Are we doomed?

[SicariusREAL]

So I have been bitcoin mining a little before the boom (December 11th) and have made quite a bit.

After the fall recently, the amount I had saved went down a bit of course. Now I'm seeing the FCA (financial conduct authority) based in the UK says to prepare to lose all our money. Is this even reliable at all? I mean, I've never heard of them until recently and now it's all over the news.

Is this just another anti-bitcoin company like the motley fool?

[KonstantinosM]

So I have been bitcoin mining a little before the boom (December 11th) and have made quite a bit.

After the fall recently, the amount I had saved went down a bit of course. Now I'm seeing the FCA (financial conduct authority) based in the UK says to prepare to lose all our money. Is this even reliable at all? I mean, I've never heard of them until recently and now it's all over the news.

Is this just another anti-bitcoin company like the motley fool?

I've never been to the UK. This sounds like a government watchdog protecting consumers.

They're only doing their jobs. I skimmed what came up, and it seems they're warning against schemes that ask for bitcoin and promise high payouts.

It's commendable work really.

"Are we doomed?" is a silly title for a topic.


Edit: I didn't know newbies with 1 post could post just anywhere they want.

[Lanatsa]

Is this just another anti-bitcoin company like the motley fool?

So making up some search about Motley fool:

The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
Source: https://www.fool.com/

So this is an another Stock investing advisor? You can really expect with these kind of words neither its on the positive side of things or negative ones against bitcoin.
Doomed? Don't get easily being affected with these fools. 

[bekti3]

not a few people or certain companies take advantage of the current decline in bitcoin as their weapon to beat the mental bitcoin users. This has been the material for their long-awaited opinion. are we affected? I myself felt unaffected.

Don't forget this is still part of a relatively reasonable decline. because we can see how in 2018. the pattern of increase and decrease in bitcoin is like this. So don't be provoked by their words just because they are influential in England. But bitcoin users are not only in the UK, bitcoin is not centralized at one particular point.

[Wysi]

No, it's too early to comment on this, please don't blindly believe what regulatory body has to say because if their words were trustworthy then Bitcoin would have become zero long time ago, but price of bitcoin may go down just like how it happens after every bull run but this time it's gradual unlike 2018 when it collapsed so quickly. I have incurred huge loss in mining post during 2018 wherein my electricity bill was more than the commission paid to me and mining is definitely not the best source of income if you are an individual.

[itovault]

These watchdogs always take the "worst case" analysis of everything.  The government agency is basically paid to scaremonger. Compared to traditional assets, Bitcoin of course has more risk.

[ololajulo]

So I have been bitcoin mining a little before the boom (December 11th) and have made quite a bit.

After the fall recently, the amount I had saved went down a bit of course. Now I'm seeing the FCA (financial conduct authority) based in the UK says to prepare to lose all our money. Is this even reliable at all? I mean, I've never heard of them until recently and now it's all over the news.

Is this just another anti-bitcoin company like the motley fool?

I never saw UK to be that influential in cryptocurrency and the bitcoin policies could be a sabotage, maybe you should verify the source of your information. Government in UK sound very friendly with cryptocurrency but most government always like to take his share from the money when the bull market is approaching.

[A62662]

These watchdogs always take the "worst case" analysis of everything.  The government agency is basically paid to scaremonger. Compared to traditional assets, Bitcoin of course has more risk.

No, they warn people that have no clue, not to waste their money on things they don't fully understand.

[BBitcoin92]

I'm in the UK, FCA is a good thing, they are are there to get the scammers predominantly.

'The Financial Conduct Authority (FCA) has been appointed as supervisory of Anti-money laundering and counter terrorist financing (AML/CTF) in the UK. This requires ALL brokers to register with them or cease trading on 10th January 2021. We have weighed up registration with them and, due to increased costs associated with this, our brokerage is no longer financially viable. As of the afternoon of 9th January 2021, we have ceased trading as a broker on all platforms.'

Above is a message from a large trader on LocalBitcoins, a major trading platform that uses escrow and other payments to buy/sell BTC.

The offside is brokerage commissions have increased slightly and margins are low, so some are grouping together to provide high quality brokerage services to clients.

Noting to be concerned of on a Global scale imo.

[passwordnow]

That's fine to hear from a government body like them to say that for their people to avoid scams. But don't think that we're doomed, LOL. We're far from being doomed and as you see, just take a look within a range of a month how bitcoin was doing before and after. The statement from FCA could be the reason why we've been into a dip but this is just an opportunity for the others to buy. The weak hands have probably sold already and don't want to comeback because of it. But for experienced one, just take profit, rebuy at lows and hold again. The headlines are interesting but it's more interesting to read their contents, just like this.

“The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the financial services regulator said.

“If consumers invest in these types of product, they should be prepared to lose all their money.”

[finn.cole]

I noticed that now in many countries, on the news and in all sorts of blogs, people began to hate bitcoin, calling bitcoiners fools. I think they want to scare us again. To be honest, I've stopped trusting the news because everything they write it's complete nonsense.

[Myleschetty]

So I have been bitcoin mining a little before the boom (December 11th) and have made quite a bit.

After the fall recently, the amount I had saved went down a bit of course. Now I'm seeing the FCA (financial conduct authority) based in the UK says to prepare to lose all our money. Is this even reliable at all? I mean, I've never heard of them until recently and now it's all over the news.

Is this just another anti-bitcoin company like the motley fool?

1) We are not doomed
2) I dont think you need to trouble yourself over what was said about the Financial Conduct Authority.
3) The organization are doing the job in terms of giving people financial advise.
4) What you read about the organisation (FCA) is false and this is what they said "The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns. Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money.

As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in, the risks associated with investing, and any regulatory protections that apply."

[thaRiddla]

I did my first invest in 2021 at 38K, no regets. I'll just keep buying at the low lows. Remember, if we are ALL in this together we can control it!