So far we have a great year in crypto. Trading, staking, Defi: crazy things keep happening and it is fun to be in the space.
I have a lot of different crypto assets and what they have in common is that all is held extremely short term. Days rather than weeks and weeks rather than months. I am very optimistic about crypto - but keep in mind it can be slaughtered in just minutes. Not by the evil whales, but by government.
I compare the space we enjoy now with an open window. Some official will come one day and order that window closed. I was listening to an interview with Jim Rogers. He is not just a very nice personality but makes a lot of sense. In this interview (by Simon Dixon) he warns against calling anything special and reminds how the Bank of England outlawed all money besides it's own money...
That is a very likely scenario and the question is rather WHEN than IF this will happen. The reason the window is still open is just because authorities are lagging. They can afford to do so, because despite the hype around crypto currency it is nowhere near of playing a significant role in the financial system or taking away business from that system. It's the mouse threathening the Elephant.
Already there is a blanket of regulation and control over crypto. The AML/KYC circus has come to town. Most of the around 250 billion marketcap is in centralized hands. The space cried for adoption in 2018 and that is exactly what it got. It goes with regulation. How many crypto owners own crypto under their own keys?
What breeze the open window offers? Most of all: speed in everything. Projects come and go, pumps and dumps are playing out in hourly frames. Surfing volatility! The dynamics offer the opportunity. To be able 24/7 to go in seconds between assets. I never understood all these bitcoin price predictions. First of all bitcoin is not the most interesting asset to trade and second: whatever price it will have, when you keep trading it with discipline that will not affect you. Winning 6 out of 10 trades is good enough. Trading crypto is not rocket science - it can be learned.
I think crypto is great but it can die. In a silly freak accident. Or the the Elephant decides to have enough of the mouse in the room. Splash! There is no law or necessity that crypto survives. Most likely (but also that is speculation) the bankster cartel will define it's own centralised crypto and will force states to have currency reforms and put all monetary transactions in the world in a ledger that they control and offers them more precise tools to do what they already do on a day to day basis: manipulating markets and destroying real economy by derivatives.
But the fact that everybody dies should not prevent people from living! So far crypto space is very rewarding for those in it and no reason to shut the window for yourself. That looks like suicide out of fear.
I have a floating fuzzy strategy without any commitments and that is subject to overnight changes. Just keep the tools in place to act within minutes. True: of some projects I hope they will grow and be with us for a long time. I could mention lots of arguments why this is likely. But that does not make me a fortune teller and for sure I am not an inside trader.
just having fun in space! <br /><center><hr/><em>Posted from my blog with <a href='https://wordpress.org/plugins/steempress/'>SteemPress</a> : https://cryptmove.com/2020/07/12/cryptomism/ </em><hr/></center>