Decentralized but Shaken: Is Crypto Really That Free?

sbamsoneu (69) in hive-185836 • 29 days ago

Yesterday, I was surfing my phone as usual when I noticed on my Facebook feeds that people were complaining about how red the market was. I tried to brush it off, but curiosity mixed with fear won’t allow it to happen. I had to wait till evening, hopefully, the market must have recovered a bit by then.

Well, evening came—and so did heartbreak.

In the evening, I’d to summon courage to open my wallet, when I saw what’s left in my portfolio , hot tears almost came out. It was like watching my hard-earned money melt away, coin by coin. For a second I thought about the movie “how to get a way with murder”. I wanted to put that movie into practice on all the motivational speakers that encourage me to hodl”, “alt season is near,” or “buy the dip.” Or maybe higher @wakeupkitty assassin service to do a better job for me without any trace.

The first page I ran to was @mikitaly to check out if there was any reason for this rapid fall in price, unfortunately, she haven’t done any post related to it. In case you are new on Steemit, you can go to her page to get updated in crypto news.

Any way, after some digging, the news I got from some comments on binance was because of this trade wars going on between American and the whole world. Can you imagine, Of all the times to start a trade war, it’s now that I invested some money that Donald trump chose to start this his crazy tariffs policy. I even got some of his coin when I read that he supports cryptocurrency expecting it won’t go too low but it turns out, the coin keeps melting down like candle stick each passing day, I’d to sell it off.

At this point, crypto is starting to feel more like a gamble than a calculated investment because with the way the market was red yesterday, not even your technical analysis would have saved you except you are using a stop loss. But thankGod I stuck with spot trading. at least, the chances of getting my money back in months or years to come is there compared to those trading in “futures”. They must have fainted like 4 times yesterday.

But here’s what’s really puzzling me, hopefully someone out there can make me understand better.

We were told that crypto is a decentralized digital asset free from government regulation and control. Now that we’re having a trade war among countries, why is it affecting the price?

How truly independent is cryptocurrency??

Because at this point, no matter how much we keep claiming that the technology is free, it keeps dancing to the tune of global politics.

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29 days ago by sbamsoneu (69)

$0.47

3 votes

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wakeupkitty (76) · 28 days ago (edited)

Crypto is always a gamble and it has always been that way. The first lesson is: never invest what you cannot miss!

I could tell you that with Trump crypto wouldn't continue going up but would you have believed me?

More poverty is what will happen and for your information since Trumps inauguration the debts increased with $11 trillion! Let this sink. Trillion not million, not thousand.
The country is bankrupt since 2012 (like many other countries) and prints dollars without any gold and the petro dollar is no longer wanted since the US put a ban on Russia and the result is BRICS - all countries the US started wars with - and these are the countries who have what the US lacks.

Perhaps on long term you will make a profit and if that is the case you can sell. I would say in 7-10 years if you are lucky and the energy isn't switched off.

Is crypto decentralized? No way. If that would be the case the value of crypto and tokems wouldn't going up and down following BTC and the dollar wouldn't play any role.

Since most BTC is in the hands of the weatlthy (organisations/governments included) it says enough of how the value can be manipulated.

Am I a crypto expert? By far not but this all is the logical result since nothing syands on its own.
Do I panick? No. I simply don't check. What I jave remains in the wallets and who knows I check it one day.

I advise you to do the same and think on long term. I am not a short term investor who can earn at least a few dollars per day.

♥️🍀

$1.16

3 votes

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sbamsoneu (69) · 28 days ago

I know so many Nigerian crypto enthusiasts who would never accept it if you told them that crypto is similar to gambling.

Perhaps in the long term, you’ll make a profit—and if that’s the case, you can sell. I’d say in 7–10 years, if you’re lucky and the energy isn’t switched off.

Well, at this point, I’ll have to follow your footsteps and become a long-term holder. But waiting 7–10 years? I’ll probably be a great-grandfather by then!😂😂😂

I think it’s best I just delete my Binance app for now until I’m ready to face it again.

For someone who isn’t a crypto expert, you actually have a good understanding of how it works. In fact, your perspective is much more logical compared to how most crypto enthusiasts paint it—as if it’s a “stand-alone” token immune to everything else.

$1.02

2 votes

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wakeupkitty (76) · 27 days ago (edited)

If you look at the "cycle" of crypto (up, down, and the 5-10-year average line), you’ll understand why I say: 7-10 years.

How many days are there in your year? Or do you grow old very fast? It’s hard to believe you’ll be a great-grandfather by then.

I assume you can check Binance through the website? If so, get rid of that app and if it comes to gambling: I you pay in the hope of getting rich overnight, it's gambling. Same for many investments and the Ponzi scheme. It's gambling and a scam.

Nothing is a stand-alone; same for the fee. I remember as it all started, they said it was faster and cheaper than the average bank. Well, it's not.
The whole idea of crypto, the benefits is gone for years. You are registered everywhere, and transactions can be traced just like your wallet.