept the fact that at least we can afford what we're going to lose. Once we lost our capital and profit, that's the time learning process will happen. You can't be a good trader if you don't lose, I myself don't just lose financially but also more opportunities .
I do accept the fact that losing is part of the system and do help to develop self-confidence but it doesn't necessarily have to that you have to lose your capital/profits for you to now understand that your learning process has started. People that have been in the space for so long can still and do still lose money fund in this crypto space, do we now say that they still haven't learned? We just have to understand that this can happen especially if you are a trader as it is part of the game. |
|
|
|
|
We cannot help to notice that the awareness of Bitcoin or cryptocurrencies, in general, is different across zones and regions. In my country, the southern part is well more knowledgeable in crypto trading than the North, and not that crypto is not known up north but when we start looking at the percentage of people that know and are engaged in trading crypto. Most people north don't know what it is and even if they did know, are not willing to invest in something they can't physically hold, it is just their nature but one thing is clear that most of the people that are engaged in crypto right now up north are millennials and with time it will even be widespread.
|
|
|
|
Everyone has their own foreign opinion of the coin they like. Moreover, Elon is a person who has a great influence on Doge. so it's only natural that he has great respect for DogeCoin
So would you say the same thing for Bitcoin when he first tweet about Bitcoin the way he did and in a few days did a 180 turn on Bitcoin? It is when people keep thinking in this direction that any of these new Billioniers coming into crypto really have a thing for crypto other than their selfish interest, are the ones that will eventually get recked because they couldn't see the truth. Elon doesn't have any respect for any crypto he didn't already plan how to make millions from. We are all in this space together and we will see how this Elon/Dogecoin relationship will end. |
|
|
|
When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, how should we invest in cryptocurrency? What should do with these altcoins？
Regardless of how messy you might think the market is, People will choose to invest in what they believe I the best option that will make them the most profits be it in the long run or short term. Crypto space is a free space and even more altcoins will be created but this doesn't take away the fact that just like every other market, for example, the Automobile market. there are many brands but you chose what is first, what is affordable, and will work for you within that range and so is crypto. So no matter how many Altcoins are being put in the market, people will only invest in what they feel is worth it for them. |
|
|
|
I decided to check out coinmarketcap.com/new today for any new listed projects but what I saw is heartbreaking, many people are just creating versions of their own meme coins over and over, if you see this and you don't have a change of mind about meme coins you will forever be a fool 
They are patiently waiting to start an hype and idiots who want to buy Mansions in a week will start buying inOf cause that is the way, it will always be. Even after all the talk about avoiding investing in all these shitcoins in order to avoid been scammed, you still see people investing in them why? like you said, They want to buy Mansions in a week. I read a post in this space yesterday where someone was asking for help after losing all his/her investment on one meme coin. why was that? because of this same reason, wanted to get rich quickly. Even if you are so despite and do want to invest in all these shitcoins, at least be moderate in your investment, after all, the saying is always, Do not invest what you cannot afford to lose. |
|
|
|
In my opinion don't rely on crypto investment if we are planning to invest for financial stability in old age. Investing in crypto usually is very risky, eventhough the return is out of our mind, but not a few people having a huge loss. So, only invest money that we're "okay" if we lose it. Because relying on crypto investment for our future savings is high risk in this kind of volatile market
While this is true I basically believe that the problem with people investing In cryptocurrencies is FOMO. Investing in cryptocurrencies needs proper timing and understanding of the market too. If someone was to FOMO in and Invested just because they have heard about the profits that could come from it and not knowing why they are investing in a particular project other than to make that profit, then I see their risk level is higher. When you invest at the right time on the right project, you are definitely making profits when the time is right also. |
|
|
|
|
I believe most people here have already mentioned that Trading signal can mostly not guarantee you 100% profits from trading and even I have also noticed that even when the signals are right, sometimes there comes some news from a person or a country that can automatically sway the market in a different direction be it which ever way in relation to that news. So for me, it is basically about how much I am prepared to risk in my investment/management even while I still try to understand TAs. It is a lot to take into consideration while trading cryptocurrencies.
|
|
|
|
One of the worst things to ever do as an investor is to just holding your assets/investments until you die.
Never selling?? Are you sure about that?? If somebody here will follow what he said then stop investing.
