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7 Unpopular Crypto Opinions

By Dofirst_doofus | Doofus | 24 Sep 2021


I know for sure that if I say something against crypto in this crypto niche, I'll get heavy backlashes and criticisms. But I'm a person who believes that a constant scrutiny is required in any field for their growth in the right direction. So, here I am giving you some of the Unpopular Opinions about crypto that many (including me, at times) deliberately refrain from speaking! 

 

1) The uncertain future

 

Let's admit it, nobody knows for sure what will happen in the future. Many futuristic technologies have failed miserably. But given that crypto is already a humongous 3 trillion dollar industry means that it'll be a miracle if crypto fails from here. El Salvador has already accepted Bitcoin. Also it is not likely that all countries will ban cryptocurrency. But if USA, Europe, China, India, Russia, either all or some, ban Crypto, it can be a huge setback, ngl.

 

2) Tether bubble

 

None of the banks hold liquid cash for all the money you deposited. No, even they don't have. But these same banks don't have the authority to print money too. It's here that I find Tether to be so dangerous. They hold just about 3% of their entire USDT as actual Dollars. If more than 3% of their holdings are needed by people in USD, they don't have anything to give. Tether (USDT) is huge. They are ranked 5th in Market Cap. 3% might seem a small percentage, but it becomes a big number. So, it is unlikely that such a scenario might happen, but it is not impossible. We have seen in the past how chain reactions occur when a bubble starts to burst.

 

3) Meme/Shitcoins

 

They have gotten out of hand. Add any words among the following in any combination you like, and you'll get a new meme coin : 

Inu

Doge

Baby

Shiba

Gate

Elon

Millionaire

Moon

Mars

Musk

Any other animal name

 

There you have it. Make any meme coin of your choice! Only some meme coins among these have anything to be called a fundamental (Shiba Inu). Rest are just......

 

4) Crypto won't make you a millionaire

 

Crypto can give you profits and make you rich too. But only money begets money. As long as you are not already a millionaire, or at least a half millionaire, it won't make you an overnight millionaire. Gone are the days when your $100 Dollar investment in Crypto can make you a millionaire today. Honestly, I don't see that happening again ( unless you find a real gem early on)

 

5) You only hear success stories

 

It's no brainer that crypto is risky; trading is risky; leverage trading is riskier. And you only hear people making 100x in a day. You never hear people losing all their life savings in a day. People don't tend to say stories about the times they failed or lost money! Don't fall for the traps: Play safe

 

6) Crypto needs to be regulated

 

Even after so many scams and rugpulls, if you believe crypto needs no regulations, then I'm helpless. Crypto can't be controlled. We all know that. All that it requires is some kind of regulations that both parties can accept. Privacy coins are good, no doubt, but at the same time, they can be misused to great degrees for illicit activities. So proper steps must be taken for their regulation as well

 

7) Crypto don't need a saviour/leader

 

Satoshi Nakamoto was a man of character! He never revealed who he was, never claimed himself as the father of Crypto, never wanted any awards, he just wanted to see a better world. Compare him to many in modern times who claim themselves as some 'Dog Father' or something. No, we don't need him, or anybody else for that matter to be a guiding force in this space. We are decentralised, and will remain so.

 

 

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Dofirst_doofus
Dofirst_doofus

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