news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    FTM Fantom Crypto Price News Today – Elliott Wave Technical Analysis Update and Price Now!

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    BREAKING: COINBASE AND BLACKROCK ARE SENDING PEPE COIN TO $0.01 – EXPLAINED – PEPE COIN NEWS TODAY

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    Polkadot DOT Price News Today – Technical Analysis Update Now, Price Now! Elliott Wave Analysis!

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    The Market On The Edge: Gareth Soloway's Shocking Revelation

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    What Is a Trading Strategy || Guide to Cryptocurrency Trading Strategy for Beginners

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Injective Protocol INJ Coin Price News Today – Elliott Wave Technical Analysis and Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

    Cardano ADA Price News Today – Elliott Wave Technical Analysis and Price Now! Price Prediction!

No Result
View All Result
news4global
No Result
View All Result
Home Blockchain

Opinion: Pain and losses in crypto will clear out the losers and strengthen the case for bitcoin

November 11, 2022
Reading Time: 4 mins read
0
Opinion: Pain and losses in crypto will clear out the losers and strengthen the case for bitcoin
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Biden and McCarthy Express Optimism About Timely Passage of … – Cryptonews

May 29, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Lawyer Reveals Why US Exchanges May Relist XRP – CoinGape

May 29, 2023

Cryptocurrency is a mess right now. And rightly so.

I wrote about buying bitcoin for MarketWatch in 2013 when it was trading for $100, but I’ve spent the past year or so warning that most newer cryptocurrencies will be worthless.

Here’s what I wrote earlier this year:

“[M]ore than 95% of the 15,000 cryptocurrencies are silly or fraudulent. Nearly all of the silly cryptocurrencies will head to zero, and all of the fraudulent cryptocurrencies will head to zero. That leaves about 5% that will probably increase in value in coming years.

“I expect the Securities and Exchange Commission (SEC) to send cease-and-desist letters to the founders of thousands of cryptocurrencies over the next few weeks or months. Any cryptocurrency or token for which the creators received founders’ tokens or any other benefits are going to be classified as securities when the SEC looks at them. If the founders got economic or financial benefits but didn’t register with the SEC, they’re probably in violation of regulations.”

Read: ‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers on FTX’s bankruptcy

The cryptocurrency market is even worse than I expected. It didn’t occur to me that a major exchange such as FTX would be marking its own tokens, on leverage. FTX is now bankrupt, and effective altruist Sam Bankman-Fried is out as CEO. The company, its investors, and its myriad subsidiaries and creditors are REKT (cryptospeak for “wrecked”). 

I’ve been short some of the many low-quality crypto-related stocks, although I’ve taken some profits on those positions into this crypto crash this week.

I’ve also, for the first time in many months, put some bitcoin
BTCUSD,
+0.39%

exposure back into the hedge fund through the ProShares Bitcoin Strategy ETF
BITO,
-9.94%
,
which uses futures to get exposure to bitcoin prices. I’m still net short crypto overall in the hedge fund. Bitcoin is hovering at a two-year low.

I still own bitcoin personally, although I have taken some off the table at higher prices and am not looking to buy any more anytime soon for my personal account. 

The promise of bitcoin is still valid, in that it could end up becoming the world’s de facto currency/store of value. People in Iraq and in Venezuela, for example, really know what the downside of government fiat currency can be.

People in the developed world have been finding out, on a smaller scale, just how damaging centrally controlled currencies can be when there’s a vicious inflationary cycle.

Over time, value and prosperity and ethics carry the day, and a transparent cryptocurrency such as bitcoin on the blockchain will replace the U.S. dollar as the world’s reserve currency, I believe.

We’ll probably be able to scale into more bitcoin toward $15,000-and-lower in coming days, weeks or months.

You can listen to a radio interview I did on this whole crypto crash topic by clicking here. 

Back to that article I wrote earlier this year: 

“In 20 years, these new organizational structures and incentives that create wealth over time are going to make ownership of stocks and bonds less important. Blockchain-based DAOs (decentralized autonomous organizations) will compete with traditional corporate and not-for-profit organizational structures. 

