I've heard that manually compounding once or twice a week is equivalent to auto compounding. All good. Lets see how it goes
One huge flaw that Bitcoin (and all other cryptos) have is that there's nothing to keep the price up. Once it goes up (it generally shoots up like a rocket), it does so, because of greedy-buying and media-mania. But, there should be enough force to keep it there "floating", but because there's still very little real use (too few transactions, low velocity etc.), it keeps collapsing due to volatility. I was contemplating whether volatility could eventually collapse the entire crypto market? If it really is like tulip-mania, then it will shoot up a few times after several dips, but it can't keep rising endlessly into infinity. Eventually there will be "too few fools" to buy in and push the price up and the short-sellers will have demolished all high peaks, so the later peeks will be lower and lower. And it could all end up as low as Dogecoin or even lower, sub-1 $ price. I see this as a possible scenario.
New Jersey Bureau of Securities Orders Cryptocurrency Firm Celsius to Halt the Offer and Sale of Unregistered Interest-Bearing Investments https://www.njoag.gov/new-jersey-bu...of-unregistered-interest-bearing-investments/
Crashing markets is one thing, crashing currencies is another. If the latter happens, cryptos will most likely rise.
Yeah it probably will rise again but it will most likely sell off first like everything else does to cover losses. That's what I'm expecting anyway.
SEC Chairman Gensler says "a lot of people are going to get hurt". https://www.marketwatch.com/story/a...rypto-exchanges-secs-gensler-says-11632243917
This latest sell off could be linked to Evergrande chinese investors. If it is it will likely rebound within a week anyhow.
Bitcoin will never likely see anything below $1000 again and the reason I am saying that is because it has made so many millionaires that they will roll the dice and buy it even if it looked like Bitcoin was going to become worthless . Just for the sake of saying they owned the last Bitcoins. There are likely less than 10 million actual bitcoins anyone can buy also, and more realistically more like less than 7 million. I think Bitcoin, or something like it will always exist because it gives anyone around the world potential to gain or lose large amounts of money. The cat is out of the bag now on that. Rather than roll the dice at the casino or stock market they roll it on digital money that no government can really touch.
Yes, I agree with you. This is a strong point. In fact, I also believe it is more likely to climb higher. (It has no backing, though, so potentially it's worthless, but it's an interesting system - ADOPTION rate is the key now). And, it could go to 1 million $ as one unit is not necessarily a unit of currency, since there are so few BTC out there. It can go 10-20x higher if wider adoption occurs. I can see this happening in Latin-American, African and Eastern European countries primarily. It seems like the crypto market is becoming more profitable to invest in than stocks, shares, bonds or forex. The potential for gaining tremendous. Even if you invest on a DCA basis, it can bring you 10-50 % gains on relatively short periods of time, even that is substantial. Now I am wondering: what will happen to gold and silver? This forum almost turned into a crypto forum. And I think previous gold bugs gradually shifted towards crypto. Or, they hold both. I believe ETH will have a tremendous rise now (see how low it goes), so perhaps it will be a better buy now than BTC. Due to the infrastructure, perhaps it could go even 100x higher.
I sold all my eth this morning. I still think the China contagion hasn't hit markets properly. I mean in May, eth bottomed at $2300, and I suspect there will be a sell off for leverage reasons. We'll see.
https://www.ft.com/content/31f7edf7-8e05-46e1-8b13-061532f8db5f China has expanded its crackdown on cryptocurrencies by declaring that all activities related to digital coins are “illegal”. The People’s Bank of China, the country’s central bank, specifically targeted overseas cryptocurrency exchanges on Friday, declaring that it was illegal for them to provide online services to residents in China. The move was an apparent bid to close a loophole that remained after the PBoC in May banned domestic financial institutions from providing cryptocurrency transaction services. In the months since, Chinese traders have continued to invest in cryptocurrency using foreign platforms. The PBoC said in its notice on Friday that all Chinese nationals working for overseas cryptocurrency exchanges would be “investigated according to the law”, as would organisations providing marketing, payment and technical support to them. The PBoC said it would work alongside the Ministry of Public Security and the internet regulator to clamp down on “those suspected of undermining the financial order”.
Seems to me the only one getting easily triggered here is you @dozerz ... try to remain calm if possible, you're shouting at a bit of news lol.
old news that gets rinsed and repeated every 3 months, try to keep up. i know its yearly in the picture but even you can do the maths.