This will prevent you from losing money as well.
Bitcoin is becoming more and more talked about. A sign that something important is happening in this year 2020, the criticism of Bitcoin is becoming less and less virulent. More and more people are choosing to opt for Bitcoin.
Those who have not yet taken the step remain more discreet than before because they now have real doubts about the current monetary and financial system.
These people are finally beginning to open their eyes to the flaws of the current system, which will celebrate its 50th anniversary in August 2021. Temporarily introduced by Richard Nixon, this system can be compared to an experiment that goes wrong. Its injustice becomes blatant. Worse still, it wreaks havoc by harming hundreds of millions of people on Earth.
Bitcoin is increasingly seen as the only credible alternative available to leave the vicious circle in which the current system locks us.
This vision is the right one. It is driving many people to buy Bitcoin. If you are in this situation where you are ready to take action to buy Bitcoin, I would like to alert you one last time so that your journey into the Bitcoin revolution is truly exceptional.
To succeed in enjoying Bitcoin to the fullest, you will need to demonstrate 5 essential qualities. If you don’t feel up to it, I can already tell you that you would make a mistake by buying Bitcoin.
Since I am a Bitcoiner, my goal is certainly not to discourage you from buying Bitcoin for the rest of your life. On the contrary, I believe that buying Bitcoin and engaging in this incredible revolution will change your life.
However, for the Bitcoin revolution to change your life, you will have to enter it in the right way. This means being aware of your current limitations. If that is the case, you will need to work on those weaknesses by deepening your knowledge.
Then, you can take action with the best possible chance on your side.
The traditional education system taught you the knowledge you needed to get a job at the end of your studies. This is a good thing because it allows you to live a decent life every day.
However, this educational system has probably also locked you into a very specific way of thinking.
Things about money or economics have never been taught to you. Everything is done with the educational system to leave you in complete ignorance of these essential things.
The famous Henry Ford once explained very well why:
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
— Henry Ford
The current monetary and financial system is so unfair that if the people were to notice it, a real popular revolution would take place as early as tomorrow morning.
This is what Henry Ford said at the time. And he was right!
Before you buy Bitcoin, you’re going to have to find out for yourself why the current system is flawed. You will need to do the research necessary to open your eyes to this ugly truth: the current system is not fixable.
You can only reach this level of understanding if you have a deep desire to learn more and more new things.
This comes through reading. You will need to be able to read a lot. Bitcoin encourages you to make up your mind about things. The success of Bitcoin lies in the fact that everyone is free to form their own opinion about the truth with Bitcoin.
If you don’t have this fundamental quality, you shouldn’t buy Bitcoin. Sooner or later you will end up making bad choices.
Those who do not have a sufficient desire to learn to make bad choices with Bitcoin because they have not been able to gain real confidence in the Bitcoin revolution.
When the Bitcoin price reaches $3.8K and loses more than 50% of its value as it did in March 2020, you should have full confidence in its revolution.
Those who do not trust Bitcoin will sell what they own in BTC and lose money.
You must open your eyes to understand that Bitcoin is a true monetary revolution. More than technology, Bitcoin is money. Don’t be afraid that Bitcoin will be replaced by another cryptocurrency that launches itself with a technology allegedly better than its own.
The real competition is not in technology but in monetary attributes. And in this area, the real revolution has already taken place with Bitcoin.
Bitcoin is a unique invention in the history of mankind. From now on, Bitcoin will be progressively improved to become a better version every time.
This total confidence in Bitcoin will help you to adopt the best possible strategy. It is also the simplest: becoming a Bitcoin HODLER.
To become a Bitcoin HODLer, you will need to be patient. Many consider HODLing Bitcoin to be a boring strategy. They are right! And that’s why HODLing Bitcoin works so well.
Remember what billionaire George Soros once said:
“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
— George Soros
Bitcoin is not a game. It is a very serious thing. A real revolution is taking place before your very eyes. By buying Bitcoin, you are choosing to support this revolution that wants to build a better world for all in the future.
It will take time for the Bitcoin revolution to reach its full potential. If you are not able to be patient, do not buy Bitcoin. You may make bad choices because of your impatience.