Many people don't sell their Bitcoin because they are always waiting for it to hit a higher price, so as to make big profit. For example, someone will buy as $33k, and will want to sell when Bitcoin hits $100k. I don't see any reason why someone will hold him/her Bitcoin for a lifetime.If one don't sell, how do you intent to make profit? I agree with you too but if you look at it, they are actually making profits but they are not taking profits which I don't believe is a good thing. And like you said, why do we really invest in all this money-making venture, Cryptocurrency in this case, and have accumulated this much profits and still don't want to take profits? don't make any sense to me. The whole essence of my investment in Bitcoin and other cryptos is to make profits even if not immediate but at least eventually and I would be able to use that profits to take care of my needs. |
|
|
|
It's really a tempting period for Bitcoin investors considering the constant dip we have been experiencing for a while. I was once adviced to sell my coin when I had an issue that needed money urgently but I objected it took me quite a long time to hodl and loosing them now isn't a healthy idea at all.
If I sell off my coin I might not be opportunied to buy back the coin at the exact rate I bought the previous one and had to come to a concrete decision of not selling my coin no matter the consequence. Yes it's going to be a different story if it turns out negative but what if it turns out positive. Vertually everything about life had two faces been the negative outcome or the positive there is hardly any in-between and so for me I rather take the risk and face what ever comes my way in the near future because risk is a necessity as far as investment is involved.
If it turns out positive certainly the joy would be all mine and certainly a portion of it would be rubbed on people around and if it turns out the opposite direction then I bear my loss alone. It's really my cross to bear and making this decision was out of a deep quite time I had while I was wondering if I go ahead to cash out or I maintain my hodl and from all indication I just have to maintain my hodl till I get my reward no matter the manner it would appear.
Well to me, It is just one thing. As you have mentioned here "If I sell off my coin I might not be opportune to buy back the coin at the exact rate I bought the previous one" This would probably suggest that you bought them in a lower price range than what the price is now and you are probably in some gains which to me, if the issues were really serious enough, I wouldn't mind selling out of my profits to take care of that issue except it was not, like if it was a life and death of a loved one, spouse, children, siblings, parents situation, would you rather HODl on to your Bitcoin and take the chances? Like you said it could go either way even if you sell or you don't but to me, I would rather sell and know it didn't work out than to know I would have been able to support but chose not to because I didn't want to sell my Bitcoin but I get that Issue was not if that magnitude even though it needed money urgently. But I think we should sometimes remember to take profits so we can feel the gains of our investment. |
|
|
|
Hello ⚠️⚠️⚠️⚠️⚠️😓😓😭😭 (I'm ashamed of my mistake, I don't need judgment) I got ripped off by the NASCAR fundraising call. I put almost all of my savings into the BabyDoge project almost from the start. This investment was to be used to pay for my children's school when they grow up. And there I lost 4'000'000'000'000'000 BabyDoge. I don't like to ask but if the community wants to help me go up the slope a bit for my children I would be very happy my walett BabyDoge 0x15b23b39978f8ed52e8c4f82aebf604e4f9f29b8 The hash fraudulent transaction: https://bscscan.com/tx/0xeb976ef53d41b4d193934fc38257aac635cb75a7620e908df0ef6db374d0f0e3Or do you know how to get them back? Thank you for your help  This is still the problem we have been talking about. People have lost the real idea behind investing in cryptocurrencies and have sort to getting Rich quick and even more worrisome is people now constantly Invest in what is obviously shitcoins/token whatever, what were you thinking investing what you cannot afford to lose in not even the top coins but shitcoins? I am sorry that this happened to you Bro but if people keep investing in these shit coins, this is what will happen. I definitely believe that you did learn from this. |
|
|
|
if you have been in 2017 you experience ups and downs of the market, lots of gains but lots of losses in some, but even though you have been through those times, still you haven't learn to correct those mistakes, I think there are lots of things that changes your view regarding the market and this are the following: - You follow a persons advice through his social account post example is Elon musk
- You still believe that a certain coin will come back from the dead even though you already knew its a scam
- you just follow your instinct and never make single research
- emotions still control you to decided
mostly I see people who are successful in crypto have spent lots of time, before they reach where they are, yes there are things that are associated with luck but don't just depend on it. I want to Highlight just one important point in this case. Most of us tend to forget that we all CANNOT make profits in this cryptocurrency market at the same time. Is it really possible for everyone to buy at a lower price and sell at a Higher price to Make Profits? I guess not. Someone has to fill that your sell order at that high price for you to make your profits and they eventually turn out to be the supposed investors that have lost money depending on how the market goes and they ended up cutting their loss. So at every point in the market, this will always happen and there will always be gainers and losers regardless. |
|
|
|
|
Show Posts
