There are signs in the UK and elsewhere that we will go into recession this year. Today in the UK growth figures were released for the first quarter of the year and they are worse than expected.
The economies of the UK, USA, and elsewhere haven't recovered since the financial crash of 2008. They have been kept afloat while bankers fleece what is left before the economy crashes. They won't be "bailed out" again.
Banks have kept our economies afloat by printing worthless paper and calling it fancy names like "quantative easing". Then that money has been lent to lenders at historically low rates. At the same time as this the interest rate has been at zero so it makes no sense to save. The outcome is a booming stock market. But it's about to go POP!!
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IT'S A PONZI SCHEME!
This has to be the time for crypto to take advantage of the recession and other factors to move forward. As the stock market implodes and the value of our native currencies fall, the safest place for wealth has to be in cryptocurrency!
I'm quite sure that the huge rise and volatility we saw over Christmas and then the subsequent drop was engineered by speculators trying to make crypto currency look too risky. We all know there has been a concerted effort over the last 9 months and definately excelerated recently to cause FUD. The advertising bans and the scams are all part of an agenda to stop crypto reaching the masses. But the inevitable will happen.
Twitter at one time were allowing the scammers to advertise unchallenged on their platform. I reported them on a couple of occasions and became frozen myself.
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I think their efforts have had limitted effect. Crypto is now climbing at a more sustainable rate. Trading volumes are going up. In my view. is all it takes is for the person to use crypto once and they will be hooked, like most people can identify with. I tell my friends and others that if they set up an Etherium wallet, i will send them their first crypto.
The cracks are beginning to show in fiat economies. Toys are us closed its doors last month and poundland are going under now. Growth figures are low and i would think the BoE will not now raise interest rates.
I have listened to people like Max Keiser and others make predictions for BTC of $28k "by the end of April" ! They have just got their timing wrong. Crypto will rise higher but not in that quick a time frame. Your average man and woman on the street just needs a nudge in the right direction. Most don't realize the fee's they are charged for using a card nor that there is a war on cash.
They are comfortable, they know they are being short changed but don't think they can change that, and credit is cheap!!
They require an incentive! The economy going into recession could be that incentive
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Like myself, I'm sure most people reading this promote crypto at any opportunity they get. It's time that we re-double our efforts!! Set up a bitcoin game at your local pup, open a bitcoin cafe or pop up shop. There are thousands of ideas being utilized accross the world. Even meetings of enthusiasts to trade tokens have started happening in my area. More people are getting involved. Things like STEEMIT are taking crypto to the next level.
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Another huge boost to the crypto space is the growing acceptance of crypto in the Islamic world. Muslim clerics have long held our fractional reserve system as haram. Lending money at interest is regarded as usury and not permitted in islam.
Clerics of judisprudence in islam have declared cryptocurrency as halal. The first ICO by muslims was issued last week in Indonesia. There are 1.7 billion muslims and given their stance on our system crypto is perfect for them.
Is what we are seeing a PERFECT STORM??
KEEP HODLIN'
I think we have a very strong economy at the moment with surging growth in companies. Tax cuts have been a tremendous help for companies keeping more profits. Currently, I believe there is no sign of a recession as a healthy economy is present. Aside from the news and speculation, I believe this year will be a great year. My opinion ofcourse and not financial advice. Thanks for the share! @theaverageman
I'm in UK..
Nothing new there, banks have always operated that way. There is a war on: crypto vs fiat. Make sure you all know what's happening in that regard! This may help: https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-1-how-fiat-works
https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-2-recap-of-the-basics
https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-3-cryptocurrencies
https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-4-weapons-of-the-war-on-crypto
Upvoted and resteemed. Thank you for using my friend.
Change is strange to the human psychic hence the hesitation and war against crypto.
Toysarus closed because of it.
They'll give the trees a break at some point hopefully. :))
ha ha, eah. In the UK there is a war on cash..can't even pay money in anymore..Those new notes are a way of putting people off paper currency all together..Vegans don't like them!!
Toys r us, poundland and others have gone. In a normal ressesion we see high end luxury outlets go under. This slow down is telling as it's the poor economy that is failing..The wealthy are even richer....
Crypto is our saviour...
Don't you think steemit is an excellent idea...I'm still getting used to it...Do you know how best to power up and if it's worth me doing it if I'm new...I want my upvote to be worth more. Any advice would be appreciated...
Hey @theaverageman, apologize for my delayed response.
I'm also a newbie on Steemit but for what it's worth,
Buying Steem and powering it up on a consistent basis. I should update this post soon but still answers why I wrote it https://steemit.com/steem/@micscrypt/invest-in-steem
Earn Steem Power by commenting and and curating.
I'm sure there are other smarter people out here on Steemit that can do more justice like @joeparys
Crypto 365 are now saying there will be a war to cover economic collapse. I've been saying that for a year..
Maybe it's that time where people will start eating up their words and join the bandwagon :))
Hopefully. They aren't doing it today though, the market is down..
:)))
You have a minor misspelling in the following sentence:
It should be definitely instead of definately.Thank you..