have been in cryptocurrency circle for like 4 years now and having so many good and bad side from any factor which I think it makes me realize that trading and investing on cryptocurrency is not such an easy task like everyone think, it requires you to think carefully and manage the strategy really well.
Even though outside the cryptocurrency trading or investing, you should still have to be very careful since there is always a risk involved in investing or trading. Right risk management and also planning well is one of the essential of trading and investing and if your recent investments or trades are not doing well then you should take a break from those things first and try to enhance and learn more things about those field in order to succeed and make more profits.
Topic: BEEN IN THIS GAME FOR 6 YEARS - page 4. (Read 2527 times)
As they say (well, actually that is what I say), not all fiats are born equal, and if the US dollar inflation is in fact quite negligible (while we shouldn't compare it on its own apart from the changes in wage rates within the same period as the latter are rising too), this is not the case with almost any other fiat currency out there (except for a few top currencies like Euro and Swiss frank). So the government, or rather governments, are not going to do anything about it for the simple reason they are the cause of price inflation and, most importantly, they are the ones profiting from it
It's illusion to expect that cryptocurrencies will replace fiat currencies in any way. Yes, some fiat currencies suffer from inflation but this has happened many times before and not all fiat currencies are the same and in same position. So expecting from governments to react isn't realistic.
Don't forget that very small number of people in the world is using cryptocurrencies and that is not going to change in some dramatic way any time soon and that is big issue in terms of biger success of cryptocurrencies on a global level
It is definitely not the only way to success
As there are many ways to the top. Personally, I don't mind if cryptocurrencies (say, Bitcoin and a few other major cryptos) turn into a strong and robust store of value (competing stores of value). Then people will keep bitcoins and spend fiat. If you ask me, it is a pretty good "compromise". Fiat currencies are going to lose their value like they have always been doing (maybe a little faster due to people moving their wealth from fiat savings into crypto) while Bitcoin will be rising and gaining more power, momentum and impact as a solid digital store of value. Really, what's wrong with that as long as you are able to spend your bitcoins in the "old way" if you choose so?
Overtime fiat money will get worse, even more than it already is. And I think we are already experiencing it, bit by bit. I don't know what will the government do to prevent this or to slow it down. But considering how people treat Bitcoin right now, it's inevitable
Things are obviously more complex than that
As they say (well, actually that is what I say), not all fiats are born equal, and if the US dollar inflation is in fact quite negligible (while we shouldn't compare it on its own apart from the changes in wage rates within the same period as the latter are rising too), this is not the case with almost any other fiat currency out there (except for a few top currencies like Euro and Swiss frank). So the government, or rather governments, are not going to do anything about it for the simple reason they are the cause of price inflation and, most importantly, they are the ones profiting from it
It's illusion to expect that cryptocurrencies will replace fiat currencies in any way. Yes, some fiat currencies suffer from inflation but this has happened many times before and not all fiat currencies are the same and in same position. So expecting from governments to react isn't realistic.
Don't forget that very small number of people in the world is using cryptocurrencies and that is not going to change in some dramatic way any time soon and that is big issue in terms of biger success of cryptocurrencies on a global level.
have been in cryptocurrency circle for like 4 years now and having so many good and bad side from any factor which I think it makes me realize that trading and investing on cryptocurrency is not such an easy task like everyone think, it requires you to think carefully and manage the strategy really well.
Even though outside the cryptocurrency trading or investing, you should still have to be very careful since there is always a risk involved in investing or trading. Right risk management and also planning well is one of the essential of trading and investing and if your recent investments or trades are not doing well then you should take a break from those things first and try to enhance and learn more things about those field in order to succeed and make more profits.
have been in cryptocurrency circle for like 4 years now and having so many good and bad side from any factor which I think it makes me realize that trading and investing on cryptocurrency is not such an easy task like everyone think, it requires you to think carefully and manage the strategy really well.
Just like how investors are scared to invest in any other business in its intial stage, so does it applies to crypto also. Many up till now still see crypto as a mere speculative tool which is higjy volatile, they fail to see the usecase of crypto and how it can solve real life problems, if we can enlighten them on the fact that crypto its not just a speculative tool but can be use to solve other problems then we can be able to win a handful investors into the crypto family
Now many understand their mistakes and regret their distrust of bitcoin when they first met it.
yeah because not everyone are convince right away and its a risk to hold if you don't trust its future. The fact that we don't see the future, its normal that there are only few people who gain success investing early in crypto.
