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Cryptocurrencies are rather flat. Our beloved #BCH has been decidedly neutral for the past couple of days, hovering around $670 or so. There is a lot of fear, uncertainty and doubt (FUD) in the market, intentionally meant to frighten retail investors away like us here on read.cash. But don't fall for the scaremongering.
Let's take a look at one of the culprits spreading untoward fear, what I refer to as #cryptophobia run amok.
It's a given that the US is one of the wealthiest, most advanced countries in the world. Those who deride it, stomp on the flag, and work to advance socialism replete with all its ills, forget one vital thing: the millions of people who seek to immigrate there. Multiple millions.
Is it perfect? Definitely not. Joe Biden, the most popular president* (note the asterisk) in the history of the United States, is a doddering puppet of his staff of delusional minions, wandering off in dementia land with his ice cream, myriad vacations, and with hardly a clue as to how his #woke administration is destroying the country and other parts of the world with inane foreign policy decisions.
And monetary policy. The Biden Administration absolutely fears cryptocurrencies, the antithesis of what retail investors in the States see as a hedge against the declining #petrodollar, and an alternative to it insofar as increasing wealth and some semblance of financial stability. Crypto has no racial barriers. The elite in governments don't want an empowered class of independent thinking citizens, but rather a slew of lackeys who are dependent on them.
And as James Poulos notes, "There’s no better way for Americans to reclaim control over their destiny in the digital age than by using crypto to command compute to serve our soulful, human purposes."
That goes for all of us from wherever country we are from.
Otherwise known as the SEC, take a gander at the SEC's cryptophobic head, Gary Gensler. He is a Biden appointee with a horrific track record. He once taught crypto at MIT, though the Media Lab program at MIT vis-a-vis crypto has ever been structurally hostile.
Gensler was also the raucous racketeer appointed by Obama to steer the US economy out of the 2008 recession. Ironically, he was previously employed by Goldman-Sachs, which played a significant role in the crash by selling mortgage-backed securities, and trading against its own clients. He was and is a #crook.
The SEC is poised to sue #Coinbase. Coinbase is one of the leaders in the world. The SEC plans to sue Coinbase over its proposed launch of #Lend, a program that allows users to lend crypto assets to earn interest.
The SEC ostensibly sees #Lend as a security, hence its forthcoming lawsuit. Repeated attempts by Coinbase executives to reach out to the SEC have fallen on deaf ears. Now Coinbase has delayed the launch of Lend until sometime in October.
At the very core of the suit is the SEC's and Biden's fear of crypto. The entire lot of these people are hypocritical crooks, commies and control freaks.
As previously mentioned, I bought the dip when #BCH tanked some 17%. Like others here on the platform, I have no regrets. And while #BCH is valuable to me, it is not my primary source of income. A wise investor never places all of one's eggs in a single basket, right?
I am not a financial advisor and never claimed to be. However, it is to wise to save and invest your money rather than spending it all on frivolous things you really don't need right now. If and when you save and invest wisely, and in the process make some good monetary returns, then you can buy your toys and other material possessions, if that is where your heart is.
As a final caveat, do not be greedy or think money is the end of all your problems. For the love of money is the root of all evil.