FUD Has Finally Taken Its Toll on Me

[boyptc]

Even they'll ban PoW, will they stop people do bitcoin mining at their home's underground or basements?

But if that's your concern and it is making you worry that much, it's better for you to just follow what you think will put you at peace. Putting such pressure on yourself should be avoided.

Anyway, just a tip to reduce the doubts, avoid reading too much conspiracies about bitcoin and negative news about it. Although, it's okay to read those negative news so you still understand and see what are those that impacts the market.

[Kemarit]

I mean this FUD has been with us since in the beginning and it was magnified in 2018 as far as I can remember and yet we are still standing right now? And even if China bans bitcoin mining, there are still nations going to take that role and continue despite the attacks about it bringing environment issues. I'm so sorry that FUD has taken a toll on you and you have doubts about the future of Bitcoin now, I guess someone is right when they says that Bitcoin investing is not for everyone. Anyways, goodluck to your future endeavors.

[Davidvictorson]

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

It's okay for FUD to take hold of you. At least, you are bold enough to admit it. I understand your concern which like you have written is bitcoin's growth being limited if "important countries" ban it. Currently, I think bitcoin has gone beyond the stage of being ban. Instead what the government of "important countries" would do is try to regulate it. My guess is that bitcoin regulation will have nothing to do with its mining activities but rather with how transactions in bitcoin is conducted.

[crwth]

Suppose you are thinking about your profits or, in general, the money you have stored or at least the paper value of your money with BTC as the asset. In that case, you can say that you are in it for the money, not the actual asset itself, because a lot of people are probably experiencing the same way that you do and have done the same thing that you do and sold their investments.

It's good that you are already accepting the risk and not being swayed by what is happening around us. It could give you regrets if it dips, just like the bull run and the subsequent crypto winter.

Sticking to your beliefs would be best at times like this.

[Bttzed03]

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

Don't get too soft and be affected by all the words that's written or posted in an online forum. That sentence actually got my attention too but I didn't focus on the word. He could have chosen the word 'sheep' to represent people/countries that just follows or adopts what the first worlds do or say.

The OP has a good point actually. A lot of developing countries adopts financial policies of developed countries. Also, they might be independent but those who govern can't really do much once these world organizations starts requesting (more like mandating) to follow certain guidelines/policies. If they do not follow, expect that they will face sanctions or be included in some blacklist or be given low investor ratings.

[Poker Player]

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.

This indicates that we are in the capitulation phase. It's not the only message of this style that I've seen recently, so it's a good time to buy, when people are throwing in the towel.

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.

Yes but there was a subsequent vote on a draft bill that seeks KYC on all transactions, among other measures, which we discussed in this thread:
    
Goodbye, privacy, goodbye, it was nice while it lasted.

Although it was a preliminary draft and the law has yet to be processed and approved, it has already begun to have an impact, as for example cryptocurrency ATMs that previously did not require KYC below certain amounts have come to require KYC for all transactions, of any amount. This has happened in several European countries.

It is not clear to me what effect this will have on the price in the medium and long term. There are institutional investors who think that more KYC will make it easier for more institutions to invest but regulations and control usually make the business worse and money flows less.

[cloudfir3e]

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 investing cryptocurrencies it has become a natural thing for FUD to occur.

if you have bought bitcoins in the amount of thousands of dollars and want to do HODL for life then what must be done to avoid FUD.
namely by forgetting all the bad news that has spread, always be confident and strengthen the psychological condition. By reinforcing psychological conditions that are generally damaged by worries and assumptions, FUD will not have a significant effect.
do not forget to also maintain discipline in the initial goals and strategies because the loss of discipline if it continues, the impact will be very detrimental in the long-term investment journey.

[dansus021]

I just wonder why you liquidated your 10K in stock I mean if I were you I would only take a quarter or half of it, especially when you are making a lot of money from doing so. and why do you still doubt crypto if you are already been a crypto investor since 2017 the government and fud always coming tho?

but here community will help  just like I said don't dump all of your money if you still have doubts, just give a little by little to crypto after all I still wanna join the stock industry like the WolfStreet movie not just in crypto only

[KaliLinux]

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.

True that, I want to particularly go back to the Issue with the Oil companies in the Niger Delta States of Nigeria and for anyone that has a bit of knowledge of what those companies have done to the environment in those areas in terms of pollution and not even mentioning the amount of energy they consume, then you would understand the hypocrisy with the Government narrative of Bitcoin mining affecting the environment.
THE NIGER DELTA IS ONE OF THE MOST POLLUTED PLACES ON EARTH
So as you have said, OP has the right to his money and what to invest in as do the rest of us, some of us worry about what might happen in the future and forgets that the opposite could happen too.

[mindrust]

Your plan was a dumb one to begin with. Why would you liquidate your stocks to buy crypto? They are very very different assets. If you want to invest in crypto buy them with the new money or with your dividends.

In the end bitcoin is indeed experimental tech but it has been around for more than 10 years now. It is not just going to disappear overnight. However it is also a lot more volatile than certain bluechip stocks.

[xSkylarx]

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.

It's normal to have doubts when these market condition happens. Even I am guilty to experience this before when I was a newbie. But as long as you trust bitcoin's potential in the future, what you can do is just ignore these fuds. Many countries have been trying to bring it down many years now but they've never been successful and its price just keep rising over the years.

[Lucius]

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.

I remember the same attacks on Bitcoin and POW long before when this whole story about the pandemic, war and energy crisis started - so it is nothing new and specific to the times we live in now. People asked the same questions 5 or 10 years ago, they will ask the same questions in the future and always look for reasons to doubt.

