I appreciate the level-headed rebuttal. Usually people get very angry and throw reason away in online forums. I am not claiming with certainty that this stuff is true, but as someone who has been following crypto markets pretty closely for a while now, it is very apparent to me that it is and has been happening. Perhaps some day there will be some independent, investigative journalist that proves it, but for now it is all just speculation.
I somewhat disagree about Bill Gates and Warren Buffet’s intentions though. I believe strongly that wealthy individuals and banks and governments are very scared about the threat that crypto currencies pose to their wealth. The more money that moves into crypto currencies from the traditional financial system the more they have to lose. Also some of the quotes they are throwing around are not those found in a well educated debate, but rather childish, playground insults:
“Probably rat poison squared” – Warren Buffet
“A rare technology that has caused deaths in a fairly direct way” – Bill Gates
“Worthless, artificial gold” – Charlie Munger
“A scum-ball activity.” – Charlie Munger
“It’s just dementia. It’s like somebody else is trading turds and you decide I can’t be left out.” – Charlie Munger
Nearly as bad as trading “freshly harvested baby brains” – Charlie Munger
If they really did not feel threatened by Bitcoin or think there was something there, they would keep their mouths shut.
The fact that so many Wall Street types flocked to these cryptos solely because it is/was an unregulated market that they could manipulate speaks volumes about what it really is.
They are either industry saboteurs planted by big banking interests or they are complete imbeciles.
Same can be said about people who gave them money. It's just retarded. The whole business went completely against the core purpose of cryptocurrency. Anyone who invested in him or had their money sitting on his exchange (or any bankrupt exchange) deserved to lose it. It's scary to think what damage large amounts of capital could do in the hands of such idiots; society is better off now.
This illustrates why, through extensive experience and interaction with "blockchain" folks, I want nothing to do with the entire crypto industry. It attracts the very worst of the worst. I'm sure there are plenty of honest companies trying their best to legitimize this stuff. But the vast, vast majority of it is just outright plundering and fraud by the most vile people on earth.
Well they sure are doing a shit job then - if they were smart they would realize they have the most to lose from weak crypto.
But there will always be sociopaths who would rather be dictator or a pathetic state of starving and poor people rather than president of a prosperous.
They were used in crypto as a sort of bogeyman representation of the old guard financial world keeping down crypto. Locked in mortal combat with Sminem, the representation of the little guy trying to make it in the current world of extreme wealth inequality.
No doubt it was both, to some degree. The latter doesn't excuse the former.
And the whole matter is only made worse by (or, perhaps, 'highlights') the surrounding incestuous cesspool of other crypto exchanges and funds, and the 'crypto media' arms which they own and run. Several of whom are almost certainly engaging in, at the least, grey-area practices, in order to accrue vast and lightly regulated profits.
The fact that many of crypto's best-known names are basically digital bankers-for-profit, illustrates how the scene went off the rails some time ago. From a tech perspective.
Probably! My biggest issue with all this crypt hoo-ha is that the pigs from Wall Street who know a great scam when the see one went into cryptos with both feet. What does that tell you?
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