Virtual currency cannot be sold
There are two reasons for the prohibition of virtual currency trading by the state:
1. The price fluctuates violently and the consumer protection is lacking:
virtual currency is the proct of network, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code
bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is full of speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses
2. Evade supervision and become the "accomplice" of criminal activities:
bitcoin is popular as a payment tool in the so-called "dark web" world“ The "dark net" is full of all kinds of serious criminal activities. One of the original intentions of the invention of bitcoin is to evade regulation. It has the characteristics of anonymity and convenient cross-border flow, and has become the preferred tool of "underground economy"
the existence of bitcoin and exchanges and other instrial chains has constructed a illegal financial market for asset transfer and financing in addition to legal currency, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value
extended information
virtual currency transactions are not protected by law:
according to the notice on preventing bitcoin risks issued by the people's Bank of China and other departments on December 3, 2013 and the announcement on preventing financing risks of token issuance issued by seven ministries and commissions including the people's Bank of China on September 4, 2017, virtual currency is not issued by monetary authorities, It is not a real currency because it does not have the monetary attributes of legal compensation and compulsion
in terms of nature, virtual currency should be a specific virtual commodity, which does not have the same legal status as currency, and can not and should not be used as currency in the market. Although citizens' investment and trading in other virtual currencies are personal freedom, they can not be protected by law
2. They either sell all their bitcoin or buy all their bitcoin. An experienced investor only sells 10% of bitcoin when he gets 50% profit, and the other 10% sells bitcoin when he gets 100% profit. As the price of bitcoin rises, he always sells 10% of bitcoin. In that case, they can always make a profit. Greed is everywhere, but people who can get sustainable returns are definitely not over greedy
3. They refuse to study. Good investors will read books on encryption and white papers for themselves. Although the technology is very complex, but at least to understand the basic knowledge. Don't blindly buy things recommended by experts. If you take the time to study, the investment will give you a great return. So is access to other sources. The more you know, the more confident you will be able to run your portfolio. Marketing that only appeals to you emotionally without providing objective insight will not bring you wealth< They put all their eggs in one basket. Don't hold only one digital currency. Hold the best five currencies or projects you can find. One currency may get a 1000% return and make up for the loss of all the other four currencies
5. They put all their digital assets in one wallet. Asset security is very important. I have seen many friends who have a very good investment philosophy, but in the end, they lose in the security of their wallets. They distribute your bitcoin or other currencies through exchanges, online wallets, hardware wallets and paper wallets, so that they will not lose all their assets when they are attacked or lost by hackers. The secret key information must not be placed in the mailbox or other unsafe online software. 6. They lack risk management. Imagine if you put all your food money into bitcoin investment, you will also become more emotional and make bad deals. It's a vicious circle. In the short to medium term, you should not rely too much on digital money investment. In the worst case, you should be ready to bear the loss of all the money
7. They don't care about instry and ecology. Whether it is EOS, etc, BTC, LTC, or other platform currencies, in addition to bitcoin itself has been given the attribute of digital currency gold, other currencies are more related to the application and landing of blockchain instry. Pay more attention to and analyze the trend and ecological construction of blockchain instry, so as to return to the original intention of blockchain value investment, It will also be a way to avoid risks. As a technology controller, I always think that returns should be given to those investors with real value.
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