Yes, we could support it and make it widely popular much earlier if we were not afraid to take risks. But no matter what, we remain here and have experience behind us that will help us not to be afraid to take risks in the future and, most importantly, not to panic.
its already popular despite being not so regulated, but eventually as big companies started to adopt, this means the government has no choice but to regulate crypto, and with that, people will be more confident to invest again especially in bitcoin.
Overtime fiat money will get worse, even more than it already is. And I think we are already experiencing it, bit by bit. I don't know what will the government do to prevent this or to slow it down. But considering how people treat Bitcoin right now, it's inevitable
Things are obviously more complex than that
As they say (well, actually that is what I say), not all fiats are born equal, and if the US dollar inflation is in fact quite negligible (while we shouldn't compare it on its own apart from the changes in wage rates within the same period as the latter are rising too), this is not the case with almost any other fiat currency out there (except for a few top currencies like Euro and Swiss frank). So the government, or rather governments, are not going to do anything about it for the simple reason they are the cause of price inflation and, most importantly, they are the ones profiting from it
Now many understand their mistakes and regret their distrust of bitcoin when they first met it. Yes, we could support it and make it widely popular much earlier if we were not afraid to take risks. But no matter what, we remain here and have experience behind us that will help us not to be afraid to take risks in the future and, most importantly, not to panic.
3+ and counting. When we can't stack Bitcoins, they are too expensive, we need to stack sats, and some other altcoins. I believe more in cryptocurrencies than in any fiat currency, I think more in cryptocurrencies than in fiat, some people said that I'm crazy, some people around me couple years ago, they are not saying the same thing now, they ask me where is the price now, and other questions. They probably regret cause they didn't believe me, but they will never say that.
It's like an enlarged bubble then broke out because it's been unstoppable anymore, if viewed from the current market conditions, we are at the beginning of the bubble to be blown maybe the prediction OP about heading to 95k is still too far or also not who Know?
But if indeed the game was happening just like 6 years ago, is not this a good chance because this is the beginning of the explosion year 2017 end where BTC reaches 19, 2k $.
But if indeed the game was happening just like 6 years ago, is not this a good chance because this is the beginning of the explosion year 2017 end where BTC reaches 19, 2k $.
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<....>It is somewhat paradoxical at first sight, so I can definitely relate to your confusion
But if we thoroughly think it through, it actually makes perfect sense. To resolve this seeming paradox you should take into account people's preferences. For example, which money would you prefer to keep and stash, bad or good? If you choose to keep good money (which is an obvious choice), then, in turn, you will certainly decide on getting rid of bad money. But you can only get rid of it by spending it, and this is how bad money drives good money out of circulation as people are encouraged to spend the former and hoard the latter
Based on what you said just now, I think the image below is the best representation I can think of. Though the image is outdated, I think you get the idea.
Overtime fiat money will get worse, even more than it already is. And I think we are already experiencing it, bit by bit. I don't know what will the government do to prevent this or to slow it down. But considering how people treat Bitcoin right now, it's inevitable.
If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?
Hmm. Isn't it the other way around? Does Gresham's law work the other way as well (i.e. Bad money being driven out by Good money)? Because Fiat money, as we all know, isn't really good at all. And on the case of Bitcoin, it isn't even used as money anymore. So I don't know if it applies anymore, am I missing something? Or I am just a complete idiot that you just wanted to say that, Gresham's law was the cause of how we perceive it now?
It is somewhat paradoxical at first sight, so I can definitely relate to your confusion
But if we thoroughly think it through, it actually makes perfect sense. To resolve this seeming paradox you should take into account people's preferences. For example, which money would you prefer to keep and stash, bad or good? If you choose to keep good money (which is an obvious choice), then, in turn, you will certainly decide on getting rid of bad money. But you can only get rid of it by spending it, and this is how bad money drives good money out of circulation as people are encouraged to spend the former and hoard the latter
History will keep repeating itself and I guess Bitcoin cycle will keep on going, the price will be more than its ATH by the next years.
This is the last halving and I guess those miners will just earn thru the transactions they process and they will not sell their coins for less on exchanges.
We are moving towards an era of digital currencies and bitcoin will dominate all assets.
That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot
And there is a good, sound reason for that
If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?
It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.
If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?
