Elon became the poster boy for crypto so his actions carry weight as he attempts to destroy it. Colonial pipeline hackers extort $5 million of Bitcoin from company. Fake news is shaping a narrative that the DOJ and IRS are looking into Binance for money laundering, when in fact Binance is helping US find users who are money laundering.
I would not be surprised if other woke companies start coming forward and stating they will discontinue use with Bitcoin. This is an orchestrated attack to stop the bull run.
Q post 571
"@Jack, MZ, ES, JB, EM, SH, MSM, etc.
Do you know that we know?
Do you know that we see all?
Do you know that we hear all?
FEAR the STORM.
NOBODY PLAYING THE GAME GETS A FREE PASS.
NOBODY.
Q"
I agree that there are better ones out there, but Bitcoin is still king for now so if it tanks, the rest of the market is bound to follow. If it doesn't, and say ETH takes over as supreme, that'd be awesome.
Two flaws: First, Wall Street has been using them extensively as pump and dump or to hide liquidity issues. There is no backing to any of them that can backstop volatility. Cryptos are useful for laundering money- not ours, since the blockchain is public, but the banks and real criminals in government make out just fine.
I absolutely buy into the theory that Musk's statements lately have everything to do with enriching himself while hurting hedgies that have heavily shorted his companies, just as a big middle finger. Retail crypto holders are just pawns in the game, and a large percentage buy or sell based on his tweets.
Second, cryptos are allowed to exist only because the laws haven't caught up yet. Unbacked cryptos can be outlawed and made absolutely worthless with the stroke of a pen by unelected bureaucrats. That is the literal definition of fiat. If government decides it can't be accepted as a form of payment or transferable outside its little sandbox, it's worthless. Frequent flyer miles would have more value.
We don't usher in a new monetary system with fiat created out of ones and zeroes. That would be stupid. Stablecoins are the future.