Topic: This is why I am out of Bitcoin for the time being - page 2. (Read 615 times)

Yeah, it is sad how the so-called "leaders" (a term very loosely used for the most visible, influential people) are fighting amongst themselves. Anyway, I cannot offer any words of consolation. All I can really say is that things seem to be settling down and future attacks of the same vein are less likely to succeed in the future.

After the events of the weekend (and what may still be in the pipeline for Bitcoin in the next couple of days) I am out. I am not a newbie to Bitcoin and I have been through many pumps and volatile price changes before but what appears to be going on with Bitcoin and Bitcoin Cash sickens me. Yes I know this is a volatile investment and I have always been prepared to lose all my investment if consensus moves away from Bitcoin in time. I can take the Chinese banning ICO's and I can take regulatory or perceived regulatory intervention which impacts the prices and I can even take greedy Bankers like Jamie Dimon doing his best to destroy Bitcoin but what I can not take is a surprise attack by people in the Bitcoin community where the destruction of one breed of Bitcoin is aggressively attacked like it was this last weekend.  There are many new investors which have put lots of money into Bitcoin and had the attack been successful they would have lost it all. Think about it - how the hell are you ever going to get a friendly regulatory environment if such things are planned. Yes the regulators are sitting and watching and they will act if people start to lose money as cryptos become more mainstream. However what happened on the weekend in my opinion has done more to damage the reputation of cryptos than any other single event so far. I panicked like others and tried to get my Bitcoin from offline wallets onto an exchange to sell. Do you know why because at around 5.30am (GMT) yesterday morning I honestly believed that Bitcoin Cash was going to crush Bitcoin and that I was going to lose all my investment. Why was I going to lose it? Because of the crypto community or certain players in it which quite frankly make me sick. We all complain about Banks and central Banks and Governments but yet look at the behavior of some of the crypto leaders - its worse than the Banks! Anyway when I was trying to get my Bitcoins onto an exchange I couldn't - the network was all blocked up and all my hard work investment was sitting in the mempool completely useless to me. Eventually I got some through with extortionate fees and managed to sell some of my Bitcoins. I know there are many of you that say you should not panic - well this was the first time ever that I did panic and it was because I saw Bitcoin eating itself up by the greedy few that want to manipulate it for their own good. I hope to return to Bitcoin one day but for now I AM OUT!