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RE: Bitcoin and cryptocurrencies tank, why?
Because:
- decentralization of exchanges (and at times of other currencies where decentralization matters, such as STEEM) being not even a consideration.
- wallet freezes at all exchanges
- higher fees than in fiat
- scammers, pumpers and pushers
- inflation rates that exceed fiat at times, or conversely, expensive or slow transactions
- the occasional 51% attack
- Digital currencies are fiat money too, and they usually lack even the paper or coins that simplify life
- Much harder to use than sovereign currencies and harder even than using the internet to manage a bank account and trading.
And there are more reasons that I forgot to mention or still need to know add more here, to why the entire digital currency market is rather overvalued.
Keep on shorting... It will make the impending rally that much more explosive.
I never shorted it and never had it.
I reasoned their downside.
Then why are you here, on a cryptocurrency blog?
Because I am interested and because I try to earn cryptocurrencies.
I have a little STEEM and Byteball and Manna (I regret to have registered to Manna. Is it even "a cryptocurrency"?), I referred mainly to Bitcoin.
Trevon James' words, that he makes cryptocurrencies and sells them and does not buy them are on my mind.
Buying and selling cryptocurrencies is a huge problem compared to trading stocks or bonds.
It is slower, more expensive and more dangerous.
I treat the making of them as a game, and in reality am unable to sell and I am unable to buy, unless I will agree to pay high fees in order to trade slower at a higher risk, and it seems as a bad deal for me.
Today I have less faith in Bitcoin and in STEEM than I had in the past, and these are among the most reliable available.
I have the most faith in Byteball.
It is the only one that I wish for its success and believe that it is possible.
I also wish that it had competition in terms of quality, and that there were decentralized exchanges that I could use.
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