A Bitcoin Selloff You Should Be Happy About

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Here’s why you shouldn’t be worried about the big selloff in crypto

A worker checks the fans on miners, at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada. Reuters/Christinne Muschi

  • The crypto market correction is just a bump in the road.
  • Crypto’s will come back.
  • There are promising crypto’s and junk crypto’s, make sure you distinguish between the two.

As the Satoshi Roundtable IV, a small gathering of some of the most influential and legendary figures in the crypto space, wraps up there’s one primary reflection I’d like to share with you: nobody who attended this event appeared in the slightest bit panicked about the recent crypto correction… and neither should you.

In all the discussions I was a part of, people simply referred to the recent market correction (from a market peak value of US$825 billion to as low as US$280 billion in the space of a month) as a matter of fact… as though it were an everyday occurrence.

This kind of blasé attitude is born from years of experience. Many of these guys were there right at the birth of today’s crypto market, working alongside the anonymous bitcoin creator Satoshi Nakamoto himself.

There were other attendees whose work and innovation actually laid the foundation upon which bitcoin itself was designed.

In other words, these guys have already seen it all. So a 60 percent-plus drop in the market is just another battle scar amongst many.

This ability of a collective of seasoned, hardened crypto pros to shrug off price volatility allowed for this conference to focus on what it does best – diving deep into the real meat of the crypto space… debates on privacy, scaling, development, exchanges, regulation, decentralisation, token securitisation… even an appearance and lengthy speech from U.S. Congressman Dr. Ron Paul.

Table of Contents

This too shall pass

I couldn’t help but draw a contrast with my wedding.

You see, I got married on a surprisingly hot afternoon in Hong Kong in late October 2008.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

A month earlier, Lehman Brothers had filed for Chapter 11 bankruptcy protection. The benchmark S&P 500 equity index was cratering below 900, down 30 percent in a matter of months. Financial markets were chaotic.

I recall a large number of guests speaking of little other than the stock market. There were more than a few senior investment bankers and traders in attendance. Most were glued to their Blackberries. Others just hit the bar… hard.

The only people there who seemed immune to the panic were the older guys who’d been around the block a few times already. Guys like my father Peter, for example, who’d worked through the dotcom bubble, the Russia debt default, the Asian Financial Crisis, the Japan bubble and Black Monday, amongst others.

They say that one human-year is equivalent to seven dog-years. It’s a similar ratio for human-to-crypto years.

In the nine years since bitcoin was born, there have been nine major corrections (two of them being over 90 percent!).

That’s why the kind of people who gather for the Satoshi Roundtable are so laid-back about the market. A correction is just par for the course. The important thing is that nothing has fundamentally changed with regard to the long-term future of the crypto space.

In the same way that people like my father knew that even a crisis wasn’t the “end of equities”, so too do the crypto veterans know that this correction is just another bump in the road that will ultimately pass.

Positions

The second major reflection I have after the past couple of days is this: 2020 will be about quality. By that I mean the market is going to bifurcate between cryptos that exhibit real promise, and the garbage (which constitutes the majority of the market).

If This Article Was Beneficial In Any Way feel free to Subscribe to Our Blog! (It’s Free)

If you are looking for an exchange to join, we would certainly appreciate it if you used our referral links to join.

Happy Trading! If you’re just here to learn that’s great too!

To register for Binance use the link below. My referrals link are here and I would appreciate it, if you used them!

Binance

If Binance Is Still Closed to New Member Registration, You Can Get Access and Register Now Here

Bloomberg

We’ve detected unusual activity from your computer network

To continue, please click the box below to let us know you’re not a robot.

Why did this happen?

Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.

Need Help?

For inquiries related to this message please contact our support team and provide the reference ID below.

Bitcoin’s bad week is getting worse as selloff deepens

Bitcoin’s rough week looks set to end on a sour note. The virtual currency fell 4.2% to $8,936.50 at 6:53 a.m. in New York Friday, after earlier losing as much as 10%.

Bitcoin has slumped more than 20% this week amid increased regulatory scrutiny in the US and Japan, an attempted theft at one of the biggest trading venues, and news that the bankruptcy trustee for Mt. Gox has started selling the now-defunct exchange’s holdings to repay creditors.

“The screen is flashing red today and people are getting fearful,” said Caleb Yap, co-founder of Singapore Bitcoin Club.

“Weak hands are definitely wanting to sell. If Mt. Gox can dump $400 million of Bitcoin just like that and there’s still billions left, the fear is when is the big drop coming.”

Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago.

Kobayashi is studying further sales of the $1.8 billion remaining.

Signs of growing regulatory scrutiny have added to investor jitters. On Thursday, Japan’s Financial Services Agency ordered two exchanges to halt operations for a month and penalized four others.

That announcement came just hours after a warning from the US Securities and Exchange Commission that many online trading platforms should register with the agency.

Around the same time, Binance, one of the world’s biggest crypto exchanges, said it had been the target of a “large-scale phishing and stealing attempt.”

While it said “all funds are safe,” Binance noted that it was unable to reverse some trades from accounts targeted by the hackers.

“These are all growing pains,” said SJ Oh, a Hong Kong-based trader at Octagon Strategy Ltd. “And while hurtful today, the fact that regulators are cracking down will be good for the long run.”

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Like this post? Please share to your friends:
How To Do Binary Options Trading?
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: