Bitcoin: What Went Wrong?

[God Of Thunder]

I was reading a take on Bitcoin magazine, and this part actually touched me.

People are less concerned with the creeping web of business relationships in the mining ecosystem, which is the bedrock of Bitcoin’s foundation of openness and censorship resistance, and more concerned with whether President Trump is going to just pump our bags, or pump the bags of shitcoiners too.

We are counting our chickens before they hatched.

Read more: https://bitcoinmagazine.com/takes/bitcoin-what-went-wrong

What do you think?

[Stompix]

Bitcoin: What Went Wrong?

Greed happened, nothing more!
When the smell of money invades an ecosystem ideals perish and greed takes over.

I like the last phrase in that article, what is wrong with everyone?
Well buddy, nothing is wrong, thats just human behavior, and everyone acting surprised has lived with his head in the clouds.

[God Of Thunder]

Bitcoin: What Went Wrong?

Greed happened, nothing more!
When the smell of money invades an ecosystem ideals perish and greed takes over.

I like the last phrase in that article, what is wrong with everyone?
Well buddy, nothing is wrong, thats just human behavior, and everyone acting surprised has lived with his head in the clouds.

It seems that, whether we knew or not, most of us joined the party. We are getting excited knowing Trump become crypto-friendly. But how many of us actually know who is behind the Trump coin? I heard that Trump's son actually launched that Trump token, which played a pump-dump game on the market. I believe Trump's son holds a big portion of that token, which he will dump periodically on the market, and people will get scammed.

[ABCbits]

Unfortunately, it's not rare occurrence to see growing community become less idealistic/visionary over time. With example stated by the article, many Bitcoiner even forget Trump also cracked Bitcoin in his first term[1].

[1] https://corpgov.law.harvard.edu/2019/08/06/a-roadmap-for-president-trumps-crypto-crackdown/

[God Of Thunder]

Unfortunately, it's not rare occurrence to see growing community become less idealistic/visionary over time. With example stated by the article, many Bitcoiner even forget Trump also cracked Bitcoin in his first term[1].

It was known that Trump is a Bitcoin hater. I also saw some negative tweets from Donald Trump. But people change over time. A lot of Bitcoin haters later become Bitcoin-friendly. For now, it seems Trump also become Bitcoin and crypto-friendly. I don't know if it's just typical political behavior or not. However, as long as he gets benefits from supporting Bitcoin and crypto, he is going to stay with Bitcoin and crypto.

But as that article says, We are counting our chickens before they hatched.

[TomPluz]

Greed happened, nothing more! When the smell of money invades an ecosystem ideals perish and greed takes over. I like the last phrase in that article, what is wrong with everyone? Well buddy, nothing is wrong, that's just human behavior, and everyone acting surprised has lived with his head in the clouds.

Bitcoin has no power to eliminate human nature and certainly greed is all a part of human existence since time immemorial. and for naive people who seems to be surprised by this fact...am so surprised actually as if these people had been living in a cave for thousand of years with no human interaction. We are in an open market and certainly anyone rich and poor can practice his greediness anytime...of course subject to the laws of the land. Greed has been the biggest motivation of progress, development and innovations but thanks to our laws greed is moderated to an acceptable level and if if they can already be a nuisance we the people usually has means to control it. Now, I prefer these " cheerleading politicians" than we dealing with personalities who are actually enemies to the causes of Bitcoin and cryptocurrency. Look, many times in our lives, we can't have our own cakes and eat it too...we don't live in a perfect work and never will be.

[Stompix]

Greed has been the biggest motivation of progress, development and innovations but thanks to our laws greed is moderated to an acceptable level and if if they can already be a nuisance we the people usually has means to control it. Now, I prefer these " cheerleading politicians" than we dealing with personalities who are actually enemies to the causes of Bitcoin and cryptocurrency.

And this is the thing, in this case, greed isn't working like that!
Bitcoin was developed most while its price was irrelevant, most of the work was done when people were joking about the price, now that the financial aspect is the one leading the interest in it we have barely an ounce of development or innovation, and everyone is fearful of any change that might kill the golden goose, concerned about the price and revenue rather than advancements.

Greed has its good parts when it forces humans to invent things but right now it does the opposite, it's just forcing users to buy more in hopes of receiving more, and you might now like what this kind of thinking is usually called, as it starts with a P and it is not pizza.

[philipma1957]

Bitcoin: What Went Wrong?

Greed happened, nothing more!
When the smell of money invades an ecosystem ideals perish and greed takes over.

I like the last phrase in that article, what is wrong with everyone?
Well buddy, nothing is wrong, thats just human behavior, and everyone acting surprised has lived with his head in the clouds.

It seems that, whether we knew or not, most of us joined the party. We are getting excited knowing Trump become crypto-friendly. But how many of us actually know who is behind the Trump coin? I heard that Trump's son actually launched that Trump token, which played a pump-dump game on the market. I believe Trump's son holds a big portion of that token, which he will dump periodically on the market, and people will get scammed.

. I wrote hundreds of posts explaining the musky trumpeter was responsible for one of the most difficult crypto laws.

the end of like kind exchange which went into effect in Jan 2018 hurt crypto bigly.

the musky trumpeter will likely hurt the entire crypto industry far more than he helps it.

[God Of Thunder]

the musky trumpeter will likely hurt the entire crypto industry far more than he helps it.

Probably yes. The crypto community will see that. I don't know them well, and I don't know about these politics, so I would rely on news and opinions that people share on forums and websites. The problem is that the majority of people do not live in the US, and they are not aware of these things. They don't know what to expect from these peoples who have the ability to manipulate the market.

[Stompix]

I wrote hundreds of posts explaining the musky trumpeter was responsible for one of the most difficult crypto laws.
the end of like kind exchange which went into effect in Jan 2018 hurt crypto bigly.
the musky trumpeter will likely hurt the entire crypto industry far more than he helps it.

And ironically so did a lot of US-based users, but nobody listened to you or them.
People on the other side of the world who have no clue how the US is governed and how things go there were claiming that they know better what Trump will do than the people who actually lived there 4 years while he was president.

Well, You Reap What You Sow, you believe a liar, prepare to be lied to.

[yhiaali3]

Unfortunately, this has been happening for a long time, not just now. People are waiting for Trump to pump up the price of Bitcoin only while they have forgotten why Bitcoin was invented in the first place. Many of them do not even know the purpose of inventing Bitcoin and all they know is when the price will rise or fall.

There is a very important sentence that Trump said during the elections: "Let's pay off our debts and pay a crypto check." People laughed at the time that Trump does not know the difference between crypto and checks, but in fact this sentence expresses Trump's real position. He views Bitcoin and cryptocurrencies as a tool for making money only. In fact, he does not care about their unique characteristics such as decentralization and privacy.

[taufik123]

-snip-
Well, You Reap What You Sow, you believe a liar, prepare to be lied to.

and now that it happened, the liar never mentioned Bitcoin again after being inaugurated until finally Bitcoin touched the current $85k price area into a pretty deep decline.

When this decline is also accompanied by a lot of bad news about Bitcoin and some of the biggest hacks in history that have thrown the crypto market into chaos.