Bitcoin and the World of Crypto are Dodging Bullets from All Sides.
Over the last few weeks the FUD that has been thrown at Bitcoin has been intensifying. It seems every day some new attack against our community shows up out of nowhere. Yet the the market cap of the Crypto Currency space bounces right back.
Some of the Bitcoin and Crypto Currency FUD.
- Segwit battle continues.
- BCC (Bitcoin Cash) on the 1st of August.
- SEC ruling on DAO and ICO's.
- Parity hack of Ethereum tokens.
- Veritaseum hack of Ethereum tokens.
- Coinbase and Poloniex issues.
- BTCe goes offline and possible money laundering charges.
- Bitcoin declared dead a few more times.
- Crypto Currency bubble warnings.
The Bitcoin Obituaries Song.
Now as my readers know I have taken a pretty conservative approach to my risks. It has been almost 8 weeks since I took 50% out of the markets. You might say, "@Hilarski if you believe so much in Crypto Currency and Bitcoin why are you taking some cash off the table?" I believe in being prudent.
Back in December and January there was a sense within the community that a move up was coming but we did not know how big it was going to be. So when I was up almost 500% it was time to reap the rewards. My high risk move paid off big. Thanks to Steem, Bitcoin, SWT, Stratis, PIVX, DGB and a few others I was able to make some very good trades.
Fast Forward to Today and the FUD is Deafening but I Do My Best to Tune it Out.
I have made so many mistakes trading the Crypto Currency markets because I traded based on some FUD. Yesterday was a perfect example when I would have retreated in the past. The SEC, BTCe and Bitcoin Cash FUD might have caused me to tuck tail and run. Today I am sitting back and have peace of mind.
If Bitcoin drops back to $1300 it would be a healthy pullback but I am not budging. We are part of a much bigger revolution than merely the valuation of the Crypto Currencies we trade. I believe if we let the Fake News media and governments decide what our future is going to be, then we have failed.
I know many of you are in Crypto Currency for the profits but there are some of us who got involved because we think we can change the world for the better.
If You Believe We Can Change the World With This Technology Then I Knight Thee, "Knights of the Blockchain".
Fear Causes Us To Make Stupid Decisions.
Everyday you will be bombarded with FUD. It is up to you control your emotions. It takes time to develop but once you do the possibilities in life will be endless.
Taking profits at the right time is what smart investors do, you made the right decision of taking 50% out and continue with the remaining because you believe that 50% will grow much more bigger.
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Love it.
Thanks for sharing :)
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I still think bitcoin will skyrocket at the end of this year
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I feel like from now on, if bitcoin ever goes below 1800 people are just gonna jump on the occasion to buy some... FUD won't matter at those kind of prices... it's still bitcoin
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Hope everything will be green soon!
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Tweeted
https://twitter.com/RandyHilarski/status/890244816361140224
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Disclaimer: I am just a bot trying to be helpful.
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I love the Bitcoin Obituaries list set to music! Every time I hear the mainstream say, "Bitcoin Is Dead!" It makes me want to run out and buy more BTC. Bitcoin and Crypto's in general are resilient communities! :-)
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Do you think Bitcoin will drop to 1300$? That means almost 50%. I saw in last 3-4 hours the fluctuation was very big, about 150$.
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It is win win for all of us. For the guys on the sidelines waiting to get in...not so good.
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Block Chain is dope Lets see how long it takes our owners to tighten the noose. More freedom in the USA never happen. This is a prison camp with will participants. Panama surf should be good! ALoha!
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You can't triple stamp a double stamp!! I remember you saying you were going to 'cash out' some of your crypto, seems like you timed it pretty damn well, nice work.
