Today's Crypto News
Welcome to today's Crypto News where I cover the mainstream media's coverage of crypto. The good, the bad, the FOMO, the FUD.
((((DISCLAIMER)))) THIS IS NOT MEANT AS INVESTMENT ADVICE.
Bitcoin Falling Because Twitter Sucks
There are pretty much daily Bitcoin is doomed articles now. Today it's because Twitter is banning ads, like Facebook and Google. I predict it survives just fine. Yes it's below 8000, like I have said many times before here I bought Bitcoin when it was 500 so it's all relative. If you sell at a loss because of news like this crypto probably isn't for you. Crypto will survive the ad bans.
One day price swing
Image source: fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/charts/2018/03/1522088876_Untitled.png
Litecoin is Down
Image source: fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2018/03/26/105090175-GettyImages-902602874.530x298.jpg?v=1522092543
It seems Litepay the payment processer is ceasing operations. There is vague statement that funding from Litecoin foundation was halted after a Reddit "Ask Me Anything" session raised questions about how funds were being used. The drama never stops in the crypto world. I am going to buy some Litecoin in the next little while because I still like it.
12 month Litecoin performance
Image source: fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/charts/2018/03/1522095099_ltc.JPG
https://www.cnbc.com/2018/03/26/cryptocurrency-litecoin-falls-after-processor-litepay-closes.html
Bitcoin, Ethereum, and Litecoin are the Coins Millenials Prefer.
Apparently Ripple didn't even make the list. It is a small survey, the difference between Millenials, GenX (me), and Boomers was about what I expected. Be nice to see more old people buying them because they have the most money, young people are poorest demographic. At least young people aren't all investing in shitcoins.
Major Investment in South Korean Crypto Exchanges
Image source: upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/800px-Flag_of_South_Korea.svg.png
Not too long ago all the stories were about South Korea banning crypto, now it's hot market again? This story is about all the mega conglomerates investing in crypto exchanges. I watch everything that happens in Korea, crypto has a huge base there, and the stories of it's demise in Korea a few months back were very premature.
Student's Using Loan Money to Buy Crypto
Got to say I think this is a bad idea. When you get kicked out for not paying tuition and have to pay back the loan, and your coin flopped, you are going to be in trouble. One in five students may be doing this. Better to spend the next 15 years paying back the loan on your worthless Philosophy degree. Wait no that sucks too. This isn't financial advice or career advice, hell I don't know.
https://www.fastcompany.com/40549479/students-are-using-their-loan-money-to-buy-cryptocurrency-study
Your Daily FOMO
Verge. I don't own any but it's performing pretty well, in a sea of sinking alt coins anyway. You own any Verge? Let me know in the comments.
Image source: s3.amazonaws.com/main-newsbtc-images/2018/03/27035944/xvgchart2.jpg
https://www.newsbtc.com/2018/03/27/asian-cryptocurrency-trading-roundup-top-altcoin-verge/
Study Finds it is Better to be a Miner than a Speculator
This is kind of interesting they studied mining altcoins vs investing in them. It's less risky to mine they determined after studying 18 different altcoins.
https://www.eurekalert.org/pub_releases/2018-03/uoc--oce032618.php
15 Arguments Against Taxing Crypto Trades
Image source: venturebeat.com/wp-content/uploads/2018/03/crypto-trading.jpg?fit=578%2C360&strip=all
Great points in this one. Everyone wants us to pay the man because of all the bitcoin millionaires in the media, the people who lose money though never get mentioned, they just get caught in the same net. If I run a business the expenses and the profits are easy to calculate, with crypto it's way way more work.
Calculating any money made on Steemit is borderline impossible. I make so many conversions and buy votes every day calculating profits is impossible. I buy steem with coins like litecoin that are always rising and falling, it's so hard to keep track of. This article makes many good points.
Decentralized exchanges are coming, and by their nature they won't be reporting to the IRS. Good luck stopping that. I talked to the H and R Block people and they don't fully understand it, bringing in a printout of my wallets will just confuse them more. If you made a bunch of money on a coin and used it to buy another coin which tanked you could owe far more than you have. I really like this article and agree with it. I think this is more like gambling than investing, and in Canada there are no taxes on gambling wins.....
https://venturebeat.com/2018/03/25/15-arguments-against-taxing-cryptocurrency-trades/
Thanks for reading, I love upvotes even 1 cent ones
I think we're done with the inevitable FUD dip from Twitter's ban and it can only be good news if investors have less chance of being scammed by new coins - long term, it's positive news for the industry and for all existing investors.
Here's how this ban has affected prices compared to similar ad bans in the past few months.
If we can avoid another of these it's got to be good:
I own Verge, but I'm still down 60%....of all the coins I own, Tron is by far the best, all the rest suck by comparison. Funny how there are all these Tron bashers yet out of the 8 coins I've owned for the past 4 months it's the only one I don't have huge losses in. It has always been the best performer. I got into crypto in December and it's a huge regret. I sold a stock that went onto have a huge run up in order to buy crypto, big mistake, I'll need all my coins to break ATHs just to break even.
I am still thinking of getting Tron, good luck man
thanks, you too, it's really ugly these days
For future viewers: price of bitcoin at the moment of posting is 7955.80USD
Thanks for crypto news. Valuable post. I like your post.
This post has received a 18.84 % upvote from @boomerang.
Great Job Buddy
This post has received a 7.24 % upvote from @booster thanks to: @viraldrome.