The Banks & The Government Decided, Not the Market

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Written by
1 year ago
In community: Bitcoin(11cd)
Topics: BTC, Maximalists, Market, Investing

“The market decided”, is not an even argument.

It is another nonsense notion with no substance like most the BTC maximalists are used to say. I’ve heard and read this response countless times when arguing why Bitcoin Cash is better.

The market is not a constant, it grows, it adds new variables in the equation and it corrects its mistakes. BTC is a gross mistake that will be corrected once the funds drop support to a useless cryptocurrency that can’t scale.

The argument that the market has decided is flawed, vague, and means nothing in financial terms. The free market decides which corporations are worth it. It is the government that joins the market to help those failing corporations and it is us that we are taxed when they collapse.

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The CEOs and top execs will get their bonuses no matter what. It seems the more mistakes they perform, the better their position. Some of them are only having in mind to play a role and take decisions based on pure luck.

With no government support, 90% of the top US businesses would have failed during Covid. Most failed in 2008 with an event of lower importance. Production wasn’t put at a halt in 2008, yet the real estate bubble and mortgage crisis made every sector of the economy suffer.

Bitcoin Cash is Bitcoin, Let That Sink In

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BTC maximalists seem to think the market will not regret supporting their lost cause and they prefer sending Bitcoin in the path of KYC and censorship rather than admitting the foolish mistake not to scale.

Without the excess printing of trillions of dollars, there wouldn't be a trillion-dollar industry today. BTC was feeding on FED and ECB printer machine. It became a toy at hands of Robinhood traders that rush to anything that is pumping.

The same people that I joined within 2017 and in 2018 were telling me crypto is dead. It seems that too often we only read and discuss with mindless bots that have the worst possible answer ready. Either that or total idiots. This is 90% of Robinhood that is investing in the worst possible cryptocurrency, Doge, just because Musk is shilling.

I see tens of millions of clueless idiots getting lucky with shitcoins and not even realizing the power of Bitcoin Cash.

Crypto adoption through Robinhood, Square, eToro, Coinbase, and when you discuss with the millions of crypto noobs they think they own the crypto over there.

About 95% of those that invested in crypto lately, think it is to be used through these custodial mechanisms. They never understood the power of owning your money that cryptocurrencies offer.

In this case, it is the government that supports BTC and wants to keep it simple and custodial, having fewer cryptocurrencies around it. Laws are about to be passed for any BTC transaction outside of the custodial mechanisms to be considered money laundering. Yet, the Saylor stupid followers are applauding.

Binance is now KYC compliant and soon it won't allow any withdrawal. Currently, the limit is equivalent to 0.06BTC for old accounts and new accounts require KYC immediately.

In conclusion

The government is just following the wishes of banks and the failing ruling system. The brand name of Bitcoin was hijacked as BTC was tamed and supported by the same forces that were against it.

Adam Back, Gregory Maxwell, Luke Dash jr, and the rest of the crew sold out Bitcoin to the banks. This was how they could make more money. Together with Theymos, Cobra, and the rest that supported the taming of Bitcoin, they handed out to the banks, what was supposed to be for the people.

Any market irregularity will end but it can take years before the collapse. Meanwhile, the chances for the rest of cryptocurrencies to become adopted are weakened.

BTC is a toy today at the hands of the elite. When they get bored with it, they will toss it at the garbage bin and move on with the next disruptive technology that will threaten to change the power terms.

For how long do BTC maximalists think that Pompliano and the rest fund managers and BTC promoters will be someone to listen to? They are clueless, they just know how to pitch ideas while totally unaware of the tech they represent.

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Avatar for Pantera
Written by
1 year ago
In community: Bitcoin(11cd)
Topics: BTC, Maximalists, Market, Investing

Comments

Thank you for the very informative topic. ❤️

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User's avatar QueenOfHome
1 year ago

“The CEOs and top execs will get their bonuses no matter what.”

You should have put this statement in ALL CAPS BOLD PRINT!!