“This is what I mean when I say we shouldn’t underestimate the changes that cryptocurrencies, blockchain and smart contracts are creating for our society and economy — and our pocketbooks. The investment opportunities are here for us to create a lot of wealth in coming years and decades as we figure out ways to make the world a better place through profit motives. But don’t forget that there will be a lot of pain and a lot of losses in a lot of cryptocurrencies along the way.”

A lot of pain and a lot of losses in crypto are already here. I would still stay away from 99.9% of existing cryptos, tokens and NFTs (non-fungible tokens).

But don’t write off the whole shebang. Don’t lose sight of the blockchain-based cryptocurrency revolution that is going to happen in coming years and decades.

Cody Willard is a columnist for MarketWatch and editor of the Revolution Investing newsletter. Willard or his investment firm may own, or plan to own, securities mentioned in this column.

Tags: article_opinionbankingBanking/CreditBitcoin USDBITOBlockchain Technologybond marketsBTCUSDC&E Exclusion FilterC&E Executive News FiltercommentaryCommentary/OpinioncommodityCommodity/Financial Market NewsContent TypescorporateCorporate/Industrial NewscreditcryptocurrenciesCryptocurrency Marketscurrency marketsdebtDebt/Bond MarketsEquity MarketsFactiva Filtersfinancial market newsFinancial ServicesFinancial TechnologyForeign Exchange Marketsindustrial newsinvestingInvesting/SecuritiesmoneyMoney/Currency MarketsOpinionsecuritiesTechnologyvirtual currenciesVirtual Currencies/Cryptocurrencies
Share76Tweet47

Related Posts

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Biden and McCarthy Express Optimism About Timely Passage of … – Cryptonews

by admin
May 29, 2023
0

Biden and McCarthy Express Optimism About Timely Passage of ...  Cryptonews

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Lawyer Reveals Why US Exchanges May Relist XRP – CoinGape

by admin
May 29, 2023
0

Lawyer Reveals Why US Exchanges May Relist XRP  CoinGape

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

XRP Drops 9% Ahead Of Sec Court Ruling, Collateral Network (Colt … – Cryptonews

by admin
May 28, 2023
0

XRP Drops 9% Ahead Of Sec Court Ruling, Collateral Network (Colt ...  Cryptonews

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bali to crack down on foreign tourists using crypto as payment – CNA

by admin
May 28, 2023
0

Bali to crack down on foreign tourists using crypto as payment  CNA

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

BSV blockchain records 85 million transactions in 24 hours – CIO News

by admin
May 27, 2023
0

BSV blockchain records 85 million transactions in 24 hours  CIO News

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
VersionTECH. G2000 Gaming Headset for PS5 PS4 Xbox One Controller,Bass Surround Noise Cancelling Mic, Over Ear Headphones with LED Lights for Mac Laptop Xbox Series X S Nintendo Switch NES PC Games

VersionTECH. G2000 Gaming Headset for PS5 PS4 Xbox One Controller,Bass Surround Noise Cancelling Mic, Over Ear Headphones with LED Lights for Mac Laptop Xbox Series X S Nintendo Switch NES PC Games

May 30, 2023
Moscow Drone Attack: What We Know

Moscow Drone Attack: What We Know

May 30, 2023
Polish probe into 'Russian influence' angers EU

Polish probe into 'Russian influence' angers EU

May 30, 2023
Skullcandy Sesh Evo True Wireless In-Ear Bluetooth Earbuds Compatible with iPhone and Android / Charging Case and Microphone / Great for Gym, Sports, and Gaming IP55 Water Dust Resistant – Black

Skullcandy Sesh Evo True Wireless In-Ear Bluetooth Earbuds Compatible with iPhone and Android / Charging Case and Microphone / Great for Gym, Sports, and Gaming IP55 Water Dust Resistant – Black

May 30, 2023

Latest News

VersionTECH. G2000 Gaming Headset for PS5 PS4 Xbox One Controller,Bass Surround Noise Cancelling Mic, Over Ear Headphones with LED Lights for Mac Laptop Xbox Series X S Nintendo Switch NES PC Games

VersionTECH. G2000 Gaming Headset for PS5 PS4 Xbox One Controller,Bass Surround Noise Cancelling Mic, Over Ear Headphones with LED Lights for Mac Laptop Xbox Series X S Nintendo Switch NES PC Games

May 30, 2023
Moscow Drone Attack: What We Know

Moscow Drone Attack: What We Know

May 30, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global