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8
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Economy / Economics / Re: Why Bitcoin is not that good as currency?
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on: November 13, 2019, 02:01:42 PM
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Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.
People have taken this opportunity as this is not controlled by the government or by someone, so this volatility made people have the opportunity to earn, they are using this to hype and to make fud so they can buy more and sell more, so the government is not ready for this digital currency to make it as an official currency, unless they can control it. But so far although it won't make as a currency, it is still considered as one form of investment. Government is not giving bitcoin officially in some states the status of a currency but we have seen that many famous companies are using it as a mode of payment. On the large scale bitcoin is still used as an investment which will generate good money upon staying in wallet during dumps but it does not mean it is not being used as currency. I feel like within next 2, 3 years it would be official used as currency. |
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9
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Economy / Trading Discussion / Re: How to control your emotions while trading?👨🏼💻
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on: November 13, 2019, 12:37:18 PM
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This one is really hard bcoz of greed and FOMO, I admit this is one of my flaws
but I know it is possible if you have set your attitude right and have self-discipline.
Both these emotions could be controlled and reduced effectively with the help of meditation and yoga. FOMO is anxiety that makes you take decisions which probably you would not have if you were in right senses. As far as greed is concerned, this is evil trait of human beings which always makes us take wrong decisions with a hope of making big money. In order to avoid greed, we can set targets and simply stick to them. |
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10
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Economy / Trading Discussion / Re: How to take advantage BTC Pump and Dump in short period?
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on: November 13, 2019, 11:42:35 AM
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We must monitor the market as often as possible, to get a dump position. After have dump position, you can immediately buy bitcoin
at that price. After that, immediately set a target sell, don't take too much profit, just 1-2% profit. Do it like that every day of the month
can get about 20% profit. That is my trading pump and dump strategy in short period. But this strategy includes very high risk, sometimes
the price cannot be controlled when we buy in dump position, it will be even more dump soon. So from that use money that we can afford
to lose.
I don't think that monitoring the market always will help because it will get you tired and exhausted which could bring in frustration and when you need to get the target hit,cyou miss it. But I support taking small profit as you mentioned. Taking small profit helps trader not to be trapped, the reason for losses could be huge appetite for profit. Small profits are effective when we are working with altcoins but in the case of bitcoin I will suggest going for long term trading because it does not fluctuate all the time and you will gradually feel frustrated whereas you can try it with altcoins. Altcoins will be able to produce small profits on daily or weekly basis to keep you contended but for huge money, you have to join bitcoin. |
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11
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Economy / Trading Discussion / Re: Daily trade Vs long trade
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on: November 13, 2019, 10:34:50 AM
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Everyone has different options but long-term investment seems safer than day trading. I have tried day trading in the past and the focus on charts makes it easy for me to panic and often sell if I lose more than 5% of my profit. I think day trading is hard work because you face daily risks and always focus a lot so just a small mistake will make you lose money.
Based on my psychology, long-term investment will be much better because there is no need to focus too much on price increases or decreases. It may take longer than expected but if there are high profits then I am willing to wait.
You are touching a very interesting topic, even if you have the skills to profit from day trading the psychology of the trader is more important because you do not have any time to really think about what you want to do or what you think about the market like you can do if you are a long term trader, you need to take decisions in seconds and if you show any doubt about what you are doing then most likely you will make mistakes and as we know that can be quite costly. I think day trading is for those who have ability to take decisions within seconds without taking any kind of pressure of getting panicked. I am going to say that mentality which you called psychology acts as the fundamental principal in day trading. If the person is optimistic and having great patience along with as mentioned earlier great wisdom are the things required to make a day trader a successful trader. There is no doubt that day trading demands all these things which are not easy to be present in one person at the same time. To adopt all these qualities and make them habit, the day trader is required to put significant efforts to mold his or her nature accordingly. But once he or she has acquired what is required, the person is not going to suffer from any major losses rather will make huge profits. |
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12
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Economy / Trading Discussion / Re: Should move to BTC?
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on: November 13, 2019, 09:45:52 AM
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It's okay to move our fund, if we think that we are not sure or there is nothing happening to the coins we are investing at. Let's just move it rather than having zero in return to our investment, let's just make it as a lesson in our part not to give our all in everything we are investing, or just invest some part of our money, so it won't hurt that much if we lose from it, being safe and secure is still better than regretting later.
We are in the crypto market not to just spend time rather to make huge money so that requires going with profitable coins. There is no need to stick with coins that appeared great in the beginning but later started going down. Shifting your money to successful coins will save you from regrets and losses. It has never been bad to move your money in bitcoin because bitcoin is always going to pump hard no matter how much time it takes. |
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13
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Alternate cryptocurrencies / Altcoin Discussion / Re: Is worth to invest in dogecoin?
