I totally get the danger and no way I will short now. I am waiting for shoe shine boy moment to short. the issue with kucoin is that if shit will hit the fan they will suspend withdrawal, or even just close the shop leaving you empty handed as things will get ugly in a hurry. look at what happened In India yesterday. All coins were down 25 percent or more and yet on binance, coinbase, Gemini and etc it was non eventful. How can it be ? There is a very high chance that all these venues will not allow you to collect. I know with 99.99 certainty I will Collect at CME for example. I am like you also looking where to put cash in crypto. All I have few ethers and that is it.
Sweet summer child, god bless your heart, you really think every country's effect on the world are the same? I specially picked the two very opposites in size and population, yet you failed to get the point...
I do agree that this is a theoretical possibility. The only solution is to hold bitcoin in cold storage so that in case things blow up with the exchange for a while, the coins will still be in your possession, and if the network is restarted, or continues to work, you still have the coins. This is of course the issue with most exchanges. Some, like Kraken, let you hold actual USD, and I imagine that if you're a verified customer, you should be able to withdraw your USD to a bank account. So if you can sell BTC or other cryptos in time for USD, you might get lucky. But if everyone runs for the exists at the same, who knows what will happen. Binance.US also had an issue where the price of BTC dropped all the way to 8K just a month or two ago. They had thin liquidity, so it dropped much lower than any other exchange. The key is to not use stop orders I would say. But imagine those lucky few who were able to pick up BTC at insane prices if they had limit orders waiting!!! I think if we look at all the FUD in the past few years, and realize that BTC has survived, then it will take almost an asteroid to knock it out fully. Sure, some chains will easily blow up, no doubt about that. And regulation or some other shock can easily drop it 50% or 80%. But the fact that its already faces so much FUD and continues to survive is incredible. Listen, for the US system to survive in 2008, they had to do extraordinary things which put us on this path to needing crypto anyway. And in March 2020, the FED had to start buying corporate debt, which from my understanding they aren't authorized to do as per the laws. So you could say that USD came closer to falling apart than crypto has so far. I just love the fact that with a decentralized blockchain, nobody has power over it. It really is the holy grain when it comes to trust on a global scale. It is the great equalizer. Although I generally agree, aren't there cases of exchanges busting trades? And even worse, I read that they only bust one side of the trade. So all of a sudden you find that maybe you're still in a position when you thought you exited. And we know who the CME will favor when it comes working these things out. You can bet the little guy is not gonna win. When you switch to block chains and smart contracts to settle matters, you send a big F/U to the "fat cats" on wallstreet that don't really have your back. I think the glory days of 100x gains are somehow past us. Just one year ago in January you could get into these projects that exploded. Everyone these days is talking about AVAX, or SOL, or DOT, or a bunch of others that have real world applications and chance of being dominant 5 years from now. But sadly, outside of BTC and ETH, there probably isn't another sleeper just waiting to hit the scene. These other chains with the 10-50B market caps will probably win out, or die out, and do we really need to start another one from scratch that would allow us to get in for pennies? So getting in at the floor is very difficult now, and chasing is risky as well. Saying this though, I think making 2-3X is highly likely in a few months to a year, and I think that over the next decade, you can't go wrong holding BTC. Holding USD is guaranteed to lose purchasing power, and if you think equities will continue to do well, then I would bet crypto will do much better given the same environment. In March 2020, equities dropped just under 40% lets say, and BTC was about a 63% drop, but it was already not coming off all time highs though. But then, the rise for S&P has been 117% to today, for Nasdaq about 150%, and well, we see BTC easily did over 1000%. So I think if equities continue to do well, then the same environment will also favor crypto, and it will do much, much better. If things really fall apart, the dollar tanks, the economy tanks, etc, and lots of people might need to draw on their crypto, then sure, it will drop as well, but the only way the politicians will have to try and save any of it is with more printing, and crypto might turn out to be the only saving grace left. I don't see a scenario where USDT blows up, which blows up BTC and ETH, and this having no affect on anything else. If crypto goes away tomorrow, then so does a huge amount of wealth, lots of jobs, lots of need for electronics and electricity, and so many interlinked jobs and services. NVDA is toast. TSLA is toast. And how many politicians will lose millions??? I don't see sunny days ahead if crypto falls apart. So I think that putting just 10% into crypto is an absolute must for every single person. Putting 50% into crypto is perhaps even better, and higher levels I think will end up being the smart play a decade out. If everything goes to crap, nothing will save you anyway.
Now, to some extent, conflicting times have come for these assets and in general for the market as a whole. Because now there is a colossal number of changes and events that radically and not always logically affect the market and some bias can happen at any moment, so making predictions has become really difficult and it requires more time and attention than ever. Can this be perceived as a certain difficulty and danger? I think so, but in general an investor with experience will tell you unequivocally that simple times never happened, so everything is as always. I do not think that cryptocurrencies can destabilize the entire economy, sooner or later it will find a certain balance.
The US has become the largest producer of Bitcoin in the world after China banned mining, so her statement comes off as a little odd to me.
If you're talking about the reddit post you sent I didn't read it. Otherwise I have no idea what you're talking about, what you're trying to say, or why you bring up Monaco. But obviously countries vary in power and role in the global economy. China banned BTC and it's supposedly the second largest economy in the world so...what are you getting at lol
Bitcoin has already crashed and then rallied back up again. At this point I don't think anyone is surprised by it crashing.
CME's product is not settled in BTC. Until commodities are settled in BTC, not likely to see the decline in USD demand.