🎩🤔 I've contemplated #Bitcoin over the years. Whether i want to own it, ignore it and or ride the 🌊 wave while it's here through the futures market. I've heard what friends have had to say, financial intellectuals and yes of course, Michael Saylor.
My conclusion?
I am not convinced. Not convinced that it is a good thing for us and that it is safe and private and something worth holding over the long period. I've looked at how things have been dealt with throughout the years and i am very suspicious. It smells like we are being setup. The government is slowly creeping in and taking control on things and I don't like where things are going.
From the article:
Also in 2018, Bill Harris, the former CEO of Intuit and PayPal, wrote a detailed critique of Bitcoin for Vox, under the headline: “Bitcoin is the greatest scam in history.”
Harris elaborates:
“In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. In a pump-and-dump game, promoters ‘pump’ up the price of a security creating a speculative frenzy, then ‘dump’ some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.”
In July 2019, NYU Professor and economist Nouriel Roubini launched a scathing analysis of Bitcoin. In a Bloomberg interview, Roubini said this:
“Crypto currencies are not even currencies. They’re a joke…The price of Bitcoin has fallen in a week by how much – 30 percent. It goes up 20 percent one day, collapses the next. It is not a means of payment, nobody, not even this blockchain conference, accepts Bitcoin for paying for conference fees cause you can do only five transactions per second with Bitcoin. With the Visa system you can do 25,000 transactions per second…Crypto’s nonsense. It’s a failure. Nobody’s using it for any transactions. It’s trading one sh*tcoin for another sh*tcoin. That’s the entire trading or currency in the space where’s there’s price manipulation, spoofing, wash trading, pump and dumping, frontrunning. It’s just a big criminal scam and nothing else.”
🎩 Last night I read this 📰 article and I think it makes some great points.
🎩🔎 #Bitcoin - price reacted off the daily demand 🟢 zone and barely made a new high. This move up is very weak and now we have price turning back down. Watch for a 🚫 break of daily demand.