What Are You Most Afraid Of In The World Of Cryptocurrencies?
In the past I've written about my story onhow I got started with Bitcoin and in that story I shared the incident of my email account being hacked and the losses thereafter.
Ofcourse it was decade ago and my losses weren't directly cryptocurrency related but it was scary nonetheless. The possibility that this can reoccur exists. But ofcourse, we can secure our email and trading accounts to higher levels of security today than it was possible 10 years ago!
In the past couple of years however, my investments in cryptocurrencies have grown tremendously. I'm sure it's the same with any other crypto investor in this space owing to constant upward trending market in the year behind us. I'm constantly looking for interesting new projects to invest in in addition to increase my stake on Steemit.
Sometimes I worry about government policies because I live in a country where the government can take a radical step without consulting the masses at any given point in time. It's not as bad as in other countries but our closed economy and banking system is worrisome-atleast for me.
Recent government crackdown on cryptocurrencies have fuelled FUD across the globe. You see panic selling noobs every single day. But that's commonplace in market of high-risk and high-yield.
I've observed the market long enough to understand that these situations are dynamic. Markets are constantly evolving to the changes in policies. Government policies changes by the week and the issues of today are nothing compared to the issues of the future.
In the past cryptocurrencies have faced several hurdles and have overcome them to reach current valuations. No market sustains an upward trend without a regular period of consolidation/correction. It's only natural. But these times brings out our deepest fears. Price volatility aside what worries you about investing in the cryptocurrency market?
- Are you heavily invested in cryptocurrencies?
- What are you major concerns as a user/investor?
- Are you worried of hacks, exchanges disappearing overnight, ban on bitcoin or cryptocurrency trading or any other?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- My Past Year On Steemit—Quick Recap of 2017!
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Let's Talk—Why Are You Not Buying and Powering Up Steem?
Thanks for this post @firepower, glad to know there are a lot of us worried about losing our cryptos!
I worry about how to get it out without our government trying to "tax" half of the money. It's all good and well to have this amazing portfolio of cryptos but to actually be able to use it is still a bit of a mystery to me.
I do have a wonderful friend @sebastianjago who has been guiding me, so between his advice and steem bloggers like you I am learning LOTS!! :)
I'm most afraid that cryptos will be completely banned. Not only from a economical perspective but also in the sense of which direction the world is going. It would mean a more decentralized and controlled future for all of us in every aspect of society.
I try to raise awareness about cryptos and trading. Hope I can provide some value to you guys. Just posted an update on different coins and present price paths etc.
IMPORTANT Coin Updates (BTC, ADA, BTS, EMC2, ETC, GNT, SBD, STEEM, XVG)
https://steemit.com/bitcoin/@benkalashnikov/important-coin-updates-btc-ada-bts-emc2-etc-gnt-sbd-steem-xvg
I think same about it
many countries will soon start to issue their own cryptocurrency. blockchain is the future
In my opinion, there is nothing to be afraid of! This world we live in is not a static thing... It is dynamic! And always changing! This crypto madness is the change! Money is changing! And this is the future! SO I can congratulate you all who are in the future now, while a lot of people with their disbelief are still stagnating in the past...
Fear is fake, it is built by humans themselves. If you fear something, you will stop you from progress.
For an example. You are in a dangerous situation where you should quickly step one step to your right... And it's a matter of life or death.
In fear, you would be unable to move!
In fear, everything stops and you fail to operate.
If you keep yourself cool and mindful at all times, even if such a scenario plays out... You would be able to make that one step to the right and keep on living! :)
Have a great day everyone!
Are you heavily invested in cryptocurrencies?
Yea, 90% on my investments are in various coins.
What are you major concerns as a user/investor?
My major concern is a governmental crackdown that makes transactions to fiat illegal across the globe.
Are you worried of hacks, exchanges disappearing overnight, ban on bitcoin or cryptocurrency trading or any other?
