LOL
This is just crypto working as intended. It's ALL a scheme and a scam. A wealth extraction game, pump & dump scheme. So-called "stablecoin" frauds have been just another part of the scam so that whales could mint more fiat 1s and 0s and play shell games to prop up bitcoin's price.
The alleged benefits, alternative to gold, etc, all nonsense. It's useless as a currency to buy things, and worse than useless as a store of wealth. In just the last 24h bitcoin's price has swung about 20%. It's ridiculous.
We're what, a couple years (?) past the excitement of
El Salvador adopting bitcoin as a legal currency, sort of? The early adopter that was going to set the trend for an avalanche of other countries accepting it as legal tender? Any other countries following suit? No? Of course not. El Salvador's president was just pulling a stunt.
And now we're seeing banks that cater to the crypto world fail, because the volatility and half-assed accounting. Signature, Silvergate, FTX. Others are closing or reducing exposure. Everything from little guys lke Zipmex & Bitfront to giants like Coinbase are paring back or closing operations in some countries.
It's not a "coordinated run" or some sort of conspiracy.
Unless you think financial system regulators taking action against absurd irresponsibility and fraud adjacent to legitimate markets is a "conspiracy" as opposed to "finally doing their goddamn jobs" ... it's just crypto's true nature being exposed, the layers of bull**** getting peeled away.
Again, I hope you crypto believers make money on it, because I like to see the little guys do well. But is there a point at which you'll admit it's just a zero-sum game (actually negative sum when the energy wastage is taken into account) and that you're just hoping to be a little bit better at buy-low-sell-high than the other players of the game?
