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I wonder if this explains why crypto Twitter has been pushing unhinged doom scenarios and conspiracy theories and telling everyone to put everything into Bitcoi
by api 4y ago
I wonder if this explains why crypto Twitter has been pushing unhinged doom scenarios and conspiracy theories and telling everyone to put everything into Bitcoin.
Could be a mix of actual freakout and trying to pump crypto so insiders can exit… kind of part true believer reaction and part grift.
It kind of reminds me of how a cult reacts when the authorities start coming around. It’s the end times! Double down! Brew up the kool aid!
- uejfiweun 4y agoYeah, I've noticed the same thing... The Bitcoin "hype machine" seems to be running at max right now, but there's no particular reason, it's not like we have trillions of QE again. They say it's the banking crisis, but that seems like a nothingburger as well... My only conclusion is that it has to be some kind of pump-and-dump related to imminent legal action.
- api 4y agoThey’ve already tapped the unsophisticated retail investors and get rich quick fools, going so far as to saturate ad space at the superbowl and buy stadiums. Perhaps the last pump they have left is to fleece the true believers. In the end it eats it own.
- pavlov 4y agoOver the past three years VCs have invested billions into essentially worthless crypto companies. They’re now holding giant bags of tokens that need to be dumped on retail ASAP. If Coinbase’s shitcoin listing operation were shut down by the SEC, the VCs would lose their primary dumping endpoint to retail crypto buyers in the West. There’s an urgency to both pump up prices now and to pretend that the SEC action is nothing.
- deleted 4y ago[deleted]