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RE: Steemit and Bitcoin don't care if you like them or not, Steemit and Bitcoin and decentralized so it doesn't matter what government or people say or do, people and governments come and go but Math and Technology stick around and so will cryptocurrency!
F.U.R.R.!!!
Great Inspirational Post, @ackza!
My son and I were talking about the negative impact of the China BTC ban,
and he has proposed selling off, keeping cash and buy back at the bottom.
I told him the Steem should be pretty much immune, so I am staying in it.
In my opinion if you already have bitcoin, don't sell and hope to buy back at the bottom because it is impossible to time the market. Smarter people than me have tried and failed so I stopped trying. Having said that, I did timed it (or rather, called it) perfectly this past Friday morning at $3000 but missed it "because I had to go to work". It was a hectic day at work so I didn't even check the prices. By the time I got home, it was back up at $3700. My wife said that "because I had to go to work" was an excuse, as I could have called in and said that I would be late while I buy the $3000 worth of bitcoin in the morning then get to work late. That one bitcoin would later turn into $3700 in the span of 8-10 hours. So there you go, Zach, even someone like me who works 8-10 hour days can't even use work as an excuse when I saw an opportunity like that. Of course the circumstances could have been the opposite and BTC could have dipped further to $2300 by the time I was off of work and I would have said "good thing I had to go to work otherwise I would've been down $700" (notice I didn't write "lost $700" because you only lose when you sell).
As always this is not financial advise and only trade and invest with money you can afford to lose.
you have to trade on your phone during bathroom breaks at work! You should be able to use bittrex pretty fast and for anyone who doesn't know, to trade Bitcoin to Dollars on Bittrex or poloniex you use the USDT and you sell your bitcoin for tether and tether is always set to $1. USDT Tether even has smartphone apps and can let u send money to ur bank account after a bunch of verification lol your better off selling the tether back for bitcoin to then cash out locally etc to stay out of any paperwork or using bitcoin ATM or just keep the bitcoins honestly! So what I mean is (and this gets very abstract and dealing with money in an intangible fashion) you can sell the bitcoins for tether to cash out and keep the US dollar amount of funds that you had in Bitcoin while bitcoin was up around $4500 or $4000 and then you wouldn't have bitcoin but Tether....and its traded on Poloniex and Bittrex...then u sell that for tether to buy Bitcoin, on that same screen where you sold the bitcoin to buy tether, u just go back when bitcoin is super cheap and so u end up getting to buy a lot more bitcoin while BTC is cheap, then now you would have made a lot more money of course this is all with hindsight
but if u ever want to sell your bitcoin for US dollars Digitally without having to use coinbase or a Bank or Cash you just sell the bitcoin for Tether on Bittrex or poloniex...its a way to stay safe from crypto loosing value because Tether is actually Backed up 1:1 with real dollars! see? they have a crazy banking auditing system that allows millions of dollars to be kept in the marketcap of tether and if they want more tether they have to have the dollars to back it up, and you can cash out your tether for dollars on the tether website linking it up to a bank account without any fees and they do have a little bit of an issue with keeping the exact price of a US dollar which is a phenomenon with trading etc i know they are backed up 1:1 and yet tether still can somehow loose value some say they created 20 million new tether out of thin air and maybe didnt get the US dollars to back them up (hah a crypto currency backed up by a fiat dollar thats just digitally created out of thin air LOL)
anyway tether is super interesting and i can see tether finding a BUNCH of crazy uses that people havent even realized yet maybe allowing tether to become bigger than just a tool for bitcoin users top park us dollar amounts....
Actually tether might be useful on its own since you can use it to send money back and forth as easy as a crypto currency but without any risk its just US dollars, most stable currency on earth, and you can get people to accept Tether as the digital dollar so that people can have more freedom and not have to use Venmo or paypal app to send and receive cash digitally because using tether you get to send US dollars online that can be sent to a Bitcoin exchange!!!!
@tytran and @ackza, things happen so fast in crypto that in a close and open of an eye things are turned around. Have you realized I mentioned you both in my latest post. When you have the chance, tell me your comments, thoughts. Here is is: https://steemit.com/steemit/@gold84/10-great-persons-adding-value-to-steemit . @gold84