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Is HODLing dead?

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SPOILER Alert: Due to the emotional nature of this topic, some of the descriptions and content might offend you.  Read at your own risk.  You have been warned. Note: We will use YouTube gurus, YouTube shillers in this article to refer to everyone who uses social media to shill (this includes facebook, reddit, twitter, steemit, telegram, medium, etc.)

Just like the market has cycles, these so-called YouTube gurus in the crypto space have cycles too.  First they are anti-ICO cycle, then they are about flipping the ICO cycle, then there are the ICO are everything cycle, most recently they are in ‘HODLing is dead’ cycle.

Is there truth to their claims?

To find out whether their claims have any truth to it and whether you should heed to them, let’s look at various aspects.

  1. YouTubers, like mainstream media, live on sensationalism and stimulation.
  2. Most ICOs are a con game now.
  3. You cannot beat big institutions in the trading game.
  4. HODLing is boring and boring is the kiss of death for stimulators.
  5. Conclusion.
  1. YouTubers, like mainstream media, live on sensationalism and stimulation

If you think democracy is dead in the mainstream, then you have to visit some of these YouTube famous crypto groups.  The ring leaders of these groups and most everyone participating in them is a shiller and an outright bully.

  • You try to ask a genuine question and you will get banned
  • You raise a valid point and you will get banned
  • You show concern about ‘insider trading’ arrangement and you will get banned

These group heads rely on the bullying behavior of their loyal followers because that’s what keeps the group conversations in a direction dictated by the leader.  There is no room for neutral conversations to make wise decisions, rather, a sheep like mindset that proves the ring leader right.

There is no room for neutral conversations to make wise decisions, rather, a sheep like mindset that proves the ring leader right.

Even the videos, mostly promotional in the disguise of ‘neutral’ reviews, are viewed, believed and acted on by the gullible viewers.

Crypto space being so small, even a concerted action by 1000 people at any given time will prove the YouTube guru’s point.  It is a bad self-fulfilling prophecy.

As more and more predictions are proved right in the short-term, the bigger the group gets and more people amass to act on the prophecies of the leader.  They have a very distinct cult like feeling.

The bigger the group gets, the more difficult it becomes for the ring leader to keep the group stimulated with outlandish claims.

A 20% gain doesn’t stimulate the crypto space anymore.  It has to be a 10x or 100x to peak the interest of gullible crypto sheep.  Of course, not everyone falls for these click-bait tactics.  There are few genuine thinkers in the herd.

A 20% gain doesn’t stimulate the crypto space anymore. 

YouTubers have got a good grip on the pulse of the crypto crowd.  Here is a simple lay out on how this stimulation game works:

  • Create hype about an upcoming video or announcement on a project that will change the world
  • Have a side arrangement with the project team to have your bags filled and ready
  • Keep creating the hype with claims like “this could be the next Ethereum”, “If you missed bitcoin multipliers, you don’t want to miss this one”, “An easy 100x this year”, “for every $100 you invest, you could make a million”, etc. etc.
  • If the hype garners the interest from 1000s of people then disclose on the video that to limit this opportunity from being misused, you are going to charge $XX or $XXX or even $XXXX
  • Some of the folks from crowd that got hard on from the earlier claims will fall for this and pay up the fees to know the ‘secret’
  • As these followers place their buy orders at an already hyped price, the ring leader starts dumping their huge bags on the unsuspecting

Did you see what happened there?  Ring leader just made money from dumping and shilling, double whammy for the loyal followers!

When stakes are so high, these YouTube gurus will go to any lengths to keep their followers stimulated and primed for the opportune moment to screw them in their rears.

YouTube gurus will go to any lengths to keep their followers stimulated and primed for the opportune moment to screw them in their rears.

It is not their mistake though.  They are in this game to make money.  They are not the innovators or pioneers.  They are the ambulance chasers of the crypto space.