According to all available data, Bitcoin participates in the total consumption of electricity with about 0.1%, which means that there is no foundation for all those lies that some persistently advocate. A ban on mining in the EU is always possible, although the question is whether all countries would verify this law on their territory, because many member states are not obedient dogs who listen to orders from Brussels.

However, if you have such doubts, you must clear them up with yourself first, because why would you invest in something you no longer trust.

[Hypnosis00]

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.

You have some reason - of course, you can make us if it as a basis for leaving crypto forever. In fact, we are not obliged to invest and adopt Bitcoin, and we did this before because of our willingness to take risks. If this Bitcoin never gives you comfort and safety of your funds, I suggest choosing the option that you think was right and makes you feel at ease. But for me, I'm still buying and holding Bitcoin as I'd see the fortune of this project.

Things can be changed someday and we can find a way to continue Bitcoin mining without harming the environment.

[Reid]

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

It seems you have the facts but that doubt is seriously troubling you.
All I can say is, this ain't new anymore. They will keep on feeding FUD to topple Bitcoin but the same as what happened years ago they will fail on whatever goals they have.
Everything will go back to Bitcoin again once it's all said and done. Short-term this is scary, long-term they will be forgotten and another FUD will come out.

[NotATether]

Well the worst they can do is ban cryptocurrency payments alltogether! (China, Turkey, even Russia every few months).

But we have already seen that this won't stem adoption by a rabbit's tail, because in these countries there is now a crypto black market. So once you come out of that, you're not scared of any bans. Because you know that they will be completely ineffective.

It's kind of like how a government fixes a rate for its currency, but black market traders sell the currency at higher rates.

[PrivacyG]

One of the reasons a large country is better off kneeling and accepting that Bitcoin growth is inevitable is that if a large country bans it, it will become a HUGE opportunity for another large country or even a small one.  Because if you have US suddenly banning Cryptocurrencies, Europe could immediately take this as an immense opportunity to grow their own Cryptocurrency market and bring investors over there.

But I honestly believe banning is now more of a strategy than an actual ban.  How many times has China banned Bitcoin or mining already?  How many times did it work?  I think this situation resembles what Musk did.  Use FUD as an opportunity.  If you ban Bitcoin, you create FUD and you can then silently accumulate Bitcoin while everyone is panicking.

All the other FUD, including how 'environmentally bad' we are by mining Bitcoin, is nonsense and has been debunked too many times already.  Right now, if you ask me, we are in the middle of a strategical attack against Bitcoin which only succeeds with the least experienced.  The more you get to know about Bitcoin, the more you will find out they are just attempting to bring it down by finding any small reason to blame it for.

Do your own research.  Try reading other opinions other than what you see in the biggest newspapers because, according to them, Bitcoin should have been dead a long time ago.  They successfully kept a lot of people from investing in what has now become one of the most impressively growing assets in the world, and this should make you wonder.

-
Regards,
PrivacyG

[Ultegra134]

While action against Bitcoin has been taken in the past, it absolutely had minimal effects on cryptocurrencies or Bitcoin itself, it's completely understandable, don't beat yourself to it. We all claim what we'd do in a hypothetical scenario, but in reality, most of us actually hesitate to conduct such trades.

I haven't recently purchased any Bitcoin, because I currently don't have the budget for it, but also because I'd rather not risk money coming from my own salary. Bitcoin could potentially recover in 1-2-3 years, but I can't afford to keep funds coming from my paycheck stale for that long. Since the financial situation is pretty bad at the moment, I can't take such a risk, I might need it in a few months and be forced to sell at a loss.

If you're having second thoughts, possibly try investing smaller amounts into Bitcoin and ask yourself if you're capable of waiting in case it doesn't go as planned. From what I believe and have read, the situation isn't going to get better anytime soon, providing that you're fine with hanging till the bear period is over, you'll be good.

[Bitstar_coin]

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.

True that, I want to particularly go back to the Issue with the Oil companies in the Niger Delta States of Nigeria and for anyone that has a bit of knowledge of what those companies have done to the environment in those areas in terms of pollution and not even mentioning the amount of energy they consume, then you would understand the hypocrisy with the Government narrative of Bitcoin mining affecting the environment.
THE NIGER DELTA IS ONE OF THE MOST POLLUTED PLACES ON EARTH
So as you have said, OP has the right to his money and what to invest in as do the rest of us, some of us worry about what might happen in the future and forgets that the opposite could happen too.

Very correct, the government will like to shy away from such news as it is beneficial to their propaganda, despite the terrible living conditions of the people in the Niger delta as a result of the pollution caused by the oil spill, the Nigerian government doesn't seem to care enough to take appropriate measures to address the life-threatening situation. Assuming this was related in any way to btc, they will bring out their long ban hammer to ban it.
There is no need to allow government or any other kind of fud to influence your investment decision, at least not after all the FUD btc has to survive of and get to this point, the EU government knows btc mining is not nearly as dangerous as other companies with similar energy consumption.

[Dunamisx]

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.

My question for you is why the fear of missing out? You need to understand that bitcoin is a decentralized digital currency and the government with their policies implementation can do nothing to stop the continuation of bitcoin and its adoption, this is an individuals choice to make or decide weather to use or not, so here they are not the ones to determine whether bitcoin is to stay or not, bitcoin has it own way of operation and sustainability using the demand and supply principle in determining the rise and fall of its price.

[cheezcarls]

Well dude, your money your choice. No matter which advice did you get even from the so-called gurus and coaches out there, the final decision will always be yours. I know how it feels because you want to ensure your future.

But of course, everything in life has risks. You can't succeed without taking risks, and that is a reality. Nothing is easy here especially Bitcoin due to its uncertainty in its price movement.

As for me I already took my fear out and started doing dollar-cost averaging (DCA) with Bitcoin since May 2022. I'll continue to do this every month as long I have extra "not beer" money to spare.