The problem with assets that are backed by faith (like crypto, or the Federal Reserve Note), is that they become worthless when people lose faith. A faith backed asset is guaranteed to fail eventually.
Money can be made in the short term, if you can follow the pump and dumps of the power players, but they are never a sound investment in the long term, because faith lasts only as long as there is no evidence against it. If the PTB cause it to crash (and you are a complete idiot if you think they don't have that power) then faith will be lost and they will be worthless. This attack might be just such a situation designed to cause people to lose faith.
I am not saying all crypto is bad. On the contrary, I think such a system is necessary for a stable economy, but only if the crypto is backed by a real, tangible asset. In that case, the crypto itself will never be a sound investment unless the asset it is backed by is a sound investment (like a crypto stock in a company e.g.).
The problem with assets that are backed by faith (like crypto, or the Federal Reserve Note), is that they become worthless when people lose faith. A faith backed asset is guaranteed to fail eventually.
Money can be made in the short term, if you can follow the pump and dumps of the power players, but they are never a sound investment in the long term, because faith lasts only as long as there is no evidence against it. If the PTB cause it to crash (and you are a complete idiot if you think they don't have that power) then faith will be lost and they will be worthless. This attack might be just such a situation designed to cause people to lose faith.
I am not saying all crypto is bad. On the contrary, I think such a system is necessary for a stable economy, but only if the crypto is backed by a real, tangible asset. In that case, the crypto itself will never be a sound investment unless the asset it is backed by is a sound investment (like a crypto stock in a company e.g.).
The problem with assets that are backed by faith (like crypto, or the Federal Reserve Note) , is that they become worthless when people lose faith. A faith backed asset is guaranteed to fail eventually.
Money can be made in the short term, if you can follow the pump and dumps of the power players, but they are never a sound investment in the long term, because faith lasts only as long as there is no evidence against it. If the PTB cause it to crash (and you are a complete idiot if you think they don't have that power) then faith will be lost and they will be worthless. This attack might be just such a situation designed to cause people to lose faith.
I am not saying all crypto is bad. On the contrary, I think such a system is necessary for a stable economy, but only if the crypto is backed by a real, tangible asset. In that case, the crypto itself will never be a sound investment unless the asset it is backed by is a sound investment (like a crypto stock in a company e.g.).