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So many things outside but BTC is a strong coin and the perfect word to see that is resilience as you said, after august 1 you will see all in green
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Excellent post once again @hilarski The two points that stuck out to me most were #6 (Coinbase and Poloniex issues) and #8 (Bitcoin declared dead a few more times). Unfortunately, coinbase is currently the most popular online crypto wallet and continues to have the same issues over and over again. A solution that I may offer to all steemians is switch over to Gemini. I have been using gemini for the past few months and have not come across any issues so far (knock on wood). They have a very user-friendly interface and their fees are significantly lower than Coinbase's. In addition, when you purchase Bitcoin or Ethereum you get the coins instantly! If anyone is interested in switching over here is their website: https://gemini.com/
Now to touch on the "Bitcoin is dead" FUD. Bitcoin is going through some complications right now; however, everything runs into complications once in a while. I personally think Bitcoin will find the appropriate solutions to these complications and isn't going anywhere but to the moon in the near future. Thanks for sharing this great post, stay positive and keep on Steemin!
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There is a say: "What doesn't kill you makes you stronger", if bitcoin survives the segwit (I think it will), it will make its value go really really high. Bitcoin was the first one to start this cryptocurrency revolution and it is going to last, but like anything else in life we do have to have some backup plans just in case.
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Yep, I totally agree - find it HIGHLY unlikely that after 9 or so years Bitcoin will simply dwindle away. It's going through a rough period of uncertainty, but it's only temporary. I was watching a Cliff High video where he said (I think this was from him) that if you haven't lived through at least one bitcoin price drop than you aren't a bitcoin investor!
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@hilarski very good points and love your perspective. I agree and I have to say the majority of people I know involved with crypto are here to help change the World and not just in it for the money, which at the end of the day to me is always reassuring.
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Isn't it beautiful? More profits from trades. This is like Christmas!
Even though i feel bad for people who bought on hype and then BTC dropped again.
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I'm in it for the money, but would like to see a real change happen. The way I figure it, what's the true difference between physical currency and digital anymore? not much. I don't even carry cash but rarely and for certain organizations that are stuck in the last century.
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Noises will always be there. As humans, hard to withstand all the emotions when the noises get to us. But i suppose the SEC ruling on ICOs kind of strengthen the value Bitcoin and other cryptocurrencies which are already in the market.
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The whole Bitcoin Cash split is absolutely fascinating to me. A lot of folks are getting scared and worked up over it, but I think it's cool. Just the fact that a currency exists that can be safely split into two when users and interested parties disagree about its future...that's amazing! It truly is decentralized money. And I think that those who are wringing their hands about the hard fork, what they really value is stability, even if it's a false stability, even if it requires greater consolidation and centralization. That's not what crypto is about.
Things are just starting to get interesting.
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Hold your Bitcoins.
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Some nervous days ahead my friend, hopefully everything will be fine. Thanks
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good optimism, crypto will grow at steady pace, i'm here now, will be here too next decade, with profit of course :D
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Very informative...
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As someone who began mining and only recently started to have some extra money available to invest in crypto this year your post is reassuring and helpful. All my best efforts at the moment are spent trying to wade through the FUD articles, avoid common pitfalls, sift through jargon and spend time reading background info on ideologies and developers of crypto to be sure I am supporting the "correct" coins.
I believe your post pretty much sums up the trading boom and successive depression we all experienced this summer period. Newbies like myself who get involved are good for the system, but only if we can stick it out and keep our heads screwed on. I fear that many newcomers are only seeing dollar signs and the deeper into the rabbit hole they dive, the more likely they are to give up the ghost and climb back out. One of the biggest off-putting aspects when I was learning more and more about blockchain and various cryptocurrency was the toxicity levels and excessive trolling in certain communities. This compounded the effects of the already mind-boggling FUD malarky and has given me some serious headaches over the past few months... But at the end of the day I believe you are correct - realise profits if you have to, by all means cash out if there is a negative impact on your financials, but ultimately we are investing in a progressive future society and without the power of the people, none of these new innovations would have been possible.
Thank you for your breakdown, and hope you have a nice day!
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Well said, Randy!
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Like the saying goes "all publicity is good publicity" - let it keep rolling in, puts BTC on the mind.
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Thank you for yet another terrific blog post, Mr. Hilarski. I've always wanted to go to Panama. Living there, do you have any sites you would recommend visitors check out? Restaurants?