The fault lies with the crowd and their herd like mentality.  They are too lazy to research and make decisions on their own, and that is why they pay the price of their laziness.

They are the ambulance chasers of the crypto space.

Next time you get a hard on from outlandish claims, do yourself a favor and research.

  1. Most ICOs are a con game now

ICO space is very dangerous at this time.

If you don’t fall for an outright scam, you might fall for hype, if you save yourself from scam and hype, you might fall for outlandish claims, like 10 million transactions per second or the like.  If you do manage to navigate your way from scam, hype, false claims and you some how manage to find a genuine project, you will be utterly disappointed to know that it is easy to solve the blackhole puzzle than to become eligible to participate in these ICOs or that it is sold out in the pre-sale.

Worse of them all, YouTube gurus will pick the project that they were able to get in back door and start shilling it so that the sign ups skyrocket and the ICO gets sold in minutes or even seconds.

They will continue to hype the project until it hits the market and those waiting on the sidelines place their orders at 2x or 5x or even 20x the ICO price.  YouTube guru cashes out and moves on to the next one.  Rinse and repeat.

There were some good ICOs in this pile of shit though.  One of the sign of a good ICO with long term vision is that they give opportunity to maximum number of people to participate in their ICO, because, in the long run, loyal followers are what matters to bring the technology to life, not YouTube shillers.

If you have bought into the idea of flipping ICOs to make quick buck, the stacks may be against you.  This doesn’t mean that you give up.  As long as you don’t follow the shills blindly, you might even land on a good ICO.

In the long run, loyal followers are what matters to bring the technology to life, not YouTube shillers.

  1. You cannot beat big institutions in the trading game.

Those that are arguing that HODLing is dead propose either flipping ICOs or day trading.  We just saw why odds in ICO space may be working against you.  Now let’s look at day trading.

You can make money in day trading.  This is a fact.  Especially, if you have lot of time on your hands.

If you are like rest of us who got into crypto space to put in small amounts to reap big rewards then day trading may not be the way to go.

The crypto market was already played by the whales and now with the advent of big stock market players, it is going to be even more treacherous.  Unless you are part of a pump and dump group, a YouTube shiller yourself, have insider information, have lot of money to hedge or have the means and resources to play the market, you will probably lose.

Big players have access to information and means to play the market that a small investor generally does not.

However, if you are good at researching, finding patterns and a knack to enter and exit, you might make lot of money in trading.

Otherwise, trading is out of the equation.

  1. HODLing is boring and boring is kiss of death for stimulators

If ICOs and trading are out, what is left?

HODLing.

You have to be careful though.  HODLing a bad project will not make you any money.  It doesn’t matter if you hold a worthless dime for a year or a decade.  If you hold onto a collectible then with each passing year, the value grows.

In crypto space, that translates to finding a project with:

  • Good team with long term vision and ability to execute
  • A problem that needs blockchain/crypto solution
  • Great partnerships that signal a sweeping change due to adoption, in the long run
  • A growing community of loyal followers
  • Limited supply even when it is set at a high threshold, although this is not the main criteria, sometimes this helps
  • Advantage over its competition (existing or future) for being first mover and/or impeccable partnerships and/or remarkable team and/or support from the regulators, etc.
  • Legal, regulatory and tax compliance with appropriate regulations

If a project checks on all of these aspects then it is possible that you have picked a winner.  Although it is not a guarantee, it is a good start.

Once you have found such a project, try to get a basic understanding of the price action and determine your own entry point.  You may not be right with the entry point you pick but you must be at peace with it.  Put in small amount and keep putting a small portion every time you have change to spare.

It may take months or even years for your project to reach your set targets.

During this intermittent period, you simply continue to research and HODL.  As you can see, this is one of the most frustrating and boring aspect.

If a YouTube shiller starts talking about HODLing, do you know how difficult it is to find a project each day or week (depending on the frequency with which they post) that meets the criteria we described above. 

