Bitcoin: Not so independent from the rest of the market

theverge.com

1 point·ryan_j_naughton··4 comments

Not so independent --- and the proof is 'stable coins'.

The simple fact that tying crypto to fiat is the only way to achieve stability undermines the basic argument for crypto's utility and voids much of the rationale for it's existence.

What you're left with is really just another con and the world's most famous con artist is fully on board.

> the world's most famous con artist is fully on board.

Correlation does not imply causation. That con artist is also big on semiconductors. His being on board BTC means it has the ability to enrich the ultra rich more which also does not imply that BTC is necessarily bad. But it does mean the sharks are coming for it, and they don't have the average person's best interest in mind and often the exact opposite.

> tying crypto to fiat

Biggest reason I have lost a lot of interest in bitcoin but I'm still very long on it.

Crypto acts as a dollar sink, when there are more dollars, it goes up, when the supply goes low, so does it. Plus a healthy dash of speculation

Bitcoin, the hardest money ever discovered. 1.6 T dollar asset. Commodity, limited supply, from 0 to 100k, now at 80k, sure to go to 150k and over! Cannot be censored, cannot be forged, backed by mathematics. Satoshi Nakomoto, the anonymous creator, DISAPPEARed, just like God in the Second Testament.

Wait till the rest of the world learns about it. It will take time, but Bitcoin will prove it in the next months.

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