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on: November 12, 2019, 07:25:42 PM
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I have been seeing many topics about dogecoin these past few days, which might be giving hype into it. Dogecoin is indeed a good coin to invest but overall altcoins, I would sugges other alts in the market in which I think would be more worthy to invest such as ETH, XRP and the likes. But be mindful of how risky it is to invest at this moment that the market is still starting to rise and there's no assurance yet on which one would be more profitable to invest if ever there will be a recovery before this year end.
In my opinion, Dogecoin is just another normal altcoin and the value of this coin depends a lot on this market so if you have decided to invest in Doge, don't hold for a long time. I am not interested in this coin because Doge does not have any investment benefits and can put you at great risk if the coin drops suddenly. Personally, I will only spend 3% of my total assets investing in this coin and will seek to make a profit as Doge is very easy to raise prices at the end of the year. Of course, I can lose and affect my profit because if you have accepted investment in Doge, only luck will help you earn good money. Agree with you, that dogecoin is a normal coin like other coins. Looks like @OP just wants to bring a boost about dogecoin because a few days ago the dogecoin chart was pretty good after Cross MA50 & 100. In my opinion, if you really have to invest in a coin then I prefer bitcoin over dogecoin, because it's useless if the dogecoin chart is good but the bitcoin chart is bad. Dogecoin should not be the first priority for sure but the coin holds some potential in producing profits. I like the percentage at which its changes its value. It holds good volatility providing an opportunity to make nice profits. Still it lacks a lot. The best is to invest in bitcoin or at least hold some of it in case of diversification. I would recommend going with litecoin and xrp because ethereum is a way too slow. |
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14
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Alternate cryptocurrencies / Altcoin Discussion / Re: I need your advice!
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on: November 12, 2019, 06:50:41 PM
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Invest something you can afford to lose, I have gone through this project and it's quite amazing. I know many similar projects which still struggles to perform till date. So you can invest in it, but don't put in what you can't afford to lose
Yes, we should always prepare for losing money because we don't know how the companies will react after they collect enough funds. That's why we should always research the companies before investing, even though we research a lot, but companies are failing to deliver the products. Thinking the bad side of the investing is not a good arrangement in my opinion, the companies have the roadmap,whitepaper and the investors choose the project after they made their own research. Whatever will happen after the end of ICO depends on the team, the collected funds and market conditions. Some projects fail for not calculating their risks correctly for each scenario and the bear market wipes these types of projects ASAP. I wont recommend anyone searching for profit making ICOs because those days are long gone when these things worked in favor of investors. Nowadays, mostly they are scams. Scams also pretend to meet all the requirements, they fool people well with their presentation. The best is to go for the renowned methods. Doing research wont do any good in this matter. It will be just a wastage of time. |
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15
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Alternate cryptocurrencies / Altcoin Discussion / Re: Turkey working on their own digital by end of 2020
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on: November 12, 2019, 05:32:28 PM
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I believe this competition is not only for China and Turkey, other countries I believe are in research and following this trend. There will be times when countries will publish their respective cryptocurrencies. At present all government parties are in the making prototypes stage and in time they will simultaneously launch if there are legalits from the world bank.
I have came across few names too. Ecuador, China, Senegal, Singapore, Tunisia, Estonia, Japan, Palestine, Russia and Sweden, Japan, South Korea, Thailand and Turkey are some of the countries that have either already introduced their own digital coin or about to release them soon. The list is just getting started and it wont take long before it expands to all nations. Finally, we are moving towards the era of digital currencies. |
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16
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Economy / Trading Discussion / Re: Is it worth for me in my situation to start btc trading?
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on: November 11, 2019, 09:23:56 PM
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to start trading with minimum capital is not a problem but an understanding of bitcoin in the market you must know very well and try to find information and opinions both from the experienced, freedom in bitcoin or cryptocurrency do not you waste it without good results and if you want to start now is the right time to buy bitcoin and according to good news, bitcoin will reach fantastic prices for the next few months. Getting opinions from others is wrong in cryptocurrency and to some extent in commodities and stocks. Because the market is manipulated by shills and brain dead shitcoin promoters. They will post their bullshit propaganda everywhere so they can dump their coins by creating a demand among those who are foolish enough to listen to them. Most people should learn how to do TA if they are going for bitcoin day trading and analyse charts for a long term holding. You have pinpointed the game of marketing of poor projects and the weakness of newbies in the trading market. Newbies highly get attracted towards offers of winning free cash or coins simply by signing in with small investments which ultimately lead to their bad time. They get scammed and lose their hard earned money. I am strong advocate of this point that does your own research and only listen to popular experts. Every trader shall do his or her homework before entering the world of crypto trading because there are so people who will mislead you in order to simply grab your money. Real traders will seldom give you any good advice, they are not always responding or even if you still need support you are supposed to pay some good amount. In short, I have same opinion as yours of carrying out successful trading. |
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17
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Economy / Speculation / Re: Bitcoin will reach $100k within 5 years from now
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on: November 11, 2019, 07:15:38 PM
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The five years time is to short and I just think we will be able to reach the 100k price in just 5 years, look at what we are now, it's been 10 years that bitcoin existed but we hardly even step on the $20,000 mark, i'm not trying to be as negative as it can be but even if we consider all the factors affecting the price $100k is just too far to reach, I would go with $50k perhaps but $100k, I doubt it.
