2021-05-12 Bloomberg - Why the Bitcoin Crash Was a Big Win for Cryptocurrencies

[acquafredda]

The cryptocurrency market means different things to different people. To many, it represents an object of naked speculation, which consumes almost all the media coverage about the space. For these people, Wednesday was a bad day, with the Bloomberg Galaxy Crypto Index plunging 19.2% in its worst slide in more than a year.

https://www.bloomberg.com/opinion/articles/2021-05-20/why-the-bitcoin-crash-was-a-big-win-for-cryptocurrencies

Instead of focusing on the real win of bitcoin trading that works 24/7 without almost any glitch, the mainstream media with Bloomberg in this case, prefer to point out that DeFi works better than CeFi under heavy market conditions.
Ok, fair enough, but altcoin and DeFi is losing much more in economic value compared to btc. That is the real news!

[NeuroticFish]

Instead of focusing on the real win of bitcoin trading that works 24/7 without almost any glitch, the mainstream media with Bloomberg in this case, prefer to point out that DeFi works better than CeFi under heavy market conditions.
Ok, fair enough, but altcoin and DeFi is losing much more in economic value compared to btc. That is the real news!

Interesting point of view! And this is something I don't get to say often about news.
...And while the price of the coins will continue to have its ups and downs, the results of this "stress test" will remain. Nice!

[bbc.reporter]

The author of the article appears to be in support of the Defi ecosystem. Might this be the next greatest pump in the cryptospace that will bring some of them in the top 10 hehe? I am asking as a speculator, what Defi project is undervalued? Presently Uniswap is the leader on 11th place in coinmarketcap.com, Polygon on 15th place and Aave on 26th.

[NeuroticFish]

The author of the article appears to be in support of the Defi ecosystem. Might this be the next greatest pump in the cryptospace that will bring some of them in the top 10 hehe? I am asking as a speculator, what Defi project is undervalued? Presently [...] is the leader on 11th place in coinmarketcap.com, [...] on 15th place and [...] on 26th.

For each very good project there are maybe 100 weak and scam projects there. And everybody will tell that the project he invested in is undervalued. Don't trust them and DYOR.
Also please don't shill your projects on Bitcoin sub, there are plenty of altcoin subs for that.

[bryant.coleman]

For each very good project there are maybe 100 weak and scam projects there. And everybody will tell that the project he invested in is undervalued. Don't trust them and DYOR.
Also please don't shill your projects on Bitcoin sub, there are plenty of altcoin subs for that.

I would agree with you on the ratio. If you invest in 100 such projects, only 2-3 will be successful. Earlier (in 2017-18), the ICOs were having much better success ratios. If you invest in 10 new projects, then one or two will be successful and the returns from these successful projects will more than make up for the losses from the remaining projects. That is not the case now. The returns from the 2-3 successful projects may not be enough even to cover half of the losses from the other projects. So for now, I would stick with Bitcoin and the established alts.

[acquafredda]

I post these pearls mainly as a future reference because the MSM have no pride in what they say and I still believe most of the article writers do not even know what they are talking about. This one of the main example and I will keep finding them, I am sure of that.

[bbc.reporter]

The author of the article appears to be in support of the Defi ecosystem. Might this be the next greatest pump in the cryptospace that will bring some of them in the top 10 hehe? I am asking as a speculator, what Defi project is undervalued? Presently [...] is the leader on 11th place in coinmarketcap.com, [...] on 15th place and [...] on 26th.

For each very good project there are maybe 100 weak and scam projects there. And everybody will tell that the project he invested in is undervalued. Don't trust them and DYOR.
Also please don't shill your projects on Bitcoin sub, there are plenty of altcoin subs for that.

Did I shill? Did you also read the news that acquafredda shared? It is about Defi and it mentioned Defi projects. This makes the whole thread belong to the altcoin subforum.

However, I did my research and it appears some big whales in the cryptospace are into the top Defi projects. I know Sushi is one of them. The project’s development after the rug pull was taken over by FTX’s CEO Sam Bankman-Fried and his team. The biggest whales who invested in the project are Zhu Su and his partner Kyle Davies of 3 Arrows Capital, another I know is Arthur Cheong of Defiance Capital.

That is a shill. Are you buying hehehehe?

[amishmanish]

I wonder how easy is it to write such articles and get paid by a website like Bloomberg. Still, the author did a service by recognizing some of the big names in DeFi right now like Compound, AAVE, MKR.

He mentioned Uniswap and even slipped in a bit of information that the user has to use a wallet "away" from the regulated exchanges. It is a nice contrast to have against the GME short-squeeze event when there was so much interference and the market showed its reality as everyone rushed to save the biggest participants. Nothing of that happened on the AMMs and the Lending protocols.

I do wonder though what are the implications for Bitcoin. Bitcoin as an asset class is the basis of the infallibility of crypto and subsequent trust on it. Whether the mainstream media can recognize that or not, is the million dollar question.