Youtube crypto is a toxic space. Misleading titles, ridiculous predictions, unethical FOMO.
Promoting Web 3.0 while living from Web 2.0 google dollars. All fine, all legit - but nasty. The Bitcoin hype foremost is an orgy of greed.
Is it all bull on youtube? Nope. Today I watched a video of Alex Copenhagen. He explains how he lost 500K in crypto trading. It is good to watch vids like that, of people just being honest about it.
Trading is a bitch. Especially in a market that is rigged from A to Z. Crypto is such a market. It took me a long time to learn how to trade in crypto. I do not think a moment about fundamentals, the underlying technological innovation, the future of money and all that stuff. Also I don't look at macro bla bla when I trade. Just charts.
the real bitcoin
the real bitcoin
The pictures above tell more than a thousand good arguments. This is what happens all the time. Some big bitcoin owners agree to slaughter the price in minutes. A very typical pattern. Bitcoin breaks the 10K (or whatever FOMO trigger) and youtube is full with happy bitcoin videos telling you that you can make 10x or more. A lot of pseudo analysis: golden crosses, dead crosses, fibonacci's and so on. Crypto exchanges produced loads of amateur quant investors. Discovering candlesticks however does not put you on the same level as a trader at Goldman Sachs... The bottom line of the market is that it is manipulated. We build our trading strategy around this picture you see above here! If Bitcoin hits 10K our stoploss is in at 9.99K. 2.5% profit is 2.5% profit. Buy back the bottom if there is a bottom. In 2018 a lot of people declared bottoms when bitcoin was still in a free fall. Many went "hodling". Well - good for them. The truth about 2018 is that a lot of people just lost a lot of money.
Assuming bad intention and being very paranoid is a good thing in crypto trading. Especially if you are are a small fish swimming in an aquarium with very large sharks.
Don't listen to people on youtube declaring all kind of stuff and predicting the moon. They always disclaim what they say. Many know very well they are talking nonsense and many are not proficient traders themselves. They make video titles like: BITCOIN HALVING 40K. Why they do that? For your click & like, for some google ad dollars. The bigger they get, the more nonsense they broadcast. Especially in all these analysis why a thing happened that they did not predict. It was Xi, it was Trump, it was adoption and so on and so on. BS. Most is deliberate manipulation.
Just to finish this post: when somebody wants to tell you Bitcoin has a real value - stop listening. It hasn't. The value is what people assign to it at a specific time. If Bitcoin disappears tomorrow, the world will not change. Nobody will miss it. No economic process will be affected. Keep that in mind before you believe the stories that Bitcoin must be 100K at least. It can be - it can also dwarf down to less than 1K.
<br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : https://cryptmove.com/2020/02/20/fools-gold/ </em><hr/></center>