Hmm. Isn't it the other way around? Does Gresham's law work the other way as well (i.e. Bad money being driven out by Good money)? Because Fiat money, as we all know, isn't really good at all. And on the case of Bitcoin, it isn't even used as money anymore. So I don't know if it applies anymore, am I missing something? Or I am just a complete idiot that you just wanted to say that, Gresham's law was the cause of how we perceive it now?
The major problem is that, it is very difficult for one to believe someone else prediction of the market particularly when you are new to crypto currency. Am saying this because it was almost the same prediction that was made as regards what the market value of ethereum will be that made some of us to buy ethereum at the peack of $1,300 till today but the market is still against our position till date.
Ethereum is too different from bitcoin because it has been dropping its price for couple of months already while bitcoin is still in a good place for investment. Predictions may don't have a full guarantee that it will really happen but somehow it will serve as a guide for us particularly for the the newbies so we will be more profitable in the near future. 
Bubble is an over used description, it cant be exacly correct in this context because a bubble once popped is gone and loses all integrity. I'd rather we didnt use the words of the enemy like this, we know its not true and BTC is not a bubble. Big price changes and volatilty sure, its breaking edge of a new wave in technology and a whole new sector so rapid change is a given.
Just by itself buying 1 BTC now is mostly speculation rather then usage and I'd rather see people develop usage in BTC and the prospects between us advance to our advantage.
You are privileged to have invested in bitcoin when the price wasn't exorbitant for you. I still want to encourage anyone that has the fund to purchase at least 1btc to do so. But let it be a long term investment plan
If we think about the long term plan for BTC, it wont be that everyone has 1 BTC each because there is a greater ambition for this blockchain then just 21 million users or holders. Of course its relative to wealth but just being involved is most important I think and also to distribute that over time.Just by itself buying 1 BTC now is mostly speculation rather then usage and I'd rather see people develop usage in BTC and the prospects between us advance to our advantage.
It is always the same story even if the details change slightly, this happened with the tulip mania on 1637, the dot com bubble, the real estate bubble and it happened to bitcoin and cryptocurrencies in general in 2017, people are always looking for an easy way to make money and when they see an asset going up then they want to get some of the profits as well, for those that are smart that is the moment to get out of the market since the bubble cannot last that much longer, then the price crashes and any dreams of getting rich quickly gets crushed.
I do not have much idea about dot com bubble or real estate bubble or this thing, tulip mania in 1637, as I was not present at that time and cannot comment with certainty. But in case of bitcoin, everyone has witnessed it making progress for last ten years. It is not a bubble at all. No bubble can be this powerful. Even after being lashed by countries like China and America, it stayed with us. We are moving towards an era of digital currencies and bitcoin will dominate all assets.From Investopedia
https://www.investopedia.com/terms/b/bubble.asp
Quote
What Is a Bubble?
A bubble is an economic cycle characterized by the rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. When no more investors are willing to buy at the elevated price, a massive sell-off occurs, causing the bubble to deflate.
A bubble is an economic cycle characterized by the rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. When no more investors are willing to buy at the elevated price, a massive sell-off occurs, causing the bubble to deflate.
What we saw in 2017 in the market of cryptocurrencies was a bubble, that does not mean that bitcoin will not be worth 20k or even more than that in the future as many of us expect but the market behaved in an irrational way, the price became unsustainable and it crashed leading to a bear market that lasted more than a year, however despite all of this bitcoin is still here and it is reasonable to expect due to its scarcity that as the demand grows again we could surpass 20k without being in a bubble in the future.
If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?
It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.
To begin with, Bitcoin was never used as money
Maybe only in the first couple years of its lifetime (let's call it the early era or epoch), before first exchanges started to appear. Afterwards, it was only speculation in ever widening circles and strides. And altcoins are in no way better in this regard. In fact, they are even more speculative. So if Bitcoin can admittedly be used as a store of value (for the unbanked), most altcoins make a poor choice for this purpose as they are vehicles of wild speculation by their very nature, and will certainly remain that way in the future
History will keep repeating itself and I guess Bitcoin cycle will keep on going, the price will be more than its ATH by the next years.
This is the last halving and I guess those miners will just earn thru the transactions they process and they will not sell their coins for less on exchanges.
We are moving towards an era of digital currencies and bitcoin will dominate all assets.
That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot
And there is a good, sound reason for that
If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?
It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.
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