That is what angered me the most when US had that banking and housing crisis during the Bush Jr. administration which was inherited by Obama. The economy is still recovering and the pandemic is not helping!

I often hear the politicians say “Let the market regulate itself.” If only that really did happen. But no matter what happens, the Top Dogs will always look out for Number 1, i.e. themselves.

A few years back, I listened to an interview of the Prime Minister of Singapore. This guy gets paid way more our US president. But the point he made was that he was being paid that kind of money because of how successful the country was being run. His salary was commensurate with his duties and responsibilities and apparently(?), he could even get a raise if the job was done well!

HOWEVER, at one point, the people in the country were experiencing financial difficulty. It was some sort of economic crisis. I don't keep up but what I heard this guy say in the interview, I filed it away in my mind for future reference.

The prime minister said he had a choice: (A) Increase his own salary OR (B) Use the money that would have been paid to him and instead take action to ease some of the financial difficulty of the people and fix the economy. He said he chose to forego getting a raise in order to use that money for the people. He said, after all, he gets paid enough to live comfortably. But the people are having a hard time.

Things that make you go Hmm? I thought to myself:
~ If a prime minister of a country can reason that way, then why can't corporate executives in America do the same thing?!

There was a financial crisis in the country! People lost jobs. People lost homes. People lost health insurance. PEOPLE LOST EVERYTHING!!

But the corporate executives kept their homes, their second homes, their expensive cars, their yachts, etc. And since they had “insider knowledge”, they sold their investments before they became worthless!

What happened to US was WRONG ON SO MANY LEVELS. I truly believe that many corporate executives could have saved their companies and assisted the workers; but they chose to bail themselves out!! That's what I BELIEVE. But what I KNOW is that we sure can't blame the market for not correcting itself!

“BTC is a toy today at the hands of the elite. “ Another statement that could be in ALL CAPS BOLD PRINT.

(Sorry for the longwinded comments.)

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User's avatar cmoneyspinner
1 year ago

BTC maximalist surely want to hyjack the totall system of Crypto. This was the reason they gave their BTC to banks and banks will work with government to again debunk the freedom of money. Again they are ready to put piles of taxes on the people for non-sense task. When they find nothing to profit they let it put into garbage and take thier move.

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User's avatar Dr.Zak
1 year ago

That's an interesting take on it, having KYC and custodial accounts kind of takes away the whole purpose of crypto. I have read lots of stuff about why BTC deliberately kept the block size small, in order to facilitate lightning network solutions, which the banks are heavily invested in. BCH decided that to be able to scale and offering lower transaction fees was more in line with Satoshis original vision. As you say, the BTC maximalists may keep this thing going for a long time, but eventually move on.

BCH has a real world value and is better suited to frictionless transactions, cross borders for a small fee!

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User's avatar onlymythoughts
1 year ago

Centralized cryptocurrency services will become more restrictive every day. And will be more at the service of the power groups of banks and governments. That's not what cryptos were created for. Let's hope most people will understand that sometime before it's too late.

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User's avatar CoquiCoin
1 year ago

The problem is that many people do not understand, or do not want to understand, that Bitcoin BTC has been hijacked and centralised by Blockstream. They are only blinded by the high price and the fairy tale of digital gold.

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User's avatar Telesfor
1 year ago

Yes... That is it💕

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User's avatar Christian_BCH
1 year ago

Agree with you. But I think the main problem is that most people new to this follow the news, and most of them relate crypto just with BTC.

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User's avatar CoquiCoin
1 year ago

That will change. BTC will lose and more and more people will notice.

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User's avatar Telesfor
1 year ago

Just look at the BTC dominance over the years. It is clear where it will end.

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User's avatar Telesfor
1 year ago

Soon BTC dominance will be 10% and moving lower. It will become completely irrelevant once it stops affecting the prices of other cryptocurrencies.

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User's avatar Pantera
1 year ago

I think it will take some time before BTC dominance falls below 10%.

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User's avatar Telesfor
1 year ago