Bill_Portones
Registered Member
- Jul 10, 2024
- 80
- 41
Reasons:
1) Memecoins: they completely fucked crypto reputation. Okay, crypto reputation was already shady before that, well known for its volatility, but this is another level. Thanks to Milei, Melania and Trump, memecoins are now mainstream. And not for a good reason, they are widely known as a scam runned by insider groups. And you, as an average retail, are not invited to be part of this group, you are just their exit liquidity trying to have some luck on this unregulated casino. Now, average Joes are talking about crypto, but they are talking about it to explain why their Ponzident will may suffer an impeachment. Crazy.
2) Hacks: yesterday we had a major hack on Bybit. Western Media can't decide if North Korea is an Asian Burundi with extremely poor life conditions or if this country has enough technology to even hack one of the biggest crypto exchanges in the world, supposedly with advanced security standards. Nonetheless, they managed to steal this money and expose, once more, how fragile crypto assets are and how easily can be robbed by external agents. Security is a major problem as always in crypto industry.
3) Tether: Imagine USDT falling down. This is not something too unlikely to happen and the consequences would be catastrophic for crypto world. Tether is involved in shady schemes and it's currently being investigated for several crimes. They recently moved their operation to El Salvador, since Tier 1 countries are avoiding them like the plague. The number 1 stablecoin is as shady as a shitcoin.
4) Regulations: even if crypto survives all those multiple suspicious around it, there is a high chance of it becomes a new brand industry. In this scenario, crypto can survive, but it will becomes as bureaucratic as any other regulated market, this is very likely to happen in the near future, because the concept of crypto is good, but without regulations, it's just a game controlled by bad actors, scammers, insiders and whales and even them are exposed to be robbed by hackers. Regulation can be a good thing to provide security, but it will dramatically reduces the volatility, hence, the profitability of this industry will be much lower.
I'm not even sure if crypto will survive. There is a chance that all those hacks and scams will just completely drain the reputation of this shit and people will treat it as seriously as a lottery ticket.
If it survives, which is likely to happen, it will be extremely regulated. This 2020-2025 period came to prove that it unfortunately will need to have strong regulations. It does not matters if you agree with it or not, the fact is that they (the government) will use it as an undeniable reason to control crypto, which leads to less volatibility, less profitability and the end of this casino degenerated lifestyle that ruined many people and enrich a few smart guys.
1) Memecoins: they completely fucked crypto reputation. Okay, crypto reputation was already shady before that, well known for its volatility, but this is another level. Thanks to Milei, Melania and Trump, memecoins are now mainstream. And not for a good reason, they are widely known as a scam runned by insider groups. And you, as an average retail, are not invited to be part of this group, you are just their exit liquidity trying to have some luck on this unregulated casino. Now, average Joes are talking about crypto, but they are talking about it to explain why their Ponzident will may suffer an impeachment. Crazy.
2) Hacks: yesterday we had a major hack on Bybit. Western Media can't decide if North Korea is an Asian Burundi with extremely poor life conditions or if this country has enough technology to even hack one of the biggest crypto exchanges in the world, supposedly with advanced security standards. Nonetheless, they managed to steal this money and expose, once more, how fragile crypto assets are and how easily can be robbed by external agents. Security is a major problem as always in crypto industry.
3) Tether: Imagine USDT falling down. This is not something too unlikely to happen and the consequences would be catastrophic for crypto world. Tether is involved in shady schemes and it's currently being investigated for several crimes. They recently moved their operation to El Salvador, since Tier 1 countries are avoiding them like the plague. The number 1 stablecoin is as shady as a shitcoin.
4) Regulations: even if crypto survives all those multiple suspicious around it, there is a high chance of it becomes a new brand industry. In this scenario, crypto can survive, but it will becomes as bureaucratic as any other regulated market, this is very likely to happen in the near future, because the concept of crypto is good, but without regulations, it's just a game controlled by bad actors, scammers, insiders and whales and even them are exposed to be robbed by hackers. Regulation can be a good thing to provide security, but it will dramatically reduces the volatility, hence, the profitability of this industry will be much lower.
I'm not even sure if crypto will survive. There is a chance that all those hacks and scams will just completely drain the reputation of this shit and people will treat it as seriously as a lottery ticket.
If it survives, which is likely to happen, it will be extremely regulated. This 2020-2025 period came to prove that it unfortunately will need to have strong regulations. It does not matters if you agree with it or not, the fact is that they (the government) will use it as an undeniable reason to control crypto, which leads to less volatibility, less profitability and the end of this casino degenerated lifestyle that ruined many people and enrich a few smart guys.
