FUD Has Finally Taken Its Toll on Me

[Crypto Bull]

~
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.
 

Looks familiar as we get these FUD whenever there is a market correction, go through the archives in this forum and you will see many RIP eulogy in this forum how BTCitcoin is dead and will never rally again and we see these fear mongers all the time. If you trust the decentralized market there is nothing to worry as it will move on year in and year out even with all these FUD.

The drop in price of BTC is not what caused me to lose faith in the cryptocurrency. It was actually the news of the EU attempting to ban POW.

[Crypto Bull]

~
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.
 

Looks familiar as we get these FUD whenever there is a market correction, go through the archives in this forum and you will see many RIP eulogy in this forum how BTCitcoin is dead and will never rally again and we see these fear mongers all the time. If you trust the decentralized market there is nothing to worry as it will move on year in and year out even with all these FUD.

Speaking about bitcoin is dead kind of headline or something those claims or sentiments from different gurus and so called professionals
then we could have a good read for some reference on this one.
https://99bitcoins.com/bitcoin-obituaries/

Bitcoin has died 461 times

Then hearing up something like this with these lose of fuds in the market then as an investor or supporter of bitcoin then it would be better if he get used to it because
thats how these things circles around on this forum or entire crypto space specially on a bear market.You would see lots of those scenarios
and events which could potentially make you panic.

I never thought that Bitcoin would die an organic death. I always feared government intervention.

[Crypto Bull]

But in this case I actually still have other beliefs in myself.
I saw the OP had registered his account in 2018 and obviously it was several years ago and of course the OP already knew about bitcoin and Crypto so created an account here.
It would be very strange if the OP liquidated all the money he has now because if he wanted the OP could actually liquidate it in 2018 which clearly bitcoin was still very cheap at that time.
But indeed there may be other calculations from the OP and this is just my wild thought.

Correct analysis.

[Minecache]

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/

Assuming bitcoin will be banned from mining in EU it doesn't mean bitcoin will also be banned from mining in other countries. EU is only part of the world not the world is part of EU, you are overestimating EU.

Like China before, once the country with the largest number of miners in the world, after the ban was issued, the miners moved to other countries and the mining did not stop. There will always be countries that see the potential of bitcoin and they are ready to welcome it like El Salvador.

[Silberman]

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/

Assuming bitcoin will be banned from mining in EU it doesn't mean bitcoin will also be banned from mining in other countries. EU is only part of the world not the world is part of EU, you are overestimating EU.

Like China before, once the country with the largest number of miners in the world, after the ban was issued, the miners moved to other countries and the mining did not stop. There will always be countries that see the potential of bitcoin and they are ready to welcome it like El Salvador.

Exactly, we must also remember that even if a country or a group of countries may seem to be incredibly powerful if they keep taking mistaken decisions over and over again eventually they are going to bring themselves to a point of failure, the European Union is already suffering greatly from the mistaken decisions they have taken during the last decades, so even if at some point in the future they ban bitcoin mining this doesn't mean that such a law is going to stay in place forever, at some point they will change their mind because the economic benefits of it will surpass any objection they make have against it.

[bbc.reporter]

@Crypto Bull. The reason for us to need decentralization is to make it very difficult for the government to enforce their laws and impose their command and control on the whole population. Similar to your concern, as bitcoin mining becomes more centralized, this makes it easier for the government to enforce the ban on proof of work mining. I am afraid that this might also open an argument for cryptocoins to hardfork to proof of stake which has never been done before.

[barbara44]

You are not new in here and you also know that the news was not new but why you suddenly feel a doubt? I don't know if what did you do or eat lately but I hope you can return on your normal state but it's great that you open up your problems here. People here can surely discourage you from your plan of giving up on what you already started.

Eventually, as younger and more 'progressive' individuals enter positions of political power in Europe, my guess is that they'll succeed

Many youngsters are involved in btc more than the adults. If many youngsters join politics then they will surely approve btc more than banning it. The only sad part is that there are countries that already banned btc or btc mining activities although that does not lead for other countries to follow as they know that btc can bring some benefits to them.

[pawanjain]

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/

I would deny that because I think that younger generation is more aware of the pros and cons of cryptocurrencies.
So I think they might instead support cryptocurrencies and make it legal in their countries.
If I were a person of political power then I would definitely make crypto legal with some regulation that supports it's growth.

