This is the guy that set himself on fire. Figured we needed to dissect this
(theponzipapers.substack.com)
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What he's saying is true: crypto crashing will result in the death of the stock market. But WHY he believes its pumping and soon to be dumped is incorrect, in my opinion. I believe that crypto has been pumped to keep short sellers and banks afloat as an easy way to post collateral and use token stocks as a means to continue shorting the real stocks. All you have to do is look into Tether infinitely printing BTC-USD to pump Bitcoin to what it is today, and look into PICKANYSTOCKTICKER-BTC of your favorite stocks to find out how they short stocks with crypto. This all feels like a distraction and alternate narrative to capture the real insidiousness behind where our stock market and crypto is today. These banks have failed and had their bags pushed onto other banks. What happened to the bag holders? THEY'RE FAILING TOO! If the banks are in on it, then they're eating themselves alive, which only makes so much sense.
Crypto does indeed have value, but not the inflated one it has today. It will crash and bring everything down with it, but that's because they can only keep the game up for so long. Just like short sellers, crypto exchanges don't hold any of the tokens and coins they advertise, they just take your money and flip it, all while pumping the cryptos in the process. When you buy anything from a broker or exchange, unless you have direct registered stocks or control your wallet, all you're getting are IOUs. If you transfer something in, they sell it instantly and just give you an IOU. When you sell, they just give you the value of that IOU. There isn't enough of these tokens, coins, and stocks to go around, they can only deal in IOUs and derivatives, and THAT is what will bring the house of cards down. When people panic run these brokerages and exchanges, they'll just take the money and run SINCE YOU HAVE NEVER ACTUALLY OWNED ANYTHING IN YOUR ACCOUNT BUT THEIR IOUs!
The stock market and crypto exchanges are ponzi schemes, but the game is setup right now to keep them afloat. They never expected people to lock them out of certain stocks by registering their IOUs, and now the game has become a ticking time bomb. Inflation is the result of them trying to keep it going, but pretty soon that inflation will go so out of control, they won't have the collateral to keep it together. The dollar milkshake theory is in full effect, its only a matter of time until the Game Stops.
Evil cannot create things, only steal and control it. Crypto was not made to advance the rich, if that was the case, they would have been pushing it from the onset. Instead, they waited until they could control it and set it up for what it is today. They denied the importance of crypto for years and then turned around and started pushing it once they had their systems in place. If they wanted to use it from the onset, they would have done so. It's the same way I feel about many things they taint and control: evil studies it first to find out how to control it, then goes all in. If control was their intent, they'd have been the ones to create it. Again, we all know evil is incapable of creating, only stealing and controlling.
Thats why having custody of your own crypto is key. Not your keys not your crypto. Always move everything to cold storage.