Clearly. Watch the price after Musk's announcements.
> fleece unsophisticated investors
Someone speculating in an unregulated asset that's seen massive growth in the past year should have no expectation of not being on the bad side of a trade.
And yet some people dump their life savings into it.
Which is good because crypto is a lot more fun in bear markets.
I assume that soon they will let it drop to 9k and leave it there for a few years and the start the whole thing over again, with the next round of "investors". These "Maximalists" are unintentionally helping them set a floor.
What's the point of ownership if the value of the stuff that is owned is centralized?
I think it was more like: There's a risk _for Bitcoin_ if the US brings out the ban hammer, because bad countries use it.
Nowadays a lot of people are not libertarians that would see the US opposing it as a proof it's valuable, but more speculators whom would have nothing left if Coinbase and co. were to shut down.
-If you follow the herd, if you buy when people are talking it up positively, you are probably buying high and making less than average (less than zero).
-Covid 19 probably made crypto investment frothy because of unprecedented amount of government stimulus and fewer places than normal to spend money. The government benefits are going to taper over the summer so crypto prices will lose an important support, and the gradual reopening of everything will give people more places to spend their money instead of bidding up digital coins. There could be a third downward force if high inflation takes hold and central banks starts fighting it. They do this by raising interest rates which literally means banks are paying people to hold fiat or government debt instead of other assets. Gold and stocks usually have lower than normal prices during periods of high interest rates, crypto could do the same. At least stocks should have accelerating dividends with higher inflation, not so for gold and crypto.
So if you really want to buy cryptocoins, wait to see what the economic conditions look like in the fall or next year, if the economy is near done working through the above dynamics, prices could be near their lows and it should be a less terrible time to buy.
Any of these mean anything to ya?
>[big purchases] of any big country could change and trigger the [purchase] for a lot of [buyers] of a country.
>Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware and all sort of dealers, as well as Chinese who want to flee.
[Didn't actually have to change this one, seems like buying pressure to me]
>Currencies are in theory regalian = only emitted by the central bank; [New world currency outside of central banks is the whole vision for crypto, so i don't see how this conflicts.]
>Once any country gets upset with this, they could blame terrorism on BTC and ask owners to prove their origin of wealth, which would be a major hurdle if the law was strict.[ Don't actually understand this one, how could you make me prove ownership of coins in a cold-wallet?]
- Laws of any big country could change and trigger the sale for a lot of sellers of a country,
- Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware and all sort of dealers, as well as Chinese who want to flee,
- Currencies are in theory regalian = only emitted by the central bank;
- Once any country gets upset with this, they could blame terrorism on BTC and ask owners to prove their origin of wealth, which would be a major hurdle if the law was strict.
I’m adding this to the list. Volatility is desired because “you can make it big”, but the rest is only dangers.