Crypto is Dead
The past decade has been a bit chaotic to say the least, and in response to the financial niche of that chaos, some guy(s) created Bitcoin. Bitcoin was essentially a response by someone getting fed up with central banks after the 2008 economic bamboozle, and since then it’s become a household name. Just bringing up the word ‘crypto’ in a conversation is going to generate responses…they may be eye rolls or 1000 yard stares but still, there’s no such thing as bad publicity.
Still, all people care about is price. As long as the hyper bull run from three years ago looms over the market with it’s grazing of the $20,000 mark, people are going to say crypto is dead; or worse, crypto is a scam while it runs below that magic number. Now, no one can honestly say that there are no fraudsters in the crypto world, it’s definitely happened more than once. However, a big part of the reason that scams and scam coins exist is that people misunderstand why all of this was started in the first place.
Bitcoin wasn’t introduced as a way to out compete the US Dollar or become a standard global currency, but just to give anyone who wanted totally control over their money exactly what they wanted in a light and simple package. That’s it, that’s its value proposition: It has value(Of course, why it has value is a bit more substantial, but for now lets focus on the big picture of cryptocurrencies.) .
Still, plenty of people have been burnt by all sorts of dirty tricks or dishonest projects in the cryptocurrency world. Ironically, one of the more famous, er, infamous cryptocurrencies was literally an old fashioned pyramid scheme with a hilariously charismatic spokesperson [WASSA WASSA WASSA WASSUP!] that merely used crypto as a shell to run this ancient scam technique. It’s easy to look at a situation like that and get a bit of a sour taste about the sector, but I highly encourage those people insisting that it’s all a scam to go and look up what a CDO is in the traditional finance world.
Every market in the world has an element of cunning tricksters, compulsive gamblers, and just straight up fraud. There is no magical market safe haven where manipulation of some kind doesn’t happen. When it comes to making and moving money, things get savage…
