Why I switched to crypto after 10 years on Forex

[MasterOfCoin]

The point you make (quoted) is clear enough, but isn't the value of cryptro' offset by the abillity to create a new digital currency at the press of a button at any time?

Well, @timsk you ask the right questions.

What Bitcoin did, or rather solved, was the problem of how you transfer/exchange value (coins or parts thereof) without a bank or 3rd party involved. It did not address, or even attempt to, the added value that could be implemented by adapting the technology in specific ways. This is what other currencies have done.

Yes, any Tom, Dick or MasterOfCoin could (and do) create new cryptocurrencies. But whether they subsequently have any value or not is a reflection of their usefulness and widespread adoption.

Thus, new currencies that facilitate something useful or solve existing problems will do well and gain value.

And if they don't, then no one will use them and they die.

But much as the introduction of a speedboat has little impact on global shipping, new specialist coins generally have little impact on already established coins with large numbers of users.

 

[MasterOfCoin]

They just banned bitcoin trading in UK last week

They've done no such thing.

Admittedly, they'd like to, but they haven't yet.

 

[0FXTrader0]

FT:

Crypto derivatives for retail investors banned by UK regulator​

Underlying assets have ‘no reliable basis for valuation’, says FCA

 

[MasterOfCoin]

FT:

Crypto derivatives for retail investors banned by UK regulator​

Underlying assets have ‘no reliable basis for valuation’, says FCA

Indeed.

... derivatives.

Banning a not-crypto conventional product category is not the same thing as banning bitcoin trading. Not at all.

 

[Pat494]

My advice is to buy gold necklaces and bracelets.
If you are so pushed that you ned to buy food for gold you can easily snip off a link or two.
What ya think ?
Is waterworld just down the road a bit ? Without the water.
If
Hell's Angels are getting to be in charge then honest people are in a load of trouble.
The do-gooders mean well BUT they are upsetting the system in HA's favour.
That Taiwanese fishing captain that had a shootout with Somali pirates and won. should get a medal not a jail sentence imho

 

[MasterOfCoin]

Is waterworld just down the road a bit ?

WaterWorld's a few decades off, so we probably won't live to see it.

Climate change consequences are as devastating as they are slow.

(Just ask the Romans. Oh, no. wait, you can't. They didn't see it coming.)

I'm actually rather glad about that, in a way, as I wouldn't like to be around when the several billion people who live in coastal cities need to relocate to much scarcer and already occupied higher ground.

Really can't see that happening peacefully and amicably

Or did I somehow miss the huge humanitarian airlifts to relocate refugees from recent conflicts and welcome them with new jobs, homes and citizens rights???? .... No, I thought not.

 

[MasterOfCoin]

That Taiwanese fishing captain that had a shootout with Somali pirates and won. should get a medal not a jail sentence imho

Chinese Captain, Taiwanese boat. But anyhow..

Oooooooh, poor defenceless swimmers desperately trying to stay afloat. Sob, sob, sob, so cruel and callous to shoot them.


Those being the same folks who minutes earlier had been shooting at the fishermen, intent on pillage.

If you'd rescued them from drowning they'd have as soon thrown you overboard to the sharks as thank you.

Bleeding hearts be dammed.

Waste of good bullets tho. A bucket of chum would've been cheaper.



Back to cryptocoins ...........

 

[WalletInvestor]

I would also be interested in what platform you use and what coins do you think are good. I've never looked into crypto funds, but I'm really interested in cryptocurrencies, I have never invested but I'm considering it.

What bothers me a bit is - even though the way the blockchain works does add a lot of security - I'm not sure what is becoming of the crypto world. I'm thinking about DeFi right now - so many new tokens are emerging, some are obviously scams but some really blow up in price. At first glance, I saw lots of potential, but on second thought it feels like a bubble. We are going further and further from the original concept and value of the technology. What do you think?

I wonder if sticking to bigger coins and maybe putting some smaller amounts in tokens is a good strategy. (Although bigger doesn't always mean better - Tether, for example, is one that I'm cautious about.)

 

[MasterOfCoin]

I wonder if sticking to bigger coins and maybe putting some smaller amounts in tokens is a good strategy. (

No wonder required.

Simply apply the 'acid' tests:

Ignoring all other aspects of a particular coin, ask;

What goods and services can be bought directly with the coins ?
How widely accepted are they?
How many wallets have been created for these coins?
How quickly do transactions get confirmed by the network?
Does the value of the coins fluctuate wildly by the hour?

The answers to these few simple questions will tell you if a currency is worth bothering with.

 

[p0box4]

I recently noticed that the Forex trading market is insanely regulated

Really?

Forex is shit regulated compared to stocks or futures.

 

[WalletInvestor]

No wonder required.

Simply apply the 'acid' tests:

Ignoring all other aspects of a particular coin, ask;

What goods and services can be bought directly with the coins ?
How widely accepted are they?
How many wallets have been created for these coins?
How quickly do transactions get confirmed by the network?
Does the value of the coins fluctuate wildly by the hour?

The answers to these few simple questions will tell you if a currency is worth bothering with.

Thanks for the list, I appreciate it

 

[Pat494]

I read a report that PayPal are going to include a section where crypto can be bought and sold.
This will put their coins offered on the mainstream map and easily available to all. These coin prices should rocket northwards.

 

[MasterOfCoin]

I read a report that PayPal are going to include a section where crypto can be bought and sold.
This will put their coins offered on the mainstream map and easily available to all. These coin prices should rocket northwards.

You read correctly.

See my post here: https://www.trade2win.com/threads/cryptocurrencies-being-embraced-by-paypal.238721/
for a little more detail on PayPal's plans.

And yes, coin prices went up ^ 😁

 

[Henow1969]

I am in both crypto and Forex but a lot of risks is involved in both fields but also very gain too.

 

[sharabela]

You are right on the note that Crypto trading offers some advantages than currency trading. However, Forex traders may find a bit difference in crypto trading as far as their currency strategies are concerned. Some of my Forex day trading strategies do not seem to work at all with crypto market. Nevertheless, overall crypto trading is good.

 

[DT5]

I think I'd have done both myself...

 

[HeavLeighGill]

You raised some good points, I definitely think that the popularity of cryptocurrency is only going to increase as we move toward the future. Personally, I still think that Forex trading is a lucrative investment and I dabble in both. It’s true that brokers can charge a lot but if you open an account through a brokerage that offers more competitive fees then it’s still possible to pocket a good profit.

 

[Leon212]

I agree I prefer Crypto trading to Forex

 

[hatemypips]

Crypto is easier to trade especially when there is high volatility like today. Easy gain are available that's why it is extremely attractive even newbie investors can make money in this crazy market with little skill

 

[colinlewis]

Do you find it is generally easier to spot trends on crypto ?

surely not.