Google and Facebook have decided to crack down on advertisements that have anything to do with bitcoin and cryptocurrencies. Facebook have banned them entirely. One minute you’re running an effective advertising campaign to help educate people about this world-changing opportunity. Then next minute they turn the lights out. A blanket ban is too extreme.
Bitcoin and the wider crypto market has tanked overnight. It was a sea of red across the board this morning for almost every coin. With the majority of the top 50 coins down by over 10%.
During the recent crypto-frenzy, ethereum reached a peak of US$1,420 per token. The current price represents a 14.8% retrace from the high, compared to bitcoin’s 42.1% retrace. Traders are beginning to look at ethereum as the next leader in the cryptocurrency world.
Whether the future will look like this or be entirely different is impossible to know. But imagine. In the crypto future, you would be free to use any currency you like. And a receiver would be free to instantly and freely convert it into any currency they like. There would be no monopoly power here. The possibilities are truly endless.
As a child you are taught things are right or wrong. Black or white. But in the social sciences this is usually wrong. Scientific precision in such a complex field of moving parts it’s impossible to achieve. And it is in this field where you, as an investor, live. Which brings me to Nassim Taleb’s view on bitcoin and cryptocurrencies.
The price of bitcoin has plummeted over the past week. Dropping to US$9,453 per token, an all-time low for the cryptocurrency since November 2017. What has caused the drop?
If you understand the fractional banking system you'll also know that all the ‘cash’ in the world isn’t actually backed by real cash either. There’s so much more to it than just bitcoin and prices in fiat money. If you only take a superficial view, it’s easy to get misled into thinking it’s some kind of fake, ‘valueless’ mirage.
The price at time of writing is US$11,098. In my view, the price is breaking down. The trend is still favourable, and you could argue that bitcoin is just correcting and consolidating its big recent move. In fact, if you’re financially and emotionally invested in it, I’m guessing that’s the story you’re telling yourself.
Cryptocurrency prices dropped by as much as 40% overnight. With plunges across the board hitting all the major tokens. With staunch crypto critics crying that the bubble is finally popping. But is it really?
Kraken, one of the biggest exchanges in the world, shut down late last week. The site was scheduled to go down for two hours for planned maintenance. However, things didn’t go to plan, and the site remained offline for two days.