Their appetites are huge.  They are not contented with making a thousand or even ten grand, they want millions.  They want millions and now.  The way to do it is to shill and dump.  Rinse and repeat.

Our job as investors is to avoid falling for these click bait traps.

  1. Conclusion

We at CryptoTapas and QRIP believe that HODLing is not dead.

What has transpired in this space is that people have been burned too many times and are cautious now.  This is a great sign for the future of this space.  More and more people are growing skeptical.  This cautious optimism is making the shillers job harder and harder.

That is why they are targeting the followers with shock and awe.  One such attempt was to proclaim that HODLing is dead.

We believe that HODLing is not dead.  It will never be dead.  As long as you are HODLing the right project, contented with your own set long-term targets, exhibit the patience needed to realize the reward and you are at peace with the fact that there are no guarantees, HODLing will live on.

CryptoTapas is an initiative of creators of QRIP group and is FREE to join.

Do your own research before investing. Crypto space is very volatile, don’t invest more than what you can afford to lose.  Opinion, not an advice.

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Press Release

Crypto News Today #39

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breaking crypto news

What keeps this whole crypto space exciting?  There is not a single boring week.  We have been tracking this space since 2017 and we are yet to find a boring week in Crypto.  

Whether it is filled with FOMO or FUD, there is always excitement of sorts.  Let’s see what’s happening this week.

US Senate Banking Committee held a hearing on digital dollar

China’s digital yuan race is pushing the US to rethink its digital dollar timeline.  Senator Tom Cotton (R-Ark.) stated, “The U.S. needs a digital dollar…The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin … it has to be better than a digital yuan.”  While Facebook’s Libra is taking center stage of discussion whenever stable-coins are brought up in front of congress, the emphasis during this hearing was to develop a digital dollar controlled by the government and better than existing stable-coins.

NYDIG discloses $190 Million Fund 

“New York Digital Investment Group (NYDIG) today disclosed, in an SEC filing that it closed a $190 million bitcoin fund. The NYDIG Institutional Bitcoin Fund LP, reports that it has 24 unnamed investors and is  exempt under Rule 506(b) of the Regulation D safe harbor protections established in 2013,” according to Forbes.  This is quite bullish considering that NYDIG also had a similar fund worth $140 Million last month.

You can buy Bitcoin at 3500 Post Offices in Australia

Australians can now buy Bitcoin at any of its 3500 Post Offices across Australia.  Thanks to the partnership of Australia Post with Bitcoin.com.au, Australians can now simply use cash or EFTPOS payments for digital currencies.  “Our mission is to make Bitcoin safe and easy for every Australian”, says Holger Arians, CEO of Bitcoin.com.au, “for many people, paying for Bitcoin at an Australia Post office feels safer than transferring funds online—particularly for first-time buyers. We’re proud of this partnership and would like to thank Australia Post for their continued openness to new technologies.”  This is a tremendous news in the broader Bitcoin movement as this helps Australians to access Bitcoin directly without having to transfer money online or having to open accounts with random exchanges.

Visa partners with Bitcoin startup Zap

Visa partners Bitcoin ZapZap, a bitcoin startup, is building a product called Strike that enables bitcoin lightning payments without needing users to set up a bitcoin wallet.  Visa is now partnering with Zap to bring the lightning fast payments on Strike platform through Visa.  Visa has been aggressively partnering with companies in the crypto space.  It even filed for a patent in the cryptocurrency payment system.  

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

Get ‘Week in Crypto’ news updates in ONE email.
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IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Press Release

Crypto News Today #38

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breaking crypto news

This week’s crypto news has everything: Innovation, IPO, Integration and regulatory support.  China’s blockchain is forging fullsteam ahead while New York is making it easy for companies to operate in the blockchain/crypto space in the State.  Big 4 firm, KPMG, is launching a suite of blockchain and crypto analytics services and more.

