You know earlier this year I had a nightmare where I checked the price and it was in the 8000s. I really hope this doesn't come true but with the current price and doubt about Grayscale, various exchanges, and others I can't write it off like I did when I had the nightmare.
One thing I know for sure though is that I preferred it when these institutions weren't involved in Bitcoin at all. Bitcoin was driven by actual people then, and after this mess is all past us it seems like it will be again.
I am not claiming to know much of anything regarding where we are going, or even where we have been for that matter - but these fantasies about some kind of a pure bitcoin that was or could be detached from reality -- seem a bit too much to be going down these roads to wish that bitcoin were to take some kind of a straight-forward road without drama and without war and without outrageousness.
There have always been scams and manipulation in bitcoin, and when there is money at stake (or do we want to call it value), then there are going to be attempts to manipulate loopholes - it is just that with the passage of time, the players (and the amount of value) has been getting bigger, BIGger and
BIGGER. I don't see how we would be able to avoid it and then wondering why so many crashes happening at the same time.. why wasn't the exponential top as BIG this time, and bitcoin must be dead
(again).
You are not really wrong.. but still it seems to be inevitable that we are going to have these kinds of behaviors that go along with financialization of bitcoin.. even if we might not be able to really foresee the particulars in regards to how BIG the blow up will be in one direction or another or which players (or combination of players) will will be manipulation, scam, drama, etc. participants.
I would think that our strategy must be to attempt to prepare to survive.. no matter the direction... and hopefully, it (bitcoin) is not really dead this time.
It seems inevitable that at some point, Ethereum is going to lose control of its peg too
(of course, fuck ethereum and shitcoins, but we are also referring to contagion, no?).. and maybe that will be a slow bleed rather than the outrageousness of the combination of our current contagion with Terra/Luna, 3AC, Celsius, Voyager, BlockFi, FTX, potentially Genesis, potent GBTC and potentially some other BIG currently unnamed ones.
All the VC and high net worth individual money appears to be the dumb money, not smart.
Seems to be the case. They just act like they are smarter, more sophisticated and actually doing more due diligence, when they are not.. they are merely going with the momentum like a lot of normie degenerate gamblers. Even if they are responsible for the money of someone else, they seem to give few shits, except whether they can get away with it.. (the standard seems to be about what everyone else is doing).
I wonder how they became rich to begin with. I guess corruption and crony capitalism has worked wonders for them, which is why they're being destroyed by Bitcoin, as that shit just can't fly with something that is so honest and transparent.
Definitely depressing but shit happens.
True dat.
On the positive side, time and the monetary system is on my side.
There is no "positive side."
hahahahaha.. that's a joke.
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