Gaslighting people on cryptocurrencies

If it isn't obvious to people that cryptocurrencies are the domain of scammers, allow me to give you one more example.

Yahoo Finance: First Mover Asia: Bitcoin’s Store of Value Narrative Is on Full Display; Crypto Prices Stay Green
Motley Fool: Is Bitcoin a Safe-Haven Asset Now? Recent Data and Market Experts Say Yes
InvestoryPlace: The 3 Best Cryptos to Buy for Stability and Diversification in March
CoinDesk: Evaluating Bitcoin as a Store of Value
Two on-chain metrics, realized capitalization and holding trends, demonstrate belief in bitcoin as a store of value (SoV)

So in a time of volatility, is Bitcoin being a rock of stability?
CNBC: Bitcoin is already up 50% this year — beating stocks and gold
That would be a "no".
Things don't rocket up and/down 50% when they are stable, by definition.

Well, it's still OK because Bitcoin goes up when banks are going down, right?

Bank Runs Like These Are The Reason Bitcoin Exists
We may be heading into another financial crisis, government bailouts for reckless banks included. Bitcoin exists to fix this.

That's what it appears to be...except that this isn't true either.

Risky Bet on Crypto and a Run on Deposits Tank Signature Bank

Regulators said keeping open the 24-year-old institution, which held deposits from law firms and real estate companies, could threaten the financial system’s stability.

Along with Silvergate, crypto was actually the reason FOR the current banking crisis.
Why is that? Because crypto moves like a speculative asset, not a store of value.

$1B USDT Moved Off Crypto Exchanges In 4 Days, What Are The Whales Up To?

So then why did Bitcoin rocket up because the banks were going under? Answer: It didn't.
Bitcoin went up in response to the bailouts. Because that's what speculative investments do when the Fed injects free money into the economy.

Cryptocurrency prices have soared as investors breathed a sigh of relief that US regulators moved to bolster the US banking system after the collapse of Silicon Valley Bank.

Bitcoin and ether, the two most widely-traded coins, have surged by a fifth since their lows on Friday as traders were reassured by promises from US authorities that deposits at the failed Silicon Valley and Signature banks would be protected. Bitcoin jumped 6 per cent on Monday alone.

The two banks, along with Silvergate, which also failed last week, were used by crypto companies as the conduit for payments between crypto and sovereign money, and custody of assets.

The rising asset prices are a sharp reversal after months of pressure from US banking regulators, who have been closely examining the links between the world of crypto and the traditional financial system. Authorities have repeatedly warned banks of potential risks associated with holding crypto deposits.

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One of the biggest scammers is the MIC and its paid facilitators in the government. (which includes both parties & the MSM)

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is a highly infectious disease.

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janis b's picture

@Snode @Snode

if either you lack immunity or are not naturally allergic.

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From Ancient Greek κρυπτός (kruptós, “hidden, secret”)


I have tried unsuccessfully to find the hidden secret in this phenomenon. It looked at first blush like utter nonsense, an ultra cynical application ofthe thought process that created the infamous Dutch tulip bubble of several centuries ago based on the idea that "value" equals whatever some chump is willing to pay for something, regardless of usefulness. Precious metals fit that description -- gold is used to fill tooth cavities, and for decorative exercises in vanity that are utterly unrelated to its price. It is valuable because enough people truly believe that its relative scarcity will keep its price high or make it go even higher, even though there is no there, there.

Crypto currency seems to me to be an effort to re-create the mystique of gold, without even the pretense of actual utility.

On previous threads on this board, I have asked for someone to explain why this is not just an effort to sell the Brooklyn Bridge over and over again.

Still looking for some inkling of sanity on this weird enterprise.

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I cried when I wrote this song. Sue me if I play too long.