What is it about bitcoin traders? Or should I say cryptocurrency investors? They have taken an absolute walloping on the currency market this week, but those the ABC spoke to remain resilient, determined to bitcoin shop review their investments through.
Here is what some of them had to say. Sydney’s northern beaches, and claimed investors were still banging down the doors to get in on the bitcoin action. So we signed up around November, and it was quite easy then, but it’s gotten a lot harder,” he said. To my understanding there’s so many people trying to get involved that there’s just like a backlog of people just trying to get verified. Leading economists say bitcoin will never replace government-backed currencies, and it’s a massive bubble that will pop.
So why are traders in the cryptocurrency not worried? Is there something they know that we do not? Adam said he was not so interested in cryptocurrencies as such, but he was a believer in the technology that was behind them. I’m in it for the long haul,” he said.
Yeah, I think it’s going to be in everyone’s life. Adam is confident the technology itself — which is capable of removing banks from financial transactions, for example — will take off in years to come. Phillip Dundas The faith in the power of the technology extends all the way to epicentre of world financial markets. Phillip Dundas is the head of technology at an investments bank on Wall Street, and he is also into cryptocurrencies.
Not unlike a lot of other people, I got swept up in the craze in about mid-December and made some fairly substantial investments at that time,” Mr Dundas said. I invested in bitcoin, bitcoin cash, Ethereum, Stellar, and a couple of the other fairly small alternative currencies as well. So whilst I’d like to say started a year ago, and I made my millions, that was certainly not the case. The boss of JPMorgan Chase said if his staff were caught trading bitcoin he would “fire them in a second” and it’s a “fraud”.
In fact, like many cryptocurrency traders this week, Mr Dundas lost a sizeable amount of money. I think is, in some ways, Wall Street gambling, and not a whole lot more than that right now. But Mr Dundas is standing tall again, confident the valuable whiz-bang technology behind his cryptocurrencies will keep him in the money. Working on Wall Street and working in financial markets, we all know the benefits of a distributed ledger — which is what bitcoin and all of the technology behind it like blockchain bring to the industry — is absolutely what is making this a really interesting proposition.
I’ve had a great experience with bitcoin to date,” he said. It’s obviously been very kind to me getting in at the time I did. Bitcoin is a formula almost guaranteed to end in tears, but still speculators pile in to the bubble, writes Ian Verrender. His hip pocket was still hit hard this week, but he too said he was unfazed by the market crash. Have I lost anything this week? Everything went down, but I have seen this run at least half a dozen times in the 15 months that I’ve been a bitcoin investor and I always see it as a good opportunity to buy cheaper stock, or cheaper coins, as I believe in the long term prospects of the space.