I will also go with 50k dollars or more. I have no doubts in the potential of bitcoin but there are so many other factors that need to be considered before jumping to any conclusion. If bitcoin becomes legal after 5 years or in the time span of 5 years in all ruling states of the world economy, then are maximum chances of it going beyond 50k dollars. Otherwise it would take time to reach such big price. |
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18
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Economy / Trading Discussion / Re: Traders who never bother to learn how to trade
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on: November 11, 2019, 12:19:47 PM
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Yes, I understand the message you want to send to the community. but I have many friends, have great trading knowledge but the psychology is not stable. he trades like gambling and keeps losing money when his mind is out of control.
It is the biggest problem that makes many new traders lose. This is also an additional message.
Its just shows that if you want to be a trader you have to be prepared mentally and emotionally. Gaining knowledge is not enough if you cant set aside your emotion when you trade because you cant apply everything you learn if your emotions dictate you on what to do when you trade. Trading is not easy especially if you are greedy to earn. Take it slowly and have your own plan and understanding and dont rely to signals or in the analysis of other traders. Trading does not only require knowledge but a trader should also be prepared emotionally because your knowledge will be useless if you let your emotions do the decisions. If you got to be very emotional in trading tendency is that you make mistakes, your strategies begin to fail because your mind is to focus on your emotions. Trading is not as easy as what most people think so one should be ready mentally and emotionally. People tend to go for jobs or activities that require less mental activity and more of physical because in this way you stay relaxed and avoid stress. Trading especially short term or day trading is mind sucking and it keeps nagging traders because of which people often make wrong decisions ultimately facing losses. I am not involved into this awful mess rather I like keeping things simple so long term is great. |
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19
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Economy / Trading Discussion / Re: Should move to BTC?
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on: November 11, 2019, 09:30:42 AM
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You can not go wrong when you invest in bitcoin but when it comes to altcoins everything can go wrong, there are thousands of coins out there and only a few of them have any user base and a reason to exist at all, even some of the coins at the top are coins in which I will never invest, as such you must remember when you invest in altcoins that the risk is many times greater than the risk of investing in bitcoin and if you decide to do it then it is better for you to only invest a small portion of your capital in altcoins.
It appears the altcoins market is not doing well this year like the recent years and the bitcoin market is doing pretty good this year even better than last. thus I see no problem moving your assets from altcoins to bitcoin. bitcoin is now the most profitable coin in the market. it is better to move all your assets to bitcoin. This could have been a good idea months ago when the price of bitcoin was still low but it was clearly growing faster than altcoins, but now that is a difficult decision, bitcoin seems like it has stopped growing and we are seeing a significant decrease on its price, for altcoins this could mean two things, that during the next months investors finally decide to give altcoins a chance or that investors decide to get out of the market and wait for the next time the price of bitcoin begins to go up. Even if the prices of bitcoin are showing some fluctuations right now but the overall impact of these fluctuations remained positive. The prices showed some serious and decent increase. What I believe is that we shall not doubt the tendency of bitcoin for coming back with major goals of setting new records of bull market in the coming months, so no need of considering altcoins at this crucial time. |
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20
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Economy / Economics / Re: Gold exist 1000+ years. while bitcoins exist 10 years.
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on: November 11, 2019, 08:01:56 AM
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We need to stop this obsession with gold. IMO, gold and cryptocurrency are entirely different assets. Gold is not a threat or a competitor for Bitcoin (and vice-versa). I would go one step further and say that even fiat currency is not a competitor of Bitcoin. Since Bitcoin is being used as an investment asset, the real competitors are other assets such as real estate, equities.etc.
Thank god! There are people who understand that this comparison of blockchain technology coin with gold is absurd. These two types of assets have nothing in common and they could never be on same ground for comparison. If you are using bitcoin as investment asset, then go for the markets that are providing same opportunities and if you are using it as fiat, then it is sensible to compare it with fiat. |
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