Quote:
Originally Posted by Radii
With everything that's happened with FTX do those of ya'll that keep up and invest (gamble? whatever the right term is!) feel that this is just more of wild swings crypto goes through or is this the whole house of cards coming down?
|
I look forward to the day the general public are no longer fooled by the media narrative. The powers that be want nothing more than to see Bitcoin fail to preserve their control of the financial system.
Trying to link FTX and Bitcoin is like trying to blame the dollar for the Lehman bank collapse. Absolutely no relation to the fundamentals of Bitcoin. Nobody should be holding assets on these platforms. FTX or otherwise.
Hopefully regulation is in the pipeline as 99.9% of crypto projects are scams. Many in similar vein to fiat currency in that the powers that be can simply inflate the token/dollar supply whenever they feel like it, thereby reducing the value of what you hold. But the 0.01% has the potential to change the world. Having a set supply of something with absolutely no chance of that supply ever being increased and no chance of any person bending the system for their own gratification is the best shot we have of ending the corrupt system IMO.
More than likely that never happens as the guys at the top will do everything to keep power. But I would bet that slowly Bitcoin will replace gold as the go to store of value. The ever increasing supply of gold, storage issues and cumbersome nature of transfer seem like good reasons for the transfer of power.
I suspect a few other crypto projects will see off the old school Internet payment mechanisms as they are so much slower and more expensive.