Yep, I’m angry. Normally I’m quite level-headed, or at least I like to think so. But lately, living in the crypto-sphere has me wondering: “have we forgotten why we’re here?” Yes, prices are down and yes, many of us are hurting, but this is all we seem to care about in the larger crypto-sphere; that’s just asking for this experiment to fail.
“Where’s the bottom?” “Will Bitcoin have a bullish reversal?” “Is $3,000 Bitcoin Unavoidable At This Point?” “Bitcoin $3000 or $1800 By December 2018?” “Bitcoin could fall to $1500.” “Bitcoin Is Dead? Where’s the Bottom?” … That last one is a one hour YouTube video by [Bitcoin-Fund-Manager] in which a bottom of $800 is predicted, and trust me on this, his explanation is feasible. On the other hand there’s a very small number of videos that go the opposite direction and foresee new highs in the first quarter of 2019.
Why is everyone so focused on the market? All the analysts agree that whatever caused the bear market, it has nothing to do with any earth shattering news on the fundamentals. Nothing has changed in the real world about the need for an alternative to the concentrated money-power that’s killing the planet and it’s inhabitants right now. Nothing has changed about the fact that Bitcoin has never been hacked; only centralized wallets like exchanges have been hacked. If you don’t have control over your own private keys, you don’t control your money; using an exchange to store your money is not only unsafe, it shows a fundamental misunderstanding about the decentralized nature of real, honest money. This kind of centralization, this voluntary handing over your money to an institution is exactly why crypto-currencies were a reaction against!!
Exchanges are not only a security risk, they’re the domain of traders. The TA profit seekers that publish videos with titles like “How to make money in the bear market”… They gleefully explain how they can do their part in the holy mission to “shake out the weak hands”, while simultaneously scoop up their rightful share of the “blood in the street”. “First you work for your money, now you can make your money work for you!”… Geez… have they learned NOTHING!?!? The very fact that you believe that money can generate money shows that you haven’t understood what all the criticisms against the bank’s power to create money out of thin air were about. Money needs to be a representation of value. Adding money is not a problem as long as it’s added after some value has been created. Where’s the value, the real world value in profiting from blood in the streets? No, don’t answer that….
What really breaks my heart is that many of these “this is not financial advice” videos suggest to park your crypto-wealth in Ripple. They know Ripple is a closed and not a distributed blockchain. It’s the model that’s most threatening to this whole experiment. It’s the nightmare that people will adopt a government or bank created private blockchain instead of a public blockchain. Why do you think so many of the established powers say that they LOVE the blockchain technology, but HATE Bitcoin? I see so many crypto enthusiasts who cheer every time some official says they love the blockchain, and misinterpret that as a step in the right direction for mass adoption…
I’ll leave it here. Just remember that greed is what got us banks, got us to the point that we need something like Bitcoin and other crypto-currencies, real crypto-currencies; don’t let greed kill them. And thank you Jimmy Song; below a rare video with a rare voice of reason amidst the crypto market madness: