So the markets seem to be down a little today, in case people haven't noticed. Bitcoin fell below the scary 30K barrier, but the world is yet to end. By some reports, Eth supposedly fell due to one of the founders, Anthony Di Iorio, "getting out of crypto forever" because he feared for his security.
This has nothing to do with the security of his money apparently, but his physical security and he has had a security team with him since 2017. Wouldn't most billionaires have a security detail? This seems to have nothing to do with crypto and I would suspect that once he cashes out, he won't be firing the security team now that he is "safe" in fiat. Though, perhaps the governments will leave him alone.
Security is an interesting concept in regards to finance and of course, people want to feel that their wealth is safe, but how safe is it in the hands of governments anyway? Especially once they start just printing more and more of it to cover their own debts with no regards to those who are already holding it. They don't care about driving inflation up so that people lose purchasing power, whilst simultaneously not getting increases in wages or financial opportunity to counteract the change.
I have always found it interesting how unfriendly governments are with crypto when they could effectively welcome it and release some of the burden off of themselves to provide and potentially, attract a lot of new wealth to with their borders to be spent. Instead, they drive it away - because the cost to them for legitimizing and accepting it is a loss of some control over their people as only allowing their own currency means having everyone who is forced to use it by the short and curlies.
Though, I have also been seeing a few reports talking about how Bitcoin mining isn't "that bad for the environment" after all, because it is possible to move the mining to where there is not only cheap, but also clean and renewable energy. Who knew!!
Oh. Everyone.
Now that China made the move to ban it, you watch as countries like the US look to ramp it up within their own borders and once they do, they will look to shift the narrative to drive the value up again. to levels that make their mining and what they are accumulating through the FUD highly lucrative.
It is shaping up to be an interesting end to the year and start to 2022 perhaps, with the 100K on BTC looking pretty good perhaps from here. One of the benefits of the mining volume increasing in the US is that a lot of the investment companies will be greenlit to push some of their customer funds into crypto to back it, driving the volume and values up rapidly. It doesn't take much to move the value on the markets and there is plenty out there looking for a new home, as the stock markets are cooked and the real estate markets bubbled.
They really need the next something for their customers to finance and I get the feeling that the narrative on Bitcoin is soon going to be changing, allowing them to whitewash their self-derived FUD of the past and build a compelling story that will get the average person FOMO'ing in, to lift the wealth of those who got in earlier, the ones who wrote the story in the first place.
It is going to be interesting to see how quickly they are going to try and shift the narrative, as more and more small countries will start to adopt Bitcoin locally to compete with the US Dollar. They don't want that to happen to the dollar, and they also don't want to lose even more control over those countries when Bitcoin rises in value either. Perhaps they thought they had more time to play with and underestimated how fast things were going to move forward.
Of course, this is all speculation on the future, because, what can be said about the future without it being speculative? It is all an unknown, but as they say, the best way to predict the future is to create it. That is what is happening now in crypto, even though a lot of people even inside are still on the fence as to whether it is going to survive at all. Right now, a lot of different people are trying to create the future for crypto, but ultimately, it will be up to us as consumers to decide what gets supported going forward and what gets lost in history.
The real challenge facing a better future isn't a government or company, it is an ignorant and lazy consumer who chooses security and convenience over ownership and responsibility. It is a very large hurdle to overcome.
Taraz
[ Gen1: Hive ]
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Maybe it’s all a shadow government conspiracy 😆
I really, really feel that last paragraph.
Satoshi is the president ;P
GASP :O
I felt kind of sad seeing Hive drop below $0.30, I was hoping .30 would be the new bottom, now I hope it does not go back below $0.20. At least I have a few post this time for the lower price rewards.
Seems strange that the US Stock Marked had a very off day, and bitcoin had a very off day also, it would seem the two are now somewhat tied together.
Bitcoin has been moving with the stockmarkets for a while now, so it is to be expected. One of the reasons is the ease of trading now, as people are able to chase far more quickly than earlier.
Hive will be okay, but let's see if it can hold 20 :)
I just saw a headline that bitcoin and the stock market have moved up. I don't think we will see Hive below 20 for some time to come.
Well said. It really is just a matter of time before the government of the United States moves to produce it's own coin and muscle in. Once they do, crypto currencies will skyrocket. Governments like to be in control so for now they trash talk it until they can get their money in and find a way to get a piece of ours through taxation or some other form of a cut for Uncle Sam. Then all of a sudden, the environmental impact issue will be solved. Maybe that's what will help trigger real commitment to renewable energy. Who knows. All I know is, I am holding not folding. Shoot look what's happened to Elon Musk and Tesla, if they sold today , they may just break even. Look back at what 64,000 plus bitcoin were worth back when it hit it's all time high, over 62k.
Yep, it's still a wild ride.
It is all falling into place. Combined with the move to electric vehicles (no one seems to mind what they consume) there will be a whole global economy around renewable energy.
I think their average buy price is something like 15K or something. They also sold 10% up in the 60s.
Smart move. We did 5% @60k. Covered all bets. Now we coast.
I should have done a bit more. I did some though, which is better than last time :D
This falling down couldn't make me worry, I have my cryptocurrencies in my wallet and never think to exchange them.
But, how do you get the crypto into your wallet? Price matters when buying also :)
I haven't bought any crypto after the bear markets.
Best at these times is to buy and hodl.
You are spot on as ownership and responsibility is avoided by most and we see it every day.
Wish I could buy some at the moment. The stroke came at an inopportune trading time.
There will be other opportunities in the future and for now you just have to ride this one out methinks.
Probably have to sit it out unfortunately. Shame.
We gotta know when to hold them... It was a literal bloodbath Monday, but, they had great bargain basement sales today.
I look forward to the US ramping it up here, we are so behind the times.
I can only sit and watch for now. What else can we do? 😏
I don't have anything to buy with either at the moment. Would have, but the stroke has upset the incomes heavily. Pity.
The government will not be friendly to crypto until they can exclusively control it... and control people through their access to their money. As for me I prefer hard assets that are not digital. Metals land supplies etc.
They will of course try to control it and take advantage, but it will be interesting to see if it will be possible. crypto is highly mobile and the boundaries are very porous.
Can't blame people though, most I know would opt for the former. I understand people don't want to change the current system because albeit its flaws, it has largely worked. Problem is of course when it inevitably crashes
It works for some, but I think people are realizing that it is working for less and less each crash.
You nailed it by saying it is all about power. It isn't that they don't believe in it or see the potential. They just don't want to lose the power they have over people. I look forward to the day when there is hardly any FUD. Lot's of haters won't know what to do with themselves at that point...
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I reckon it will be integrated slowly in around the place and at some point, those not paying attention will ask, "when did I start using crypto?"
That is a very strong possibility! Some people are likely already using Blockchain and don't realize it.