FUD Has Finally Taken Its Toll on Me

[Crypto Bull]

Three weeks ago, I liquidated 10k from my stock portfolio into my bank account. My plan was to dump it into Bitcoin as soon as it dipped under 17k. But now, for the first time since I got into crypto investing in 2017, I'm having major doubts.

I'm beginning to wonder whether Bitcoin has a long-term future, now that much of the world's nations are caught up in this 'climate' hysteria, and want to ban proof-of-work protocols, like Bitcoin, which they claim is harmful to the environment.

For example, the EU recently held a vote to ban proof-of-work mining across member nations*. Thankfully, the vote failed, but this wasn't the first time they attempted it, and I don't think it'll be the last. Eventually, as younger and more 'progressive' individuals enter positions of political power in Europe, my guess is that they'll succeed. And, once they do, the other chimpanzees in countries around the world will follow them, potentially causing the demise of our beloved cryptocurrency.

Thoughts?

 
* https://www.coindesk.com/policy/2022/03/14/proposal-limiting-proof-of-work-is-rejected-in-eu-parliament-committee-vote-sources/

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[buwaytress]

Do what's best for you and your beliefs. Bitcoin Policy Institute put up some data during the last COP that provides some solid arguments against that energy argument and, if they hold true, will prove that energy use will plateau in about a decade and then decline.

All the while securing a financial system that has no peers.

If price is all that matters to you, and that money is dear to you, you probably did the right thing.

But if Bitcoin is a little more to you than that (not saying price doesn't matter, of course it does) and you're willing to wait it out, as all cycles have come and gone, look to the progress made, the fundamentals that keep getting stronger, and the weakening of the alternatives.

[Fivestar4everMVP]

Good analogy, but I don't think Bitcoin will ever die or fail, the same way you've seen the negative side of things and analyzed what could happen, also look on the positive side too and also analyze what could happen to Bitcoin as more and more countries start adopting it, Bitcoin is already a legal tender in 3 different countries, more are coming, many big businesses around the world are now accepting bitcoin payments for their good and service, Many new Bitcoin centered businesses are springing up.
There are lots more positive things to come to Bitcoin than the negative, why don't you look on the positive/bright side of Bitcoin and invest in it now that its cheap, instead of looking on the negative side and analyzing things that might never happen, and which will lead you into buying when the price is much higher?.

[Smartvirus]

Eventually, as younger and more 'progressive' politicians enter positions of political power in Europe, my guess is that they'll succeed. And, once they do, the other chimpanzees in countries around the world will follow them, causing the potential demise of our beloved cryptocurrency.

Am I the only one seeing this or perhaps, am just getting it all wrong? What really are you trying to imply by other chimpanzees around the world? Could this be some sort of racists statement coming off you, that's so uncool! You don't say things like that!! You just don't!!!
Perhaps you didn't particularly mention Africans in this but, we know better being at the receiving end, you don't do that. African nations formulates policies too and not just follow, they are an independent nation and have got sovereignty over what goes and not.

Yeah, you might have catch a FUD by this news and have take proactive steps that nest suits you but don't in any way look down on Africans.

I SAY NO TO RACISM

[Welsh]

Whenever you have your doubts, take a look at the positives that Bitcoin bring, and see if they're important to you, more than profit alone. For example, removing the issue of relying on a third party I think is vital. I don't like to have some bank handle all my money, and feel unsafe doing so. Even though, in the UK our money is guaranteed up to a certain point. There's also the issue of them blocking transactions whenever they feel like.

This is ultimately a decision we all have to make, and weight the benefits or the negatives. What conclusion we'll come to will wildly differ. However, until Bitcoin ceases to exist, there will be people that use it. Sure, curb your investment if you think there's a possibility of Bitcoin being banned, but I wouldn't necessarily recommend not using it at all if it's still important to you.

[dothebeats]

Best course of action is to do what you think is right and protect your assets in ways that you believe is better for you. The energy debate has been going on for years and major news outlets alongside huge names in the financial sector only rehashes what has already been said about the topic. While there are some interesting statements pointed out there that supports the argument 'bitcoin wastes a lot of energy', those things can also be said against other industries that does not really help the betterment of the masses at all.

I know that if bitcoin climbs back up again in a few years time, you'll be regretting your decision right now but hey, at least you took off the burden that's taxing for you.

[odolvlobo]

For example, the EU recently held a vote to ban proof-of-work mining across member nations*. Thankfully, the vote failed, but this wasn't the first time they attempted it, and I don't think it'll be the last. Eventually, as younger and more 'progressive' politicians enter positions of political power in Europe, my guess is that they'll succeed. And, once they do, the other chimpanzees in countries around the world will follow them, causing the potential demise of our beloved cryptocurrency.

In order to stop Bitcoin, you must stop mining everywhere. You can't stop Bitcoin by stopping some people from mining. Even if mining is prohibited in the EU, it can be mined somewhere. Even the ban on mining in China has not stopped Bitcoin.

