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Are you still in the green? Still making money with the current crash? If you are…show me your ways master
Bitcoin is functionally a Ponzi scheme and is on the precipice of collapse. If you took your time to dive into the actual underpinnings, it just becomes very clear that what is actually going on is cultlike behavior with no real understanding of the asset or the economic implications for the model that it is proposing. In my view, bitcoin will ultimately end up going to zero someday and I think we might be in the final stages right now. You’d rather trade bitcoin on the spot market than what I see many “gamblers” on this platform purport to be engaging in which requires quite a substantial amount for long term investment that most of you clearly lack. @Azor Ahai might sound like the black sheep amongst you but I’m quite certain he is a better trader that most of you would ever be.
I am green bruh. But I am not making money with the current crash because I don’t short. My equity curve is largely flat. I’m up only 5% in the last 6 months.
Kaza mshipi sasa babaaa…its gonna be a rocky ride.
Hakuna kukaza mshipi juu siko kwa soko.
Bitcoin? I have been investing in something else for a long time. Recently I decided that I need to transfer my cryptocurrency project to the Elrond blockchain and I can say that https://bhero.com/blog/how-to-invest-in-cryptocurrency-complete-guide they did a great job with it. I haven’t regretted my decision yet and I don’t think I will regret it.
Watu wa hodling…
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Bitcoin is not like a Ponzi scheme. Learn how financial markets work before jumping into conclusions. Almost all stocks fell in unison in May and Bitcoin followed suit. Why? Because Bitcoin is traded by the same people who trade stocks including institutional investors.
If you know nothing about market movements and bought Bitcoin coz of the hype then that’s gambling…
Are you really sure you want to go down this road with me?
The question is why? Bitcoin prices were never supposed to move like stocks prices. That was one of the major reasons for its creation post the 2008 market crash. Go and familiarize yourself with its white paper first before telling me that I’m jumping into conclusions.
Bitcoin to me is still structured like a Ponzi scheme with no real utility and it will not exist in the near future although its underlying technology is here to stay.
You ask why it fell. The answer is in my initial response. Bitcoin is now traded by the same people who trade stocks and a lot of the trading is carried out by the same algorithms that trade stocks. Look up algorithmic trading.
The argument that Bitcoin has no real utility is null coz the money that you have say 1K is just a piece of paper. But people believe it has value so it has value. Even gold is just a piece of metal but people believe that it has value so it becomes valuable.
Unadai ni Ponzi scheme but Bitcoin has real utility nowadays. You can buy goods and services using Bitcoin… Bitcoin initially gained a lot of popularity because it was preferred by people trading in the Dark Web, especially Silk Road.
Unasema umesoma White Paper… Did you skip the part where it talks about the halving event?? That deflationary event is what causes Bitcoin to jump in value every few years. So ukisema structured like a Ponzi scheme it makes no sense…
Of course I know all this information including algo trading which is very present even here in the 254 and my initial message should have given you signs of that fact. Why do you think I’d recommend SPOT TRADING OF BITCOIN??
You might not have grasped the context of my question. So let me put it to you this way;
Bitcoin’s advocates tout it as an inflation hedge but the jury remains out on that question. In practice, it has been heavily correlated to the stock market, if a lot more volatile, going up more on good days and down more on bad ones. Remember, this is the same asset class that was born of the Great Financial Crisis and the beginnings of an erosion of trust in Wall Street and monetary authorities. Crypto is the ultimate risk asset, so it’s the first to fall when shit goes south in as much as those digital currencies had been promoted in some quarters as a “hedge against inflation” meaning they would hold or increase in value as inflation went up.It hasn’t worked out that way.Bitcoin is simply not an inflation hedge.
The first block of the bitcoin blockchain encodes mention of a news story about bank bailouts. Hence my question, how did we get to a point where your so called “digital currency” that was supposed to be a antidote to central-bank bubbles, switch roles and actually become a symptom of the same problem it tried to resolve?
Do you even realize that 90 percent of the money invested in bitcoin is spent on derivatives like ‘perpetual’ swaps. Most of these are traded on unregulated exchanges from which customers borrow to make bets even bigger which is why no one even knows how much leverage is in the crypto markets. That’s why I see it behaving more like a meme stock than an established asset class and also as a ‘jihadist call’ against the dollar. What a crazy concept this is that we as a generation embrace so many bright, young, talented people to come up with a replacement for the reserve currency which has maintained the world’s economic stability!
You talk about its so called “utility” huh? Well, in my opinion Bitcoin and other cryptocurrencies have no income or utility, so there’s just no way to arrive at a fundamental value and calling it digital gold is just but a joke in itself. Bitcoin could disappear one day, but gold won’t. Furthermore in the case of bitcoin, the term “currency” is something of a misnomer. Essentially, nothing is priced in bitcoin if you think about it. While Starbucks might offer customers the option of buying their coffee with bitcoin, no one actually chooses to do so.
The question of illicit transactions and money-laundering does still hang heavy over bitcoin, referenced often by financial authorities as a cause for concern. Some estimates show that 40 percent of bitcoin’s real-world transactions are still criminal in nature ohhh and don’t forget the first killer app was black-market bazaar Silk Road which you sighted in your argument.
Angalia country kama El Salvador where Similar questions and uncertainty swirl around its decision to adopt bitcoin as legal tender. I would broadly describe what’s going on with that fucked up country as them trying to make money-laundering the national business and is at risk of becoming a narco state.
You just have to understand that Bitcoin in itself is just a big scheme and so intellectually wrong. People buy it thinking that the next guy will come along and subjectively value it higher. That looks and has all the signs of a Ponzi scheme.
So nikikuuliza, what’s the purpose of bitcoin? To take away the Central banks ama?I kind of like to have the central banks run by Ph.D.’s who went to work for the government being the people deciding fiscal policy more than a bunch of kids. Remember all the world’s currencies are backed by the full faith of the Respective nations. Does your bitcoin have an army?
Same concepts underpinning normal currency apply for cryptocurrency. Last time I checked Zimbabwe had an army
Tombwaaaa badala uchangie kumaliza mtu unatetea ndume shenzi
Hey, thanks for sharing your insights. It’s definitely a rollercoaster ride in the crypto world right now. Reminds me of a time when I was monitoring miner profitability during a market dip. It was tempting to panic sell, but instead, I took a step back and reevaluated my strategy. Just like you mentioned, buying and holding isn’t always foolproof. Sometimes, it’s about adapting and being open to different approaches. Understanding market dynamics and being flexible can make all the difference.