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Where Are the Salty Crypto-Haters?
The anti-crypto crowd seems mighty quiet. Is this because they realize they may be wrong or because Normie Retail hasn’t returned yet?
Being right feels good. Being right and growing wealth feels great. “Crypto" is a cult; magic internet money is worthless; it’s Ponzi powered by the greater fool theory; crypto is a hammer looking for a nail; crypto is primarily for illicit and nefarious actors; crypto is destroying the environment.” Crypto has been a bad word for some of the older American community for a while now. I’m curious to see if the outspoken haters haven’t come out of the woodwork yet or if they are coming around to the idea they may not be right.
Crypto Does Have Its Flaws
I will first say the crypto markets have some serious issues. I have lost tens of thousands of dollars in investments due to rugpulls, exploits, wallet drainers, pump & dumps, and other crypto scams.
Additionally, I am concerned about the concentration of Bitcoin in too few wallets, which could lead to Bitcoin becoming like real estate, where there are the haves and have-nots. I’m afraid that Wall Street entering the space will ruin a crypto market that has been in a rogue state.
Another major concern I have is with the proliferation of memecoins and shitcoins. Understandably, people may frown on the space when they see that memecoins such as Pepe or Dogwifhat have billions of dollars in valuations. However, I’d argue that this point illustrates how little value people see in their fiat currency.
Finally, I don’t don't so many bad actors and charlatans are in this space. We know about famous shysters such as Do Kwon, Sam Bankman-Fried, and Alex Mishinsky, who conned billions of dollars. But countless influencers, ‘analysts,’ and 'urus also dump on their followers. The unashamed shilling becomes frustrating. Ironically, you could argue I am among this crowd and, therefore, am being hypocritical. However, 95% of the time, I discuss projects I’m invested in with my funds and am not…
