BITCOIN: Overdrive!

lighteye (71)in #money • 7 years ago (edited)

[Текст на српском] Hyperinflatory spiral of fiat currencies gets into overdrive against Bitcoin. We entered the stage when the price of this cryptocurrency is growing at the rate of $1000 per day! And it will not stop there!

The reasons we described in the preceding text when Bitcoin went over a large psychological limit of $10,000 became apparent. It is no longer possible to conceal the decline in value of the fraudulent paper currencies printed without any restraint. The Central Bank of Japan announced a rise of interest rates in 2018, which could result in a chain reaction that could lead to the collapse of bonds and stock market bubbles. In this case, we can expect a global inflation shock, whose first victims will be states with weak economies and large debts. Then people in those countries will try to save their value through massive purchase of cryptocurrencies, which will again raise their price.

About the importance of education

That's why it's so important to repeat a warning: before you start buying, you must learn at least two important things:

How to distinguish decent decentralized cryptocurrencies based on blockchain technology, from fraudulent centralized ones, which some countries have already announced
How to be disciplined in keeping the keys of your wallet, and do not hold your cryptocurrency at someone else's server.

About the importance of cryptocurrency education, in the previous text we have put a cite of Max Keiser, and the similar advice is given by Erik Voorhees:

For anyone who is newly interested in Bitcoin, instead of going and blindly buying it, go instead and learn. Watch a couple docs. Read a book or 20 articles. The price is fun, but what really matters is why it exists at all, and the consequences to society now that it does.

— Erik Voorhees

So far it has been known that only three governments have seriously dealt with learning about the social consequences of decentralized cryptocurrencies — these are the governments of Japan, Australia and Canada. Despite learning, Canada is still trying to introduce a centralized national cryptocurrency. Venezuela and Russia have announced they went into the same dead end.

At the same time, countries that do not want to learn, went into quite fun mistakes: South Korea has suddenly decided to ban Bitcoin futures and the Initial Coin Offerings (ICO). Of course, this did not prevent the citizens of this Asian nation from being the most aggressive buyers of decentralized cryptocurrencies at the western exchanges.

It is even funnier the idea of the European Union to compell all cryptocurrency traders to disclose their identities and report any suspicious activity that they may discover in virtual currency trading. All these funny moves lead to the practical abolition of intermediaries, centralized exchange offices that served in the transitional period, and towards the ultimate use of decentralized crypts in a natural way — in a direct exchange of values between people.

But who needs the European Union anyway?