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My final word on Bitcoin and friends.

Wednesday, January 17, 2018

"January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 25 percent, as the prospect of regulatory crackdowns appeared to spread..."

This story continues at the end of this blog.

AK says...

The key is to understand that Bitcoin is for trading.

Bitcoin is not an investment.

People can invest in Blockchain technology but with Bitcoin, it is really a trading game.

There are FOREX traders.

There are no FOREX investors.

Since Bitcoin is a virtual currency, people can be Bitcoin traders.

There are no Bitcoin investors.

People who call themselves Bitcoin investors are really Bitcoin speculators.

When people tell me that they invest in Bitcoin, I get the impression that they are either confused or they are out to confuse other people.

If we understand that Bitcoin is for trading and we cannot invest in it, we should remind ourselves that:

"The trading market is occupied by very large players who are just waiting for newbies to come in and throw their money away by trading aimlessly."

Know what we are doing.

Have a plan and a viable plan at that.

"While the largest digital coin was down 25 percent, it was still at the lowest level since early December, according to composite pricing on Bloomberg.

"Rival cryptocurrencies also tumbled. Ripple sank as much as 40 percent and Ethereum dropped 26 percent."

Read the full story here:
Crypto-currencies resume slide as Bitcoin tumbles.

Related post:
I should have invested in Bitcoin.


AK71 said...

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a US$46 billion (S$61.4 billion) rout and extending this year's bitcoin slump to more than 50 per cent.


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