Welp, here we go again. The circus continues. At this point, you HAVE to laugh at these events, rather than get angry or frustrated when they cascade into market wide collapse.
I have repeatedly stated that big money rolling into crypto will only benefit one tier of individuals. Big money.
If you're under the impression that your crypto holdings will be worth more fiat in the future, and thus are buying it accordingly, you already lost the game.
Let me repeat that one more time, if you are an investor whose purchasing crypto[s] today, because of it potentially having more purchasing power against FIAT currency pairs, YOU ALREADY LOST MONEY.
In case you've been living under a rock, one of the biggest crypto stories out last week was a DeFi protocol called "Titan" Finance got basically destroyed by whales holding a majority of the tokens....and ::hold your breathe:: dumping them!
Please see my numerous previous blog posts about why crypto is no longer really crypto, due to its three main tenets being violated: no decentralization, no anonymity, and no longer deflationary nature either.
TLDR version: Bitcoin supply maybe deflationary, but as proved by yet another Tether (USDT) scandal, its' valuation can 100% be inflated. Most cryptos are no longer decentralized as the big investors with deep pockets have either financed DeFi protocols in exchange for majority holdings, or just purchased them. And it's no longer anonymous either.
At the risk of angering a lot of people, I am glad this happened. Why you ask? Marc Cubans' lose will keep other 1%s out, and keep retail at bay.
I constantly see people who do not have the slightest inclination what gas fees, smart contracts, contracts addresses, or anything remotely near showing even a surface understanding of crypto, complain in chat rooms and forums about the value of a project diminishing. They want the Safemoon, Doge, and other meme plays.
And these people need to be kept at bay. Personally I believe there should be an aptitude test to get involved with crypto. If every Tom, Dick, and Harry can start investing in DeFi platforms without understanding them, then it won't just be Marc Cuban experiencing these losses. And as more people incur losses due to lack of understanding about risks, impermanent losses, and get hurt, they'll be glad for regulation to come in.
Nothing is for free. Regulation means more taxation. I don't mind any regulatory body coming in to ensure rug pulls don't happen. But if their funding will come from our gains, FUCK THAT. Why should we subsidize other people's stupidity? and why should they ours? We've lost. And we didn't go into forums screaming about our losses. I always remind myself, this is the game. You risk losses, so don't invest more than you're willing to lose.
Now I know a lot of you believe that regulation will foster adoption and legitimacy to cryptos. You're flat out wrong. Major banks are probably the most heavily regulated organizations on the planet, look at what happens there.
You can't regulate risk, naivete, and bad/greedy players. To think otherwise is sophomoric.
Maybe if Marc Cubans' financial advisor gave him some sound advice, he wouldn't be calling for regulation.
Marc, if you ever need an ear. I'm here.
Your ears to the streets,
OGF
P.S.- Sometime tomorrow I will be dropping my top and worst performers of crypto articles. Complete with an in depth analyst of each token / coin and why they are top best or worst. Prepare to have your skulls rewired.
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
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