[Anonylz]

Your money your choice, you can decide to either hold back and leave it with your bank (inflation will do its part) or buy btc now that price is 3x cheaper than few months back. Maybe what you should do is look up other companies with environmental impact and measure if btc is more dangerous that the rest. It is no news that most countries government always try to come up with some flimsy reason to ban btc. If they claim btc mining has environmental impact what about gold mining? they both use huge amount of electricity and can be considered harmful to the environment. i think btc is overly criticized.

[Crypto Bull]

Eventually, as younger and more 'progressive' politicians enter positions of political power in Europe, my guess is that they'll succeed. And, once they do, the other chimpanzees in countries around the world will follow them, causing the potential demise of our beloved cryptocurrency.

Am I the only one seeing this or perhaps, am just getting it all wrong? What really are you trying to imply by other chimpanzees around the world? Could this be some sort of racists statement coming off you, that's so uncool! You don't say things like that!! You just don't!!!
Perhaps you didn't particularly mention Africans in this but, we know better being at the receiving end, you don't do that. African nations formulates policies too and not just follow, they are an independent nation and have got sovereignty over what goes and not.

Yeah, you might have catch a FUD by this news and have take proactive steps that nest suits you but don't in any way look down on Africans.

I SAY NO TO RACISM

I meant "chimpanzees" in the generic sense. In other words, I was referring to humanity in general, not a particular race.
 
Why do you leftists see everything through the prism of race, gender, sexual orientation, and other 'victim identity' aspects? Give it a rest. It's gotten old already. 

[Lanatsa]

Thoughts?

I could say that not all government or places on the world would really be following the herd or lets say 100% for them to follow and  considering that there are still countries which does have positive approach and treatment on bitcoin or cryptocurrencies as a whole but of course it would be still ending up on being regulated or centralized specially on platforms/services which is attached on it.

If you are really having that plans going for long term then it wont really be that bad because no government could really stop its potential if the entire community would really be mainly supporting it
for more decades to come.

If you could risk up on investing on the amount which you can afford to lose then you wont really be making yourself get bothered with these things.

[coupable]

As for the option to invest or not, it depends on your beliefs about the subject and you are free to choose because no one is able to provide you with investment advice.
Regarding your doubts about price movement and its connection to the energy consumed by mining, I would like to ask a simple question about the quantity of energy consumed in many industries that are useless or harmful to humanity such as the arms industry, who consumes more energy resources and why we do not find claims to stop or at least limiting them while voices are heard against Bitcoin mining, which will stop with its current system within a specified period of time ?

[Crypto Bull]

Thanks for all the thoughtful input, guys. I do realize that risk and reward go hand in hand, and the possibility of a global Bitcoin mining ban is one of those risks that an investor must assume in order to potentially reap any future rewards.

I've invested tens of thousands of dollars in BTC and other crypto assets over the years, and will HODL for life, even if it means going down with the ship. It's a risk I am willing to assume. The reason I created this thread is because I'm having second thoughts about assuming additional risk. But I'm OK with the risk I've already taken.

Thoughts?

I could say that not all government or places on the world would really be following the herd or lets say 100% for them to follow and  considering that there are still countries which does have positive approach and treatment on bitcoin or cryptocurrencies as a whole but of course it would be still ending up on being regulated or centralized specially on platforms/services which is attached on it.

If you are really having that plans going for long term then it wont really be that bad because no government could really stop its potential if the entire community would really be mainly supporting it
for more decades to come.

If you could risk up on investing on the amount which you can afford to lose then you wont really be making yourself get bothered with these things.

Good point. I did consider the fact that not all countries will be on board with banning Bitcoin mining, but once a critical mass of countries ban it, it could be enough to minimize Bitcoin's potential.  

Your money your choice, you can decide to either hold back and leave it with your bank (inflation will do its part) or buy btc now that price is 3x cheaper than few months back.

My current options are actually to buy more Bitcoin, or invest in the stock market. I only keep a small percentage of my net worth in cash, just enough to cover my living expenses (If bank interest rates were substantial [>5%], I would probably keep a larger percentage in cash.).

[coolcoinz]

Thoughts?

My first thought is that you're trying to be a trader without having the spine for it. You sold your coins 3 weeks ago, so in other words you held for a while, but as it continued to fall you've decided to make money shorting bitcoin, like a trader, but it bounced back above 20k. Your plan failed and you got even more desperate because math can be painful in such times. You sold at the lows, didn't buy back as it went up, had to pay trading fees. Now you're down more than you'd be if you held, so you want to justify that move by telling yourself that it can fail, it can be banned, it was a good decision to sell. Fine, if that's what makes you sleep at night

[Crypto Bull]

As for the option to invest or not, it depends on your beliefs about the subject and you are free to choose because no one is able to provide you with investment advice.
Regarding your doubts about price movement and its connection to the energy consumed by mining, I would like to ask a simple question about the quantity of energy consumed in many industries that are useless or harmful to humanity such as the arms industry, who consumes more energy resources and why we do not find claims to stop or at least limiting them while voices are heard against Bitcoin mining, which will stop with its current system within a specified period of time ?

