Bitcoiners Are Desperate For One Last Pump So They Can Dump
They’re revealing crypto trading was a scam the whole time
They’re revealing crypto trading was a scam the whole time
If I need a good belly laugh these days, I just head over to Twitter and search various cryptocurrency terms.
The return results are (quite literally) hysterical:
“What’s your $ADA prediction for August? Mine’s $7.50.”
“$BTC is days away from doubling, don’t miss out.”
“The longer $ETH is down, the more I can buy and HODL to the moon.”
Here’s a recent gem:
Talk about pure delusion.
To reach $1000/coin, Cardano would have to achieve a $33 trillion market cap, roughly the same size as the entire S&P 500.
ADA just simply isn’t worth more than Apple, Amazon, Google, Facebook, Tesla, Berkshire Hathaway, JP Morgan, Walmart, Mastercard, Disney, and 490 other companies combined.
Does this Tweeter really believe his nonsense… or is he just lying?
Youtube is the same way — it’s chock full of thirty-somethings “experts” who circle dips and peaks on historical pricing graphs and repeat the words “next market cycle” like it actually means something.
Their basic formula is always the same:
[Coin name #1] went up [percentage] in comparison to [coin name #2] during [previous bull run dates], therefore [coin #1] will rise to [new outrageous price prediction] when [coin #2] rises to [new outrageous price prediction] during the NEXT MARKET CYCLE!
Are you buying it, bros?
For those who haven’t yet accepted reality, Bitcoin is a giant Ponzi scheme. If the only way to make a profit is to get someone to buy your coins for more than you paid for them, you are doing something illegal.
Cue a thousand bitboys screaming, “Then the whole stock market is a Ponzi scheme, too!” Despite this incredibly weak attempt at misdirection, they’re not entirely wrong. Stocks like Tesla definitely are more sell-higher-to-the-next-sucker than they are about selling real goods and services and creating real profits for investors. This, of course, Bitcoin will never do, because it’s not a company. Cryptocurrencies aren’t stocks — and if your plan to turn a profit is based solely on selling your coins to someone else for more than you paid, it’s simply a Ponzi scheme.
Real investors who invest in real profit-creating companies don’t get mad when you disparage their investments. They keep their eyes on the fundamentals and ignore you. Bitboys are different. They aren’t investors, they’re speculators. They need the price to rise. So any critique of their gamble is met with ferocious anger and personal insults. They scream “FUD!” They laugh in your face and say “how can something that rises from pennies to $60,000 be a scam?” (Rational people ask the opposite.)
What’s strange is that if these almost-always-young-white-men truly believed Bitcoin was a solid investment and not a wild gamble, wouldn’t they be totally silent so they could buy more coins on the cheap?
Let’s call the current Bitcoin frenzy what it is: This desperate attempt to pump and dump the coin markets is a last-gasp effort to get rich off someone else’s future misfortune.
Sure, there are some cautious/rational Ponzi schemers out there, but when I see bitboys claiming BTC will hit $20,000,000 per coin, it makes me realize that speculator-promoters are either one of two things:
Mentally disturbed people who’ve made a pure break from reality.
Straight-up liars who are willing to pretend like they’ll HODL forever, when in reality, this is their exit play because they know this is an unsound investment space.
Both types of coin campaigners should give us pause. And either way, whether they’re true believers or just con men, they’re still promoting a deeply harmful scam that has and will burn millions.
It should be obvious by now: The government should force social media companies like Facebook and Google to ban crypto ads the same way they banned Russian political ads and The Donald. Because all these ads are just trying to pump prices instead of adding any real value to society.
I’ve done my part to help deflate the crypto bubble. I declared Bitcoin and Ethereum dead, and the next day Bitcoin took its biggest drop ever and still hasn’t recovered. I got a number of nasty messages from bitboys informing me that I clearly worked for a crypto whale who wanted someone to deflate the price so they could buy more. (While it’s nice to pretend like I have the power to scythe a trillion dollars off a public market, it’s just another one of their fantastical delusions.)
To be clear, the collapse of crypto coin prices is a very good thing. We need every single coin speculator to skitter off to other markets so Bitcoin and the rest can find long-term price stability at rational rates so they can function and truly compete with wildly corrupt national fiat currencies. National currencies need to die, and they need to be replaced with real, accountable, value-backed, distributed currencies. But as long as gamblers treat Bitcoin as an investment and not a currency, it can never achieve its true mission.
In the same way that we abhor FX traders who manipulate the USD and CAD and crash the British pound (looking at you, George Soros), we should take the same position toward crypto pumpers — they’re bottom feeders who extract value from others without contributing anything to society.
If anything, they’re actually harming the long-term usefulness of crypto and the blockchain by slowing mass adoption and ensuring corrupt governments create their own surveillance coins. When that happens, we can be 100% certain that the powers will shut down independent crypto once and for all. This we do not want.
So if you see someone price speculating and pump-promoting on social media, take a moment to flag it as spam.
You might just save the global economy.
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