Just goes to show you really can't predict what the market will do!!!
If I had listened to them I would have sold all of my crypto assets and got out in 2018 when they were saying that was the end of cryptocurrency.
The "bubble" had burst they claimed that cryptos were a scam and that was going to be the end of it all together. I personally didn't think that at all and instead of selling all my coins I bought I held them. I still haven't sold my coins yet I continue to buy. I am glad I made the decision to continue buying during the bear market. I personally feel that's the time to load up on crypto that has huge potential and stock up on them until the next bull market which I believe is right around the corner!!
Gold bug Peter Schiff has been the loudest about BTC and crypto saying that digital assets aren't actually money and that it will never be money. He also forgot his password for his wallet a few weeks ago and didn't write down his recovery phrase and was calling crypto a scam again a few weeks ago. He had taken some heat on Twitter from people that love BTC and crypto and told him it's not a scam it's irresponsibility on your part for not keeping that phrase somewhere safe in the case of forgetting your password!!
Very TRUE it is so so so so (yes 4 so's worth) important to write that phrase down!! Keep all your keys and phrases somewhere that you can find them again and that they will stay safe! You are your own bank and need to keep those safe as if your life savings was in there!! Who knows maybe someday the coins you buy will be that valuable!
I beg to differ with Peter about cryptos not being money. As more use cases become available and regulations line up in the crypto market they get closer to real money.
As more regulations get put on crypto they move away from being decentralized, but as the general public get interested and join the cryptoshere people push for regulations. They want regulations on wild price swings (volatility) and on criminal coins (scams).
I see both sides of the issue. More regulations stop scam coins from entering the market having an ICO making millions of dollars then disappearing. It also helps with wild price swings, I don't understand how you can stop price swings without limiting the amount of crypto you can buy and sell in a day and if they did that I think they would probably kill the crypto market.
The downside of regulations are KYC verifications so there's less anonymity and becomes more centralized as the government's add stipulations. For instance the US version of Binance is way different than the original. Trading pairs are very limited and the number of coins far fewer. I think there are only 13 different coins to buy or trade, and the trading pairs are limited to USD with debit or credit card and USDT!
Currently they are working on adding 20 more coins and trading pairs that will be ETH, BTC, LTC, and USD, USDT. It just takes time now because they have to be approved through the SEC before they can get added to the trading platform. The source of this information was on the Blog Binance.US
In the US we aren't just limited to using Binance there are other trading platforms available. As long as you don't need to withdraw over $10,000 you don't need to pass KYC verifications that would raise your withdraw limits. And if you would want to withdraw over $10,000 you are able to withdraw that amount every 24 hours so there are ways around it.
I am careful myself on which trading platforms I personally use. Always do your own research (DYOR).
Don't take anything I post as financial advice these are my own opinions. Coins that I have my eye on this year are listed below.
Helios heliosprotocol.io (Ticker HLS) This is an awesome project that is built on DAG technology, is lightning fast low transaction fees, every wallet has its own chain, the user is able to send as many transactions as he/she wishes at one time! It is designed to never be obsolete as it's built into the hardware of the computer that is running the nodes, infinitely scalable and will grow as the network grows! The technology is above my payscale but it solves a lot of issues that other blockchains suffer from. EOS, ETH, and so forth with bandwidth issues slowing dApps down as more people build on the chain.
Atom
Link
BAT
I tend to lean towards coins that solve issues with tying blockchains together so you can have cross chain transactions and that solve other issues such as privacy.
That is exactly what Brave with their browser that has ad blockers built in, you can tip your favorite blogger, vlogger, content creators with BAT with just a click of the mouse, it's 2x faster than Chrome and you can earn BAT for surfing the web and looking at a few ads an hour! That's why I chose the coins above as my picks for 2020!
I also believe that BTC is only going to rise as the halving comes in May. That will mean less available on the market and if people keep joining in on the cryptoshere the demand will continue to grow. It's simple economics. I have read stories where people think the opposite will occur as there will be less rewards so fewer miners and will cause issues and it will in value.
Just as I started this post you really can't predict what the market will do. We can watch moving averages and try to figure it out, and sometimes we get really close but other times I have lost a lot of money selling far too soon. But playing in the market is a lot of trial and error, it takes years of learning from your mistakes! I follow traders that have been playing in the crypto casino for years and even they still screw up from time to time!
You definitely have to have a strong stomach for trading crypto. Some people would rather stake, run nodes, or mine to get crypto. I have never tried mining I was going to try this year but a lot of people have told me that the cost to buy equipment and the cost of electricity doesn't make it worth it.
So I will stick with trading instead! Thanks for reading hope you enjoyed my thoughts of the day! What coins do you have your eye on?
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