I am absolutely befuddled. Why are we letting this happen? Who is holding this hot potato and why?
Drop tether now. The more people hold it, the more damage it will do when it implodes.
Drop tether now. The more people hold it, the more damage it will do when it implodes.
Enron was thought to be a market master until it fell apart.
Bernie Madoff’s clients were happy with their returns until the fraud was exposed.
The only difference in the cryptocurrency world is that a lot of the players have a suspicion that some parts of the system are powered by fraud, but they either wave it away (buyer beware / I can buy the dip if the market crashes) or they think they can get their money out before it really crashes down.
Drop Bitcoin now. The more people hold it, the more damage it will do when it implodes.
Are most users even capable of melting it into tools when there's nobody that wants to trade for it?
It's not a genuine argument to claim that "bitcoin isn't used for anything".
If you want to buy $1.5 billion worth of Bitcoin the $5-$50 transaction fee doesn't matter. For the majority of people it matters though.
Also, Gold has literally thousands of years of cultural precedent as being a "valuable thing." Bitcoin, not so much.
(Of course gold has intrinsic value! Just because you can’t use a thing, doesn’t make it worthless to me, I’ll still buy your gold despite you not knowing anything but how to pull it from your pocket)
All the gold in the world or all the bitcoins in the world?
I think you underestimate just how mighty 'fragile' sentiment can be.
I can't predict when this garbage explodes, but i'll at least have the majority of the money out or all of it. If i'm wrong, i'm wrong, but all of this is fishy as fuck.
Defi loans, using your crypto as collateral to buy more crypto, tether printing off the charts. Most people don't care though, they see number go up and ignore the noise.
Being "smart" often doesn't translate into making good decisions or having good judgment. Sometimes intelligence only amounts to better capabilities at rationalizing whatever harebrained thing you already wanted to do, instead of giving up on it.
I think Bitcoin hits a bunch of special-interest buttons in some people that make it very difficult to put aside, for instance: truly innovative technology, startup thinking/wanting to be in on the "ground floor" of a big success, sci-fi made real, libertarianism, etc.