I wholeheartedly agree with your reasoning, but as I'm sure you know, leftist ideologues don't employ logic when pushing their 'green' agenda. They're hellbent on implementing it, even if facts contradict their beliefs. This is what worries me, not whether Bitcoin is actually harmful to humanity.

[darkangel11]

Sure, it could be banned by climate freaks, but at the same time post office in Switzerland wants to offer bitcoin custody services and we're going to have a spot ETF approved at some point as they can't keep avoiding it forever, especially that it complies with all the rules.
When people tell me that it's going to be banned I always answer with a question. When has the world ever banned something all together? One country bans nuclear weapons, another starts to make more. One country puts an embargo on Russian oil and gas another starts to buy even more because now Russia wants to sell cheaper. The US started the cannabis ban around the world, now it's backing away from it. Bans rarely work.

Bottom line, don't focus on the negativity.

[Crypto Bull]

Sure, it could be banned by climate freaks, but at the same time post office in Switzerland wants to offer bitcoin custody services and we're going to have a spot ETF approved at some point as they can't keep avoiding it forever, especially that it complies with all the rules.
When people tell me that it's going to be banned I always answer with a question. When has the world ever banned something all together? One country bans nuclear weapons, another starts to make more. One country puts an embargo on Russian oil and gas another starts to buy even more because now Russia wants to sell cheaper. The US started the cannabis ban around the world, now it's backing away from it. Bans rarely work.

Bottom line, don't focus on the negativity.

True. Bitcoin will likely never disappear, but if enough important countries ban it, it could severely limit its growth potential.

[Furious 7]

When it bothers you then you don't need to be there because the analogy is when you live in an area and you find an oddity that makes you not feel at home there, will you just be quiet? in this case it is also the same when you are not too sure about bitcoin for what you want to bother being here because this will only make you always worry and events like Panic Selling always happen again and again.

[Welsh]

I've invested tens of thousands of dollars in BTC and other crypto assets over the years, and will HODL for life, even if it means going down with the ship. It's a risk I am willing to assume. The reason I created this thread is because I'm having second thoughts about assuming additional risk. But I'm OK with the risk I've already taken.

In that case, I say that's fair enough. Everyone knows their limits, and while you might be a die hard Bitcoin supporter, it doesn't mean you have to be completely invested in Bitcoin. Honestly, I doubt most users here are fully committed. It takes a special type of attitude to be fully committed.

I still rely on fiat, my job pays me in fiat, and I don't always convert it either. That's the reality for most users here I would think. I wouldn't listen to the elitist attitude that Bitcoin is always better, while it might be true for someone else, it doesn't mean it suits your specific circumstance.

[Gyfts]

Three weeks ago, I liquidated 10k from my stock portfolio into my bank account. My plan was to dump it into Bitcoin as soon as it dipped under 17k. But now, for the first time since I got into crypto investing in 2017, I'm having major doubts.

I'm beginning to wonder whether Bitcoin has a long-term future, now that much of the world's nations are caught up in this 'climate' hysteria, and want to ban proof-of-work protocols, like Bitcoin, which they claim is harmful to the environment.

For example, the EU recently held a vote to ban proof-of-work mining across member nations*. Thankfully, the vote failed, but this wasn't the first time they attempted it, and I don't think it'll be the last. Eventually, as younger and more 'progressive' individuals enter positions of political power in Europe, my guess is that they'll succeed. And, once they do, the other chimpanzees in countries around the world will follow them, potentially causing the demise of our beloved cryptocurrency.

Thoughts?

 
* https://www.coindesk.com/policy/2022/03/14/proposal-limiting-proof-of-work-is-rejected-in-eu-parliament-committee-vote-sources/

You should get prepared for more desperate attacks on crypto as the industry grows at the expense of fiat currencies. Most people are susceptible because the propaganda campaign works well from the government.

Consider the basic premise that the government endorsed currency that your country holds is designed to inflate and lose purchasing power over time. Now, consider that nearly every country in the world is having record high inflation rates with investors dumbfounded on where to put their money because of low market confidence. It means global markets are down and right now is a great time to invest if a +ROI is your only concern.

[Welsh]

Consider the basic premise that the government endorsed currency that your country holds is designed to inflate and lose purchasing power over time. Now, consider that nearly every country in the world is having record high inflation rates with investors dumbfounded on where to put their money because of low market confidence. It means global markets are down and right now is a great time to invest if a +ROI is your only concern.

Right, while I definitely agree with most of what you said. Investing now shouldn't be seen as guaranteed returns, and definitely shouldn't be seen as something to make a quick buck on. Bitcoin is going to be effected by the recession, nearly as much as fiat is. Okay, it being deflationary is going to help it in the long term, but for the short term (next two years at least) I'd say we'll be at a similar price point to what we're at now.

The halving should help, and also as people cope better with the recession, buying power should go back up, and therefore Bitcoin should be crossing hands a little more also.