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@hilarski,
I could agree with most of your points and yeah BTC drama is fed up all BTC lovers at the moment. Anyway whatever happens I'm believing on BTC, coz it never made me loss and yeah XVG, XRP, XLM, LTC, XMR never made me loss too.
RED & GREEN is the nature of those coins, so whatever happens I myself believes on GREEN :D Coz, it never made me loss!
Cheers~
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I've been thinking along similar lines Randy, I'm also a bit nervous to leave a good amount of money in crypto but I'm sticking to my guns. I heard this investment strategy from someone (might have been @jeffberwick) who said to buy on the dips...and never sell. The issue with selling is although it seems "safer" at the time, and I do believe you'll definitely protect yourself from short term loss...you'll also miss out on the gains as well when the market rebounds.
That said, the "ideal" strategy is to sell before things go down, then wait til you see the market recovering and buy back in. For me that's too tricky though, I don't think I'll be able to time the market perfectly to capture the full power of the rebound. As far as me, I'm committed to the gutwrenching adventure of leaving my money in crypto, even if I do lose 40% short term that's just the name of the game :o
PS - Fro your bio, looks like I'm also passionate about the same things you are and a digital nomad myself.. what made you choose Panama of all places?
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The pace seems to accelerate, there is an important thing that will come soon on Ethereum too https://github.com/ethereum/EIPs/pull/669, an interesting analysis from @kybarnet. It is really an exciting period also with new forthcoming contenders.
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Pretty much says it all :]]]
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We are strong and nothing can stop us now!
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Thanks for this important information. We live in interesting times.
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Nice post @hilarski, I am very interested if you discuss about Bitcoin, and I hope everything will become better in the future. the continued success for you sir @hilarski
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Lots of things still to be won ;)
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I wish more people thought like you. So many seam to be over invested with money they can't afford to lose and with all the speculation and volitility if people are too emotional there is a lot of money to lose in the coming months.
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When you have a month in this, you read a lot and you let yourself be influenced by the news and the experts, but you must believe in what you do and do it with conviction that you can change the paradigms and sometimes to risk what we can lose because even losing is won. ;)
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We can only really learn from experience, we have to make lots of mistakes, feel the pain and the gain and profit from both. However it's very foolish not to learn from those who have more experience.
Learn the cycles, the trends and tendencies, market psychology and techniques of finding the right entry as well as exit points. Don't swing all in and all out. Avoid both elation and depression. Be a practical idealist.
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great post :)
I guess many of us are here for the long term and believe in blockchain tech and therefore contributing to cryptos resilience ;)
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Great post crypto is gonna hold on .im excited more also about steem its price is surely going to uptick
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Despite the fact the market has been going down it is nothing like last week with the constant drop of price.
Hopefully this resilience continues despite the panic and uncertainty as after the August the 1st the prices will most like start booming and the markets will go green.
Just be patient and hold haha
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crypto is emotional game,Informative post thanks for sharing @hilarski
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Thanks for a great post. I try not to listen to the FUD as you tend to get burnt. I think Bitcoin will continue its upward trend after August.
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Excellent recap. Bitcoin . Use it. Live it. Love it. Fast. Cheap. Borderless. Bail out free. Bail in free. ben shalom bernanke free. janet yellen free. golman sachs free. anonymous. voluntary. government free. comex manipulation free. violence free. decentralized. inflation free. eternally capped at 21,000,000. uncounterfeitable. no storage or security overhead. It is perfect in every way.
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It just the beginning. Cryptos it's a great social experiment with an amazing potential.
I just buy more and wait to see :)
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This post has been ranked within the top 80 most undervalued posts in the second half of Jul 26. We estimate that this post is undervalued by $13.62 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 26 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Knights of the Blockchain, I like that.
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Bitcoin is the honeybadger XD
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Everyday there's something new made to create FUD. You listed 9 that happened recently.
I just don't care anymore ( Just like the jim carrey meme). If people surrender and do what the market tells them to do, only bad things will happen.
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