that drop was one hour after the latest billion tethers
the new narrative is apparently that the pump is in 90 days when financial advisors are finally ready to push bitcoin ETFs on their customers (for some reason)
ETFs put bitcoin on steroids!! y'know, asthmatic with shrunken balls
the bitcoin market is fake and in tethers, but the retail securities market is real and in dollars
my brother in Satoshi, you are the exit liquidity
My intuition (and the sneer I wrote) is that basically crypto has historically been a free market of grift and fraud. Any attempts to launder or legitimise crypto trading via regulation and policing is just gonna drive the non-believing profiteers away. Is that anywhere close to the truth?
Yeah, that's my take too.
Crypto has a "base utility" for illegal activity. Say the price for BTC based on that is 10% of the current inflated price. Integrating BTC into the traditional financial market would in the near term drive down the price closer to the "base price", as well as closing off a number of avenues to add "dirty" money into the system.
yep. The bitcoin market is fake and priced in tethers, the securities market is real and priced in dollars. When the two collide, the vastly larger one with humorless regulators wins.
Last time I checked, which is a while back the institutional investors are putting less and less money into the whole cryptocurrency ecosystem. Of course bitcoin != the wider ecosystem, and people are prob into bitcoin for the whole value thing and nothing more, but it is a bad sign. The wider cypherpunk dream is dead I'd say.