Don’t Worry – Be Happy!
Bitcoin enthusiasts call it FUD, the spreading of Fear, Uncertainty and Doubt. And there is no doubt that the establishment: the central bankers, governments, and stockbrokers who find themselves unable to list what really is an asset, but cannot legally be listed as one, want to spread as much FUD as possible about Bitcoin and cryptocurrencies in general.
And yet, in the end their false news always gets exposed eventually. In the past week, just as Bitcoin was beginning too rally, a story was released and widely publicised about South Korean exchanges all being banned by their government, and this was accompanied by a story of South Korea trying to get a worldwide ban initiated.
Very shortly afterwards, Bitcoin value dropped to about half of where it was a few weeks ago. It had already been at a low ebb, but fake news piling on top of fake new didn’t help matters. And it’s still hovering at around $12,000. Bitcoin and other cryptos appear to be in the doldrums right now.
And yet, today, Korean Fair Trade Commission Chairman Kim Sang-Joo has released a statement saying that:
“We do not have the authority to close virtual currency exchanges…It is a clear reality that there is no proper legal provision related to it.”
Then, after a fake John McAfee tweet caused a ‘pump and dump’ of the Genesis Vision token, GVT, Buzzfeed News said:
“In the wild world of cryptocurrency trading that’s largely untouched by regulation, the spread of fake news and unsubstantiated rumors is becoming common practice among bad actors looking to prey on novices. It’s the perfect environment in which to proliferate misinformation; it’s mercurial, confusing, and full of uneducated, overeager traders hoping to strike it rich.”
And that’s the trouble really. A lot of people in the cryptocurrency space are newcomers, keen to make money, but without the experience to recognise fake news when they read about it or see it on YouTube, or even on mainstream news, which for the most part is under government control.
It’s good to help your friends, yes? Before reading the rest of his article, consider, when you’ve finished reading it, sharing it to your social media platform.
But everyone knows that the doldrums always go away and the wind picks up again. Well, maybe not everyone knows it, but everyone should.
According to FT.com:
Coinbase, one of the largest exchanges, said on Wednesday that its traffic was at an “all-time high”, resulting in “slower performance” for users. Gemini, another large exchange, suffered intermittent outages on Wednesday and Thursday as it dealt with an “enormous influx of traffic”.
So, if you hear about trouble in the cryptocurrency space, think twice. How much of it is true? How much is manipulation? How much is the vain hope of central banks trying to destroy cryptocurrencies being translated into stories that are at best confabulation, with the slightest seed of truth.
A Big Lie with a Small Truth:
It is always better, you know, to tell a big lie with a tiny truth at the core of the lie. Governments have always known this, and have used the fact to control the population, mainly through fear. You want a war? Claim that a certain state actor gassed his own people and your government has to go in there to save them. So, yes, they were gassed, but who did the gassing? Could it have been the government who wanted the war? Fake news is exactly like what we call ‘false flag;’ events. Governments can use fake news to push for sudden onerous regulation.
Funding Terrorism. Spreading Fear:
Bitcoin is funding terrorists, right? Well actually, mostly wrong! The dollar is the currency used most often to fund terrorists. And you can do that anonymously with a suitcase full of used $50 bills. But if you have thousands of Bitcoin to buy a bomb with, how are you going to convert that into cash? Exchanges demand identification. If you are a terrorist going under a false name and address, you just won’t get validated. And if you give your real details, you are identifiable, which is the last thing terrorists want. Soon afterwards you’ll either have a swat team at your door or a weaponised drone heading your way.
So no, Bitcoin does not fund terrorism.
Peer to Peer Trading:
But suppose you go peer-to-peer? You meet someone on a park bench and do a trade. Well, in the USA, they’ve locked people up for that in sting operations. It doesn’t matter if you are just a trader trying to sell some Bitcoin to buy that car you need. You could be dealing with Homeland Security, or the IRS, and not Mr Trader, the anonymous builder from Connecticut. So you end up in prison for unregulated trading. It doesn’t even matter if you’ve ever converted your Bitcoin to fiat.
The USA in particular has become the enemy of Bitcoin traders. And you can bet that every successful sting operation gets wide publicity on CNN and CNBC.
Fortunately, although the USA might think they rule the world, they don’t, and there are plenty of countries where cryptocurrency trading is unregulated and likely to remain unregulated for years, or partially regulated and conducive to cryptocurrency trading. It’s short-sighted not to be, because whether existing banks and authorities like it or not, cryptocurrency is taking over the world.
The Doldrums are Ending. Put up a Flag!
Wait and see, and you don’t have to wait long. the wind is picking up again. Trading platforms are getting themselves sorted out, hiring developers and other staff at an unprecedented rate. They know, you see, that cryptocurrency traders don’t like their traders being held in a backlog for hours or even days, whether they want to buy out sell.
Plus, the number of hedge funds that invest in cryptocurrencies rose from 55 at the end of August to 169 by this week, according to research firm Autonomous NEXT.
Even the establishment is going against the establishment when it comes to Bitcoin.
Profit from Delay:
But don’t delay actually buying. Of course with Bitcoin, since it is primarily and currently a store of value, waiting for an order to process does not matter so much. You could put in a buy order now at $12,000 and it could take two days to go through. By the time it goes through you could have already made a few thousand per Bitcoin. Waiting for the price to rise again before you buy is plainly not very clever. The perfect buying opportunity for anything is when it has lost value, but will rise again, not when it has reached a peak!
And that is the storm, the storm that is coming. A storm of buy orders that the platforms are getting ready for. Because like it or not, Central Bankers, every knock makes Bitcoin stronger, and Bitcoin is coming… it is coming to destroy your power and your global dominance.
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Disclaimer: My articles are my opinions, and not to be taken as financial advice. I’m not a financial advisor. If you invest what you can’t afford to lose, and you lose, you’ve lost what you couldn’t afford to lose, and then you are in an unenviable position.