Cryptocurrency worthless
Experienced crypto supporters, including one prominent billionaire, were left feeling humbled. Stablecoins are supposed to be less vulnerable to big swings — thus the name — but Terra suffered a spectacular collapse in a matter of days. The events have served as a vivid reminder that investors, both professionals and the mom and pop variety, can be rolling the dice when it comes to putting money into digital assets. After being mostly hands-off toward crypto, it appears that Washington has had enough.
On Tuesday, two senators — one Democrat and one Republican — proposed legislation that seeks to build a regulatory framework around the cryptocurrency industry; other members of Congress are considering more limited legislation. Stablecoins are typically pegged to a traditional financial instrument, like the U. But Terra was not backed by any hard assets.
Reddit boards dedicated to Terra and Luna were dominated for days by posts referencing the National Suicide Prevention Hotline. Then, on May 9, he said he was informed his money was locked up in Terra. Washington may also be waking up to the fact that what used to be niche part of the internet and finance has gone mainstream and can no longer be ignored.
Retirement account giant Fidelity Investments now offers crypto as a part of a k plan. Cory Booker, D-New Jersey, has repeatedly pointed out that crypto is particularly popular among Black Americans, a community long distrustful of Wall Street. Further, crypto has permeated popular culture. Numerous Super Bowl ads touted crypto. Sports arenas are now named after crypto projects and the Washington Nationals baseball team took a sponsorship deal from Terra before it collapsed.
In a pump-and-dump scheme, traders acquire basically worthless stock, talk it up and perhaps trade it among themselves at rising prices before unloading it on to those drawn in by the chatter and the price action. Like the pump-and-dump scheme, Bitcoin taps into the pure desire for capital gains.
Buyers cannot stand the sight of friends getting rich overnight: they suffer an acute fear of missing out FOMO. If you invest in Bitcoin, it should. Bitcoin's value depends entirely on hype and hope. Lose those and it loses its value. The cryptocurrency has been hit by many crashes, most recently in November, when it dropped to less than half its value. As I write this, it's back up again, but how long will that last?
Who knows? What I do know is that as with any money scam, if you're in early and get out, you'll make money. For Bitcoin, if you invested in or earlier, congratulations, if you got out, or get out soon, you'll make "real" money. After ? Not so much. It was never meant to be this way.
Satoshi Nakamoto , the mysterious Bitcoin inventor, meant it as a medium for daily transactions and a way to circumvent traditional banking infrastructure after the financial collapse. That's not how it's worked out. Today, while you can use Bitcoin for purchases, its real use is a high-risk, high-reward investment gamble. If that's all there was to it, I wouldn't mind that much. People bet on the Super Bowl, horses, poker, so why not Bitcoin?
I dislike Bitcoin because it enables cybercrime. Without Bitcoin and other cryptocurrencies, there would be less ransomware. Just shuffle the payments around Bitcoin wallets and there's almost no chance the crooks will ever get caught. In addition, a great deal of today's malware is Bitcoin-mining software.
So, I guess there is another way to make money from Bitcoin: Be a criminal. Bitcoin also eats power like nothing else on Earth.
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