A few years ago I stumbled upon a fascinating movement. I only became more and more enthralled with the promise of technological means for political ends. Bitcoin and cryptocurrencies could be the future, but I’ve recently determined that an optimistic one is at serious risk.
Every cryptocurrency is currently mispriced due to easy credit creation, quantitative easing, and deception. Without the third, the other two cease resulting in the markets drying up and crashing. There is a systemic risk that is pervasive in every inflated asset.
No matter how good a particular asset might be, if it’s within an overall market bubble it is still mispriced. Price correction will be complemented by the entangled taint of bad behavior that could reduce demand even more so, as the market can no longer separate the wheat from the chaff.
After arriving at this unfortunate conclusion, I have chosen to leave crypto. I can’t reconcile holding a private catastrophic conviction while publicly encouraging it.
I encourage the wider crypto community to DYOR and come to your own conclusions. It’s been quite the exhilarating experience and I’ll be curious to see what comes next for crypto once the dust settles.