BSN Integrates Chainlink Oracles, Bringing Real-World Data Into Its IRITA Powered Network

Chainlink logoChina’s Blockchain Service Network (BSN) has integrated Chainlink oracles. “This key integration will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. Professional Proof of Stake (POS) operator SNZ Pool will run nodes to support the operation,” according to the press release.  The integration is expected to speed up the adoption of BSN in and outside China.  Chainlink has been picking up steam recently with many companies using Chainlink’s Oracles to bring the conventional business world to the blockchain network.

Supreme Court sets ‘limits’ on SECs powers to assess digorgements (penalties)

Securities Exchange Commission’s ‘extent’ of power has been challenged by the Supreme Court. A ruling that SEC cannot assess digorgements beyond the ‘illicit gains’ could help a lot of blockchain and crypto startups with much needed relief knowing that SEC cannot assess penalties beyond what was raised from the investors minus required expenses.  For instance, before this ruling, SEC could charge a company disgorgements that are 100% or more of the money raised from the investors, this devastated many up and coming entrepreneurs who may have spent part of the proceedings in expenses such as legal expenses, salaries, administrative expenses, etc.,   Supreme Court also ruled that the disgorgements should be used for the benefit of victims and not solely for the SEC’s fund.

KPMG’s Chain Fusion To Help Manage Crypto And Traditional Assets Over Public And Private Blockchain Networks

KPMG is making strides in the blockchain and crypto space. It has recently launched its Chain Fusion, a suite of advanced analytics capabilities to support blockchain and crypto technology products.  The press release states “KPMG Chain Fusion leverages a structured data model to combine data originating from blockchain infrastructure and traditional systems in support of analytics for business, risk and compliance objectives. KPMG Chain Fusion was designed to help clients address considerations from regulators across the globe focusing on the integrity of control environments to support business objectives for accurate financial reporting and technology objectives for security, availability and processing integrity across both traditional and blockchain systems.”

New York proposes new licensing rules to facilitate crypto businesses

In a good news from the big apple, New York financial regulators proposed new licensing rules for the crypto businesses that would make it easier for businesses to offer services and use cryptocurrencies.  The New York Post reported that  The New York State Department of Financial Services (NYDFS) proposed framework would allow companies that want to engage in virtual currency business activity in the state to obtain a conditional license, through which they would collaborate with fully licensed companies.”  Regulators in other States in the US are trying to catch up with regulatory framework to lure blockchain and crypto organizations, NY is heating up the space by making it easier for companies to operate in the State.  Being the financial capital of the US and the world, this is a welcoming stance from the State for the crypto businesses.

Bithumb Exchange to Reportedly File for IPO in South Korea

Bithumb NewsBitcoin and Cryptocurrencies are going mainstream.  We have seen companies that operate in the blockchain and crypto space going IPO instead of ICO.  ICOs have historically been limited to those who have been in the crypto space while IPOs are much more stringent to follow through with registrations, approvals and investor selection.  Bithumb, one of the popular exchanges is rumored to be going the IPO route.  Google translation of the news reads that “It is expected that Bitsum’s IPO will be an event in which discussions on virtual currency and even blockchain will spread in our society and economy. From whether or not a virtual currency can be recognized as a real value, it is highly likely that there will be controversy over business feasibility, industrial value, and meaning. In addition, virtual currency tax issues, business continuity, asset handling, and investor protection are also issues to consider.”

Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol

bitfinex newsBitfinex launched an open-source crypto powered streaming protocol called Dazaar. Dazaar’s website describes that “Dazaar Vision is a live video-streaming app. It allows you to set up live broadcasts and subscriptions. All Peer-to-peer, and in real time. With the power of Dazaar you can customize payment options for your subscribers and viewers, without any centralized third-parties.”  The platform is designed to be blockchain agnostic although it will support Bitcoin Lightning Network, Ethereum and EOS at the beginning.    