[Ucy]

You will need to fully control the World to succeed in that regard . Fortunately they do not, and will not be able to in the future. One World government as they hoped for is nolonger possible. You will have independent countries with strong influence from US under Trump in the near future... This set up will be favorable to Bitcoin.
There is a reason we are on the side of Russia in the current war against One World Government.

[BobK71]

I would deny that because I think that younger generation is more aware of the pros and cons of cryptocurrencies.
So I think they might instead support cryptocurrencies and make it legal in their countries.
If I were a person of political power then I would definitely make crypto legal with some regulation that supports it's growth.

Where the government or anyone has no control over cryptocurrency even no one can control it in any way. In that case there is no end of bitcoin. If the government wants they can restrict it but does stop it. The Bitcoin market is currently in a bit bearish, but it is temporary. As it has been adapted by the younger generation its demand will always increase.

[pawanjain]

I would deny that because I think that younger generation is more aware of the pros and cons of cryptocurrencies.
So I think they might instead support cryptocurrencies and make it legal in their countries.
If I were a person of political power then I would definitely make crypto legal with some regulation that supports it's growth.

Where the government or anyone has no control over cryptocurrency even no one can control it in any way. In that case there is no end of bitcoin. If the government wants they can restrict it but does stop it. The Bitcoin market is currently in a bit bearish, but it is temporary. As it has been adapted by the younger generation its demand will always increase.

I agree with that. As long as the younger generation is interested in bitcoin and cryptocurrency as a whole there will always be a demand for it.
Since bitcoin is decentralized there's nothing that can stop it. The governments can ofcourse regulate it or some can even ban it but they can't stop it functioning.
So as long as we all are here bitcoin is here to stay. Keep hodling.

[bitzizzix]

I would deny that because I think that younger generation is more aware of the pros and cons of cryptocurrencies.
So I think they might instead support cryptocurrencies and make it legal in their countries.
If I were a person of political power then I would definitely make crypto legal with some regulation that supports it's growth.

Where the government or anyone has no control over cryptocurrency even no one can control it in any way. In that case there is no end of bitcoin. If the government wants they can restrict it but does stop it. The Bitcoin market is currently in a bit bearish, but it is temporary. As it has been adapted by the younger generation its demand will always increase.

I agree with that. As long as the younger generation is interested in bitcoin and cryptocurrency as a whole there will always be a demand for it.
Since bitcoin is decentralized there's nothing that can stop it. The governments can ofcourse regulate it or some can even ban it but they can't stop it functioning.
So as long as we all are here bitcoin is here to stay. Keep hodling.

The government is powerless, a very stupid ban will force people to use crypto.
any ban will speed up the process of spreading crypto around the world.
bans have been around since bitcoin or crypto existed in the world, but what we see bitcoin continues to grow and is getting more and more popular with this we can easily read or rate bitcoin in the future which will continue to grow and get better from generation to generation.

[DeathAngel]

You’re not the first & you won’t be the last weak hands in bitcoin, OP. I’ve seen so many sell like yourself when the going gets tough. Bitcoin always recovers though & goes on to reach new highs. I can advise you to hodl & not sell but it’s up to you.

We’re in a bear market but that should make you want to buy, not sell. This is when money is made, buy more, don’t sell.

[Crypto Bull]

You’re not the first & you won’t be the last weak hands in bitcoin, OP. I’ve seen so many sell like yourself when the going gets tough. Bitcoin always recovers though & goes on to reach new highs. I can advise you to hodl & not sell but it’s up to you.

We’re in a bear market but that should make you want to buy, not sell. This is when money is made, buy more, don’t sell.

I don't know why people here keep assuming that I'm "selling" my Bitcoin. I'm not. I specifically said that I will HODL for life, regardless of how low the price of Bitcoin goes.
What I said was that I'm having second thoughts about buying more Bitcoin, in light of the fact that POW mining is coming under attack by governments around the world.

[The Cryptovator]

Few centralized governments hardly hate Bitcoin due to decentralized behavior. They don't want to lose control over the world financial system. So they are finding a way how they could make Bitcoin weak although they couldn't ban it totally. So they choose energy issues and ban mining. But you can see even though China banned Bitcoin it doesn't help to ban Bitcoin worldwide. Still, people using it, and a lot of Chinese investors are in the cryptocurrency industry. So we don't need to think much about banning Bitcoin or ban mining. Bitcoin will exist.