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Okay, then to summarize, you're saying there's lots of shady stuff with centralized exchanges, and more of them could go bankrupt, and people with fiat and shit

Okay, then to summarize, you're saying there's lots of shady stuff with centralized exchanges, and more of them could go bankrupt, and people with fiat and shitcoins and bitcoin on deposit there could lose it. There's a run on the bank, people want out, and the easiest way to get out is to sell your shitcoins and your bitcoin, and wire transfer dollars to your bank account. With all the selling of bitcoin to raise cash, the price of bitcoin must drop. And yet the bitcoin price is up six percent in the last seven days, so there must be some other mechanism at work.

kkielhofner 4y ago
More or less - exactly but like I said in my original post, almost nothing in this space makes sense to me. I'm trying to decide if there's something I'm missing (happens a lot) or like Theranos, mortgages and real estate in 2006, WeWork, etc (which I always knew were off) it's all being propped up by who/what knows what and it's just a matter of time before it crashes and burns. I moved to Florida in 2006 and have distinct memories of meeting sleazy and disgusting mortgage brokers from Countrywide, real estate agents, etc flaunting their fast cash while thinking all along "this doesn't seem right". I basically watched "The Big Short" in realtime... Same goes for Theranos (it's been 10 years, where is your product?) and WeWork (wait aren't you just leasing out office space?). Crypto is 14 years in and absent a few extremely rare use cases like fleeing a dictatorship, dealing with currency destabilization in developing nations, etc no one uses it for anything other than trading on exchanges, which at this point seems like Russian roulette. It's as though the last remaining "widespread" use case for crypto has now almost been effectively wiped out.