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

Get ‘Week in Crypto’ news updates in ONE email.
We never
spam your inbox and we only send one email per week
with updates, news, eBooks, tax updates, and more!
Get
knowledge, not spam!  Subscribe here.

best Crypto Tax Software

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Press Release

Crypto News Today #37

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breaking crypto news

We have been chronicling the most important Blockchain and Crypto news that matter since 2017, you can view all in one place here. 

Get ONE email per week with most important updates from the Crypto space.

Elon Musk giveaway scam has raked millions of dollars and the time for the crypto community to be vigilant about scammers has never been more critical.  Stay safe out there.

Moving away from the scammers and toward the progress, we have a lot of crypto news to cover this week.  Let’s dive in.

Binance Joins the Internet and Mobile Association of India

binance logoBinance is making its strategic moves into India. First, it partnered with WazirX and now it has joined the Crypto Exchange Committee of the IAMAI (Internet and Mobile Association of India). In a recent blog post, Binance confirmed its member standing with the Crypto Exchange Committee of the IAMAI.  The blog post alludes to what IAMAI does and why it is important alliance, “IAMAI plans to jointly work with the regulators and policy-makers on a sustainable policy framework for crypto assets in India to support innovation along with proper measures to ensure security and risk management,” the post read.

$6 Billion contract awarded to build a fully cryptocurrency based Akon City

KE International which got its fame by building a US $2 billion Mwale Medical and Technology City (MMTC), a green City based in Western Kenya, has been awarded a US $6 Billion contract to build one of a kind futuristic-complete Cryptocurrency run city called Akon City.  The city that is planned to open in phases will have its first phase open in 2023 with entire project scheduled to be completed by 2029.  Akon City is expected to run on the Akoin Crypto.  “Akon City’s Phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant. Akon City Phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency City running exclusively on AKOIN cryptocurrency,” press release stated.

Jay Clayton to serve as U.S. Attorney for the Southern District of New York

“I am pleased to announce that President Trump intends to nominate Jay Clayton, currently the Chairman of the Securities and Exchange Commission, to serve as the next United States Attorney for the Southern District of New York,” an announcement by the Department of Justice’s Office of Public Affairs read. Crypto community reaction was mixed.  Some people supported his role at the SEC and praised him for declaring Bitcoin as ‘not a security’, while others were hopeful that this is a ‘good’ turn of events for the crypto in general.

“Project Bakong” to bring blockchain based payments to life in Cambodia

A whitepaper released by the Government of Cambodia revealed its plan to inject blockchain-based payments in the country to reduce the US Dollar reign in the country. The project is expected to remove the redundancies and unnecessary costs that are apparent and plenty in the current centralized financial system.  “NBC re-evaluates existing payment systems infrastructure and engages in the Project Bakong – a project to consider alternative technology platforms to create a next generation of payment system aimed at addressing financial inclusion, interoperability amongst players, and supporting the ease of payments in the local currency, while at the sametime doing so in safety and efficiency,” the whitepaper reports.

Bank of Thailand announces Prototype Development Project of CBDC

The Bank of Thailand is building a prototype to test the Central Bank Digital Currency (CBDC) capabilities. The prototype is expected to provide the feasibility assessment of a CBDC.  “ In this project, the CBDC prototype will be integrated with the procurement and financial management systems of the Siam Cement Public Company Limited and its suppliers developed by Digital Ventures Company Limited. The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers,” announcement read.

Anchorage to make borrowing against Bitcoin and Crypto easy

Whenever you remove the bitcoin and crypto from the custodian you run a risk of security outside. When you want to use your crypto as collateral to avail a loan – you will have to move your crypto from your wallet to the lender’s designated wallet. However, Anchorage Financing, a custodian service, is working with Silvergate to let owners lend US Dollars without crypto leaving Anchorage’s custody.  Silvergate has over 750 digital currency and FinTech clients and has been consistently posting profits for 20+ years. 

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

best Crypto Tax Software

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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