Some of the bad choices you might be tempted to make include:
- Buy Sh*tcoins that claim to be the next Bitcoin. As a reminder, Bitcoin is already the next Bitcoin.
- Becoming a Bitcoin Trader when you probably don’t have the required skills for being a trader.
- Selling your Bitcoins at a loss for fear of seeing Bitcoin price go to zero.
So think twice before buying Bitcoin. If you are not able to be patient enough, it is because you haven’t learned enough about Bitcoin and money in general. See the first point of this story.
The day you are ready to enter the Bitcoin revolution, you will appreciate the fact that HODLing Bitcoin is a boring strategy. It will give you more time to learn always more things about Bitcoin.
In the previous quote by George Soros, he explains very well that investing should not be fun. A winning investment is a boring investment. The fun side is in the search for the investment. This is 1% of the time in a winning investment.
The remaining 99% of the time is about being patient and waiting for the right choice to pay off.
With Bitcoin, you have already found the winning investment. You’ll be sure of that if you’ve gained full confidence in the Bitcoin revolution. The rest will only be a matter of patience.
If you are patient, you will be able to control your emotions.
Would you like an example of the mistakes that some people make that show they can’t control their emotions?
Recently, Internet celebrity David Portnoy revealed in a hugely publicized video that he bought over $250K worth of Bitcoin. Known for his exuberance, he explained that he plans to make millions of dollars with this investment.
And then, less than 15 days after he bought Bitcoin, David Portnoy got scared after the Bitcoin price dropped from $12.4K to $11.2K. This volatility in the Bitcoin price in a few hours is not extraordinary.
Those who have taken the time to study Bitcoin and how it works know very well that Bitcoin’s price volatility is a feature, not a bug.
You can make volatility your best ally, but you need to have real confidence in Bitcoin. Unfortunately, this volatility of Bitcoin price has become the worst enemy of David Portnoy who sold his Bitcoins at a loss. In this story, he lost more than $25K.
He then explained that the stock market was much better than Bitcoin…
For me, this is an example of someone who bought Bitcoin without really understanding what the Bitcoin revolution was. When the Bitcoin price dropped, David Portnoy let his emotions take over and lost money.
If you can’t control your emotions and make your choices based only on your sense of logical reasoning, Bitcoin is not for you.
The first four essential qualities that I have just presented to you will allow you to have this last essential quality: to have a long-term vision.
With Bitcoin, you must have a long-term vision.
If you buy Bitcoin thinking that you will make a fortune in one year, you are mistaken and you are facing serious disappointments. Bitcoin is much more than a get rich quick scheme. It is your way out of the vicious circle of impoverishment into which the current system plunges you.
Second, Bitcoin aims to build a better world for everyone. A fairer world where everyone will have the same opportunities.
This will not happen overnight. You need to be able to take a long-term view when buying Bitcoin. That way, you will be able to apply the best strategy available in the Bitcoin world:
- Buy Bitcoin.
- HODL Bitcoin.
- Iterate from Step 1.
This strategy is simple, but it is the one that has been proven since the creation of Bitcoin. Often the simplest strategies are the best. This is the case with Bitcoin.
If you apply this strategy to the letter, you will be on your way in the long run.
The more time passes, the more you will understand that Bitcoin offers you an incredible luxury in this uncertain world: the possibility of opting for low time preference.
Bitcoin is changing the lives of those who understand its potential for the world of the future and choose to fully support its revolution. All Bitcoiners will tell you that Bitcoin has changed their lives forever. Faced with the flaws of the current system, we now have an alternative with Bitcoin.
If you have the 5 essential qualities that I have just revealed, you will be able to buy Bitcoin and fully enjoy its revolution. If you don’t already have them, I urge you not to rush.
Keep on learning, and when the time comes, you will see that Bitcoin is our only alternative in today’s world.
Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH
Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.
The Core of the Hoax
Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.
The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.
The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.
However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.
After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.
Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.
Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:
”Buying Lambo now.”
South Korean Crypto Exchange Accused Of $1.5 Billion Scam
The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.
As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.
In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.
Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.
The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.
Too Good To Be True
The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.
The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.
Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.
Georgia’s central bank is exploring ‘Digital Gel’ CBDC
The National Bank of Georgia said that it is considering launching a central bank digital currency.
In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.
“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”
However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.
With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.
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