Everything seems tired this days about cryptocurrency investment, primarily everything shouldn't be like this , people makes losses everyday,some people keep advising others on how to make an investment in cryptocurrency, wherelse no one even know the next thing that will happens to crypto, just imagine who expect this shit will happens to FTX,
this is one of the top crypto exchange that people trust,even other exchange invest in FTX,I even heard almost 15million dollars of Coinbase crash with FTX,so tell me does this means they don't know what they are doing, yeah they is uncertainty in investment but position yourself like guru is what I don't accept
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What if cryptocurrency serve only as legal tender , what if we crop out investment aspect from cryptocurrency will it still be relevant, what if we peg BTC at one Dollar just like hbd , using it only for day to day transaction,will thier be changing,will fed stop criticizing it like the way they do
The main purpose of crating Bitcoin which is the mother of all cryptocurrency is to serve the purpose of privacy
Trust know one
This phrase is actually popular but people don't follow it ,I hope we take it serious now ,from the example SBF did ,from mismanaging people funds which makes investor withdraw their money Bringing more damage to crypto world not only FTX exchange,
it affect other exchange like blockfi ,even some Fintech in Africa it affect them also ,this comes from platform misusing people funds to make another investment,John ray the newly CEO of Ftx said he had never see such a complete failure of corporations ,SBF withdraw,from selling fake BTC to their customers, trust no one ,this problem started when we see crypto as quick money making schemes
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Can you see the amount of Bitcoin lost to exchange,the total amount is ridiculous, exchange have course more damage than what people gain , most of this exchange are evil, people keep losing everyday
I remember quadrigaCX exchange scandal ,this exchange play on people mind, giving ten percentage increase when you save in their exchange,the owner died and took all the money because no one knows the password to the exchange except him ,play on people greed ,why do we always forget the principal if it's your key is not your money, loosing money to all this exchange will keep happening ,if we keep violating this principal
Why BTC is created
BTC is the first cryptocurrency in general,which means BTC leads other coins follow,we are afraid government knows our transaction history, they know the amount we own and the amount we paid out ,BTC is created to solve that ,we are afraid maybe one day government can froze the money we have In the bank,if we violate any rules
BTC is created to solve that,we are also in need of privacy on our money ,BTC is created to bring that,BTC is called electronic money which means it's opposite of fiat or paper money ,the primary reason BTC is created is for day to day transaction just like dollar,if we peg this reason they won't be a problem of exchange taking off our money
Did I get it wrong
The main focus of btc now is for investment, buying and hold,when the price goes up you sell , which shouldn't be ,we now see it as investment which makes us divert from the primary reason is created,this is what makes cryptocurrency keep crashing ,this is why exchange keep going away with our money,it's now the race of who withdraw is money first that will make profit, investment just like ponzi scheme
My question is
Will their be problem if we peg BTC at one Dollar
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