The decentralization of power means taking money out of the hands of the central bankers. Therefore, why call a technology that does this “dangerous”?
After all, blockchain technology (as patented by the USPS under Trump) could have (or did) saved the 2020 election, if implemented. Just one example of MANY, how it could help end corruption.
So why? When he says dangerous, does he mean to Establishment finance?
https://decrypt.co/89108/donald-trump-calls-crypto-dangerous-even-as-melania-launches-nft
Yes he did. But it’s clearly not.
I don’t think you have been paying attention to the pumping and dumping. Bad actors utilize it to launder money, raise quick capital, traffic drugs/kids/women.
Sure some people have faired well, but this isn’t something you want to base an economy on.
They do that with government currencies also. In fact, MORE SO.
You made it the subject with your rebuttal.
None of that is intrinsic to bitcoin. Its actually more transparent than fiat
Yes. It took a while to recognize it, but a while ago I was on Steemit and there was regular discussion of the value of the coins and cryptos in general.
Every so often a whale would quit and cash out, when that whale pulled out their cash the entire market dropped (I mean pennies, but noticeable). Then there would be a story of a major influx of cash and suddenly the price boosts. Then this happens in bitcoins and the steem coins price was also impacted.
Once that trend clicked that the value of the overall market depended on the continued input of cash from new investors to influence the price, that the entire crypto markets are by definition a ponzi scheme. If the whales (big holders) all sold at the same time, the value would be so low that nobody would want them anymore.
Here's a well-written summary of a big problem with bitcoin.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
Blockchain is different from bitcoin.
Yes it is different. But read this: https://bitcoinmagazine.com/markets/debunking-misconceptions-from-the-bit-short-inside-cryptos-doomsday-machine
Those are good points to think about. But in a general sense, I lean towards thinking that tether corrupts the bitcoin market in the same way that fake-accounting-supported Chinese stocks corrupt the NYSE. The extent and severity are debatable, but trading on unfunded leverage at all is problematic. Will consider more. Thanks.
Let’s assume Tether is a Trojan Horse. It’s purpose would be to crash blockchain currencies. But why? Because they know it’s our only hope.