Are Cryptocurrecies REALLY Done This Time?

Wagerallsports

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Cryptos will still exist as long as the government doesn't completely outlaw them.

But as in investing purposes, could it really be over?
 

Oddsmaker

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Stocks long term way better

coins just gambling they really have no use
 

Wagerallsports

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Why are they crashing?
Mainly because China's government is cracking down on them as they plan to have their own cryptocurrency.
So they basically don't want any competition.

So with China out of the picture it affects prices worldwide and has crypto-investors worried about it's future.
 

Bubbles

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Mainly because China's government is cracking down on them as they plan to have their own cryptocurrency.
So they basically don't want any competition.

So with China out of the picture it affects prices worldwide and has crypto-investors worried about it's future.
This is bad.
 

BMR_Brad

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I am still more than 3x up on my bitcoin hodling, but it feels like I lost more than that right now.

Lucky I am not in a hurry to cashout and expect another All Time High mark to be made sometime again in the next few years.
 

Oddsmaker

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Invest with money you do not need
Hold if for a long time

simple
 

Wagerallsports

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I am still more than 3x up on my bitcoin hodling, but it feels like I lost more than that right now.

Lucky I am not in a hurry to cashout and expect another All Time High mark to be made sometime again in the next few years.


I wish I could say the same for myself with Doge :(
 

Oddsmaker

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The we are going to get rich is all gone

young dopes went all in and got crushed and forced out
 

BMR Genie

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Bitcoin Swings as China Regulators Punish Company Over Crypto

"Bitcoin fluctuated Tuesday after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services.

The largest cryptocurrency had risen as much as 3.7% to $35,094 before dropping back after the People’s Bank of China and Beijing’s local financial regulator ordered a company in the city to cancel its business registration. As of 7:55 a.m. in New York it was trading 1% higher at $34,194.


Financial and payments institutions should not directly or indirectly provide virtual currency-related services, the PBOC and the Beijing regulator said in a statement. It named marketing, promotion and display, and location-setting among prohibited activities.

Bitcoin erased gains after reports of a continued crackdown in China


”Whilst not directly affecting crypto, China clampdown on tech firms is another example of it flexing its regulatory muscles against an industry whose oversight has been lacking,” said Antoni Trenchev, co-founder of crypto lender Nexo in London. “Bitcoin too is caught in China’s regulatory crossfire as it’s seen as a threat to the digital yuan.”

China has increased its focus on the cryptocurrency industry, adding restrictions on mining, trading and other services, as well as issuing cautions to entities like banks that might facilitate such transactions. Many miners have shut down or are trying to move out of the country, and mining metrics have showed the decreased activity.


The move came after some chart watchers had been eyeing the 50-day moving average above $36,000 as a potential zone to see a bullish breakout. However, Bitcoin has been stuck in a range of about $30,000 to $40,000 for weeks after dropping from its record near $65,000 reached in mid-April.

“Bitcoin has been trending sideways between $30,000 and $40,000 for the best part of seven weeks now,” Trenchev said. “I expect Bitcoin to remain stuck in this trend for the forseeable future, before grinding higher again.”"
 

BMR_Brad

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Good for the longer term prospects if China has less influence over the network I think.

A little pain today for a better tomorrow.
 

BMR_Brad

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So China can make or break the economy now?

It does not look like it based on everything we have seen so far.

Chinese govt has said and done all sorts of destabilizing things re Bitcoin for years and have not broken it.

Now they have forced most miners to leave the country, it was a minor blip that is already priced in and forgotten and China won nothing from it. They just gave away more of whatever influence they may have had.

No Govt can stop crypto. Every time one tries, they simply hurt themselves and hardly scratch anyone else.

Fiat is a dead man walking.
 
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