The Crypto Market Disintegrates In A Fiery Abyss

The Worst Is Yet To Come

The crypto market is a mess, but perhaps we could expect a bounce, a weak relief rally produced by traders that bought this dip.

Crypto lending businesses guaranteeing high ROI trended since 2020, advertising their products aggressively in social media and fiercely denouncing any criticism on their centralized part and the issues centralization produces.

Still, Every cryptocurrency can drop another 80–90% under these conditions.
If we assume the next (fourth) BTC halving will replicate a similar effect as the previous bull cycles, then maybe we should also consider that BTC is (for the first time) hovering right above the ATH of the 2017 cycle.

Something that Bitcoin has never done before, raising questions on the validity of every prediction model the BTC maximalists previously advertised. Quite a few cryptocurrencies are already down to all-time low prices, but perhaps even for Bitcoin (BTC) this wasn’t the worst.

Everyone is simply wondering what will be the next one of all those crypto businesses that will collapse and what their impact will be in the market.

Trust Is Long Gone

Decentralized blockchains (or any networks) meeting conditions of decentralized and trustless procedures in all the parts that constitute them (miners, users, developers) contain a permissionless nature.

Custodian services and centralized crypto lenders pose a threat to our funds. We didn’t create cryptocurrencies to return to the legacy financial establishment of trust. Satoshi removed trusted third parties by creating the first P2P Electronic Cash network of payments and the first internet money that worked unhindered by State interference or any other force.

Crypto Lending platforms take control of the private keys, which is the access to our individual economic freedom.

Celsius, Nexo, BlockFi, and the rest, were presented to the millions of newcomers as crypto banks. Unaware of the dangers crypto custodians bear, far too many investors trusted them, with mindset still attached to the legacy banking establishment.

All those platforms used catchy marketing terms like CeFi (Centralized Finance) or TradeFi and attracted millions of crypto holders with high APRs.

Meanwhile, everyone in crypto since at least 2017 had foreseen the outcome and the looming disaster.

A few of us warned about the possibilities of these “legitimate” businesses turning insolvent, but only a few were seriously writing and warning. Most of those that supposedly care for the crypto audience (currently) and publish these lengthy threads on Twitter just appeared after the troubles started.

Here is my warning on Celsius:

Celsius Network: A Crypto Custodian With Multiple Red Flags

I published it on May 1st, on Medium and more platforms, after investigating the multiple flags this platform contains.

I’ve been harassed, called names, and even threatened (indirectly) by Celsius users for publishing this.

I wrote this piece, but I am not sure if anyone read it and understood the dangers involved with this particular crypto custodian.

Plenty of folks tried to warn about Terra, Celsius, previously Bitconnect, and other scams, but what attracts the mainstream attention is not a well-analyzed warning but the devastating impact of a scheme imploding and the market crashing afterward.

Considering Terra Luna, many were explaining it was vulnerable before it collapsed, but they didn’t find their Tweets or stories trending.

In fact, with Terra Luna, the paid influencers kept their part of their deal supporting and calling the crypto community to keep buying as it kept dropping to zero. All we could read about was what a rare opportunity it was to buy UST and Luna as the Ponzi was imploding.

Who Makes Sense? The Crypto Influencers?

You invested in crypto custodians and didn’t listen because:

a) The voices of the influencers are louder than the voices of reason.

Our Tweets do not turn viral. Our stories are not trending on social media. We are not crypto influencers with millions of (fake) accounts following us.

Very few care to educate the masses on cryptocurrency. We remain underground, and only someone (specifically) looking into the topics we discuss will find a reason.

As usual, the bot-infested influencer accounts make you think their words carry more significance since they got hundreds of likes and (nonsense) comments.

You were following the wrong people for advice and education. They didn’t teach you anything, just fed you to the wolves.

b) Ignorance

Bitcoin removed the middle man from the transaction by creating a pure person-to-person (peer-to-peer) electronic cash system, replicating the flow of paper cash in a digital form. Nobody can censor transactions, the network is up and running 24/7 with the user in control.

c) Greed

Greed made you reinvest your crypto in custodial websites operated by shady individuals without ever doing proper research. So many got trapped without ever looking for warnings or advice. The APR was too high to ignore. The promises of yield within a secure platform to “store” your private keys pushed you to release control of your private keys.

However, the blame is not on the user. This is human nature, erroneous, naive, and desirous. The fault is always on the motives of those operating these shady platforms.

They prey on ignorant newcomers in the field, but those that will go too far eventually pay the price.

In Conclusion

(Source: Pixabay)

Our articles or Tweets can not help those that don’t want to listen. Each Tweet, article, or discussion we started had zero effect since social and mainstream media keeps our voices suppressed.

There is a whole system of marketing that buries independent research when it is against their interests. And the interests of EVERYBODY were to make you lose money with Terra, Celsius, Nexo, and the rest.

We try our best, but you are alone out there.

• Cover Image by “j_lloa” on Pixabay 

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Originally published at Medium