To be clear, you're suggesting: "because people are uneducated about bitcoin and crypto, when one project fails they will incorrectly connect it to bitcoin. And that's bad for Bitcoin."
These events are great opportunities to educate ignorant people. > 0 such ignorant people will learn more about bitcoin and why it's not like crypto like Luna. Greater education is extremely good for Bitcoin and bad for scam coins - which rely on ignorance.
That's just my opinion, though.
Every dollar taken out of crypto is at the expense of someone else. Those coiners trying to change $1->$2 are heavily incentivized to lie, manipulate, and convince the naive in the public to put their $1 in.
You could say this is everything with a public market, but with stocks or bonds you also have a legally binding contract to organizational assets that have value. Buybacks, issuing new units, dividends, etc. provide other avenues for cash injection to get your $2 out.
BTC doesn't even have the bare minimum regulation to prevent bad actors from exploiting the public, which is why it's worse since the public only sees coiners trying to whitewash an inefficient database.
You’re judging all current btc owners by bucketing them into one easy-to-consume cliche. Not all btc users give a shit about more fiat. Considering the buying power of fiat is a perpetual dip, it’s not exactly the best thing to accumulate.
No, not really.
While some crypto-enthusiasts are using BTC as hobby money (in which most payment processors convert to USD right away anyway) the vast majority of people using BTC are speculators.
This has more to do with media and social media thought bubbles. This is no different than any other topic in the news. There are highly intelligent takes out there. But click bait, trolling, and confirmation bias bs rises to the top in certain areas of media and social media.
I too thought there were some interesting “real” things that must be going on somewhere, and surely there are. I figured if there’s one place to find it — or one place it must be found for the sake of the system — it’d be the stablecoins. Then you read into e.g. Tether and realize not only is that a scam, but it’s a transparently obvious one.
Again, very bad look for the entire sector.
Would also be nice if the only stock in the stock market was AAPL and no other shit stock with no profit.
Mind quoting me? I’m confident I said no such thing.
If you look at the top 2,000 projects on CoinMarketCap, the vast majority are shitcoins at best or just blatant scams. But I do not believe bitcoin should have a monopoly and, in fact, the competition is healthy.