WTF Is Going On With My Money?
I try to stay away from the volatility issue because: duh, it’s crypto, but also because I’m waiting for short term capital gains to expire and I’m not that close on most of my stuff. But obviously days like last three are hard to ignore. Here’s what I think the compounding issues are:
Too many people buying altcoins they didn’t understand (and in many cases, were well aware that they may be pyramid schemes), were shocked when the bottom fell out of their random token.
South Korean exchanges really fucked up by allowing anonymous accounts, many of which were probably operated by Chinese nationals who started trading there when China banned domestic exchange accounts.
New “China” FUD (Fear, Uncertainty, and Doubt) regarding a total ban for Chinese nationals to trade on global exchanges.
Several European regulators made public statements regarding ambiguous regulation.
The 2018 GOP tax reform closed the 1031 “Like Kind Exchange” loophole some people interpreted as a way to trade alt coins, tax free. (THANKS, TRUMP.)
Whales (i.e. RICH TRADERS) decided to dump to squeeze out the weak hands.
BitConnect, a straight up ponzi scheme that was operating an exchange, got shut down by the feds and $2B+ (yes, billion) was wiped off the charts in a few hours.
This is where I reiterate that one should not buy into projects they don’t think they can hold for 2-5 years.
In the meantime...
“Idiots Making Cryptocurrency Vids - ITS TIME TO STOP”
Doug Polk is one of my new favorite crypto YouTubers. Sound crypto advice with hilarious delivery.
Great viewpoint by Stellar co-founder Joyce Kim.
She doesn’t pump the upside of the XLM token and gracefully avoids the media hype machine.
Andreas M. Antonopoulos in November of last year addressing the rising issue of ponzi schemes in crypto and his philosophy on investor empowerment by NOT bailing out financial systems.