Road To Nowhere

Don't follow

We have all had the pleasure of witnessing massive price surges in the cryptocurrency ecosystem the past few weeks, and whether we managed to take advantage of the situation and ride the wave or not, there are a few important observations we should be able to make, and some of those are not very pleasant as far as I'm concerned. Now, I do understand that some people were able to make significant amounts of money, and it's great to see the cryptocurrency industry empowering the ordinary man, but I'm afraid that the powers that be have what it takes to manipulate the market and are actively doing so.

Lately it's been proven that a single powerful individual can drive the price of any cryptocurrency project upwards with a single tweet, even if it's just a cryptic and not straightforward one. Elon Musk managed to make DOGE the most discussed cryptocurrency in the entire history of Twitter, and apart from the fact that it's laughable as we are talking about a useless, abandoned cryptocurrency, it's also quite alarming if you ask me. That's why I decided to share my concerns in regard to this matter in today's post, and talk about about why I'm not sure if I actually like the attention we are currently attracting.

Chance of a lifetime

Sure, I do realize that many ordinary people were given the opportunity to make life-changing amounts of money and I'm happy for them, but I do not think the utilization of pump and dump schemes as a means of promotion is our best hand, and this is exactly what has been going on with Dogecoin. And if you think that this is not the case as it might keep going up for now, I will have to respond that we are in for a huge dump if they ever manage to hit the $1 mark as they have been exclaiming on Twitter the past few days. I hope I am wrong, but if I'm not, then the most discussed cryptocurrency in the entire history of Twitter will always be remembered as a set up that caused many to lose and too few to gain.

But is this really the way we would like to go out and inform people that we are here to stay and fight back against the rigged, centralized banking system that serves the interests of the few at the expense of the many? This would only fuel more fear, doubt and uncertainty, taking the whole crypto game years back by forcing the masses to be extremely cautious of this internet money thing and assume that it all has to do with pump and dump schemes and scams. Of course we all know that this is not the truth, as we do realize that the blockchain technology and the revolutionary peer to peer transaction systems powered by it are a true gamechanger, but guess what? The vast majority of internet users don't know anything about the cryptocurrency ecosystem.

The masses are completely ignorant for the time being, so it's easy to mislead and manipulate them into thinking that all cryptocurrency projects are worthless and scammy as it gets, and this is the kind of wolf tickets the governments and bankers will try to sell, I'm afraid. And the worst part is that it's virtually impossible to not believe their lies if you are a random, non-technical person who knows nothing about the cryptocurrency industry and barely ever uses their email account. It is practically impossible to contradict false statements when you do not possess any information that proves they are incorrect in the first place, and therefore, it is relatively easy to convince the masses that cryptos are dangerous and unreliable at this point.

Let's be clear

Now please don't get me wrong, I sure did enjoy the bad beating those Wallstreetbets guys gave those Wall Street sharks who have been playing dirty all along, but their successful endeavour is also alarming to me, because it sets a negative example by fighting dirty tactics with dirty tactics in the name of justice. Another equally significant reason which has nothing to do with the moral aspects of it all, is the fact that it induces activity and attracts attention in the wrong way, showing the world that the cryptocurrency industry is the place to be for some massive, quick profits, instead of showing the world the many ways in which the blockchain technology and cryptocurrencies can change our lives for the better.

This movement is attracting more and more attention on Twitter and Reddit as we speak, and the team behind the walstreetbets pumps of Gamestop and DOGE are currently looking into tens of other cryptocurrency projects and exploring more and more with the aid of their followers and the recommendations made by them. They are probably going to pump another altcoin tomorrow or the day after, and at the same time they are are attracting more and more attention. Mainstream media outlets are currently discussing the Gamestop frenzy and the cryptocurrency industry, and even though most people involved in the game seem to enjoy the situation, I'm actually a bit skeptic for now. I'm not sure this is the way to get our name out there.

Of course I would never advise you to join their pump and dump efforts in the pursuit of quick profits, because you will most likely end up taking losses, as the ones running the pumps always pick entry points before announcing the next pump. As a result, you will most likely not have the chance to pick a good entry point, and even if you do get lucky and accomplish that, you still won't have a clue about the point at which they will start dumping, thus greed might get the best of you and cause you to lose your funds. The cryptocurrency industry is very healthy and there are a million ways to earn money safely, so I urge you to subdue the temptation of joining in and riding the wave. It's dangerous.

Money is good

I do understand that most people are in the crypto game for money. Cryptos undoubtedly offer the chance to make life-changing amounts of money if you make a few good decisions and manage to stay patient over the years, and I think we can all agree that money is a good thing. However, the cryptocurrency revolution is about a lot more than just money, and the blockchain technology was meant to empower the ordinary people to protect their fundamental human rights and keep the ones pulling the strings in check. It is a powerful weapon we can and should use to protect our freedoms.

I sincerely hope that all the pumping hype won't make everyone forget about the reasons that caused Satoshi to come up with this revolutionary peer to peer transaction system we have been blessed with since 2009. I do not believe it was all fueled by the hunger for more money and power, and this is certainly not what has brought us this far 12 years later. I think we can take advantage of the situation by spreading information about reliable blockchain projects and offering guidance to those who express an interest in joining the cryptocurrency ecosystem for a quick buck. Let them know that there is no such thing. This is the sort of mentality we need to adopt.

I appreciate your attention,

@lordneroo

Image Source