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RE: Rough Sunday Night Action in Crypto Prices. Red Candles.
I just loaded up some fiat cause it can take time to get to my exchange due to unfavorable government policy and dumb checks I didn't agree to.
Atleast fiat doesn't drop in value like this normally. It makes me wonder when people say crypto is safer. Um ok not an ideal time to be making that argument. BTC is still above my average buy point. It will rise again, then i will sell it all for an altcoin, then I will buy more when it lowers again.
Maybe I will get 1000 or 2000 more steem. I want to get 18k because it sounds fun in Korean.
Who says that? :)
People who think central government manipulation of fiat currency as part of their policy makes fiat currency inherently more dangerous.
Crypto is more volatile and the lack of centralized control presents both strengths and weaknesses.
First of all, generalizing all cryptocurrencies as Crypto when describing them and comparing them to fiat is wrong. Just being a cryptocurrency or blockchain-based, or decentralized doesn't mean much and doesn't mean they all share the same attributes.
On the other hand, comparing bitcoin to fiat has valid arguments with regards to bitcoin being a better store of value. BTC can also be called safer for certain situations like nobody can easily take away your assets/wealth. Other than that I don't think safer/dangerous comparison applies.
You are definitely right that they aren't all equal. Generalizing them all is a problem as the outright scams and stable coins are way too different, nevermind varying degrees of centralized control. The only thing they should have in common is a distributed ledger...then there are the privacy coins which anonymize those. In fact a crypto just implies cryptography, so is distributed ledger even necessary?
Stable coins are a good example of crypto that isn't volitile. Baskets of stable coins (ie. Libra) may be more stable than fiat.
So I think it is best just to stick with BTC and maybe a basket of the top 10~30 by market cap....let's call that a crypto etf.
BTC cannot be taken away, but it also cannot be given back when it is gone. Could you imagine the pressure if a country lost 100000 btc to oblivion because of a mistake or virus? They can easily reissue fiat. Also most people will give up BTC or at the very least take it to the grave when threatened with violence. So it can be easily erased against your will.
Interesting implications. The reason it hasn't been an issue yet is because it's value compared to the overall economily is low. With mass adoption these problems may present themselves. Nuke the hardware wallets and the crypto private keys are gone forever making yours that much more vauable.
Crypto is 100% safe and secure if you ever lost thats your own choice, do not allow people to tell you that if you invest a penny or $1000 you get $10,000 in a week time crypto mining does not generate so fast so be careful who you trust and who you could do business with so many people out there are fake miners on social medials mostly facebook.