I'm not worried about exchanges getting hacked because I hold 95% of my crypto in my hardware wallets, but I do fear bans. I would rather it not be relegated to strictly black markets, but I think the public backlash would be too great for the government to try it.
Wouldn't be surprised if they banned it tbh, they wouldn't be able to enforce it though really. Would they take millions of people to court? lol Might arrest the bigger holders to make a statement but there would be riots in the street I think.
I’m worried that I’ll do something stupid with my private keys.
That’s about it.
Yes, many governments will play hardball. But they will lose.
There’s a reason that governments fear distributed ledger technology.
That´s easy: dishonesty. I´m afraid, that most of the devs and crypto CEOs are fraud, who believe so much into their own BS, that they even forget that they are fraud. This is what my nightmares are made of. :D
I guess the real threat to the people nowadays is being with a cryptocurrency with no real life value, some crytpos and ICO's are just like high school science projects with no substance backing it up ... good that we are in Steemit at least we have Steem, one cryptocurrency that we can count on for life. :)
Hey @arnel,
The price of bitcoin is now around 11200Usd and i want to invest in one of the crypto currencies. So please tell me which coin is best
@aneesulhassen Obviously Steem. With SMT's on the horizon we are sure to get to top 10 market cap. I only know to use blocktrades to get steem. Would prefer to buy with usd
Can't you purchase steem right here
Not from esteem, I only know how to get it via blocktrades
I am looking to invest long term with Stellar Lumens... I think it has long term value and the management behind it have also great credentials. If Ripple is for banks and big corporations, Stellar is for those who like decentralized money transfer transactions. The tech behind it is the same with Ripple but it is more for the people not just for the moneyed.
1:Are you heavily invested in cryptocurrencies?
My answers no but what i invested its mean alot to me...
2:What are you major concerns as a user/investor?
My issue is exactly the same as yours
Are you worried of hacks, exchanges disappearing overnight, ban on bitcoin or cryptocurrency trading or any other?
A little bit specially worry about steem always thinking today about if the steem down and goes 1$ :(
Steem might go down, but it’s a solid crypto filling an actual usecase. It’ll go back up to higher highs :)
Scared Is it going to the end of crypto...?
Bitcoin's plunged on Tuesday falling to $10,300 ::: the lowest value the currency has seen in 2018
Not only Steem or Bitcoin Today All the majority of the cryptocurrencies going down and down and still down..
China already banned trade of crypto..
Russia has a similar idea.
South Korea has triggered a panic sell off of the digital currencies.
what is next ?
I’m holding tight. I’ll either ride this ship to the ocean floor or blast off to the moon!
Me too. Stocking up on the good coins.
Yes heavily invested, but no worries about fiat, it's about to die anyway. There's always the local bitcoins idea and gold and silver. Best things is bitUSD on BitShares, now if I would sell sooner and buy later... :D
i am courious how tokenpay will do when it hits the exchanges. probabely more than very well. they will have their own bank and payment card
I'd need to get into that info to answer with any credibility...
At some point there was an article posted which had a headline saying "It's not the cryptocurrencies booming, it's fiat in freefall". In corrections like this one I sometimes think that in the future one btc satoshi could be an equivalent of 1 cent (just an arbitrary number, pick whatever you like). In a way it helps you switch your mind from thinking about fiat as the main form of exchange and you start seeing things from a very different angle.
Well, I wouldn't say freefall because had I left my EOS in bitUSD instead of BTS I would've been able to buy BTS @ $0.33-$0.22...
I work full time in cryptos, so yes I am heavily invested time wise. My biggest fear is for sure the failure of cryptos due to governments trying to crack down on them, even though I do not think that could happen!
Blockchain is a solid technology. The government will snatch it as long as it competes with its sole power, which is the power to issue currencies.
That's why I like STEEM. It is not competing with the governments but just filling a gap on social media, creating a model that benefits everyone instead of the big names like FB GOOG.