Quote:
Originally Posted by Leeman4Gilmour
I'm far from an expert on cryptocurrency, but it seems to have lost it's way. The whole intent of cryptocurrency was to replace a flawed fiat currency system. This latest collapse started when UST became "depegged" from the US dollar as I've read. This seems very ironic to me.
There's ~7800 cryptocurrencies out there. It appears to me, the main goal of a lot of people is to get in early on the latest crypto currency, hope it goes on a run, then get out back into the safe haven of a fiat currency....."I just made $xxxxx on yyyy crytpo!"..... Again, very ironic to me.
The crypto market is similar to penny gold mining stocks. Instead of pumping the next great lease, white papers are pumped instead. Beware of Bre-x 
Until crypto's move from being a valueless commodity to what it was actually intended to be - a form of currency, these wild swings are inevitable. |
Sort of the catch-22 here. How will anyone think crypto is a viable currency with such wild fluctuations?