https://www.youtube.com/watch?v=Y2Ur4Ky5-K8 The Day [of] Crypto's Hijack by 'The Jackals' confirmed (re Goldman news)
Who could have predicted the Crypto Sniper is a total retard.
Who could have predicted the Crypto Sniper is a total retard.
I don't conclude that he is retarded, but he does have a few kooky ideas.
A couple of kooky points that he made.
First, he largely argued in a conclusory manner that it is likely that the government created bitcoin (or coopted it) in order to be able to trace every single aspect of our financial lives. Regarding the creation, I don't think the evidence adds up because bitcoin remains way too disruptive to government and traditional financial systems to have been created by them. Perhaps a central error in his thinking in this regard does relate to his possible inability to distinguish between bitcoin and the other cryptos, and therefore he does not really understand bitcoin.
Second, which builds on the first point is that he concludes that financial institutions are going to be able to rehypothicate (treat as fractional reserves) bitcoin in the same way that they have been able to do with many other assets, including gold and silver - and this point is still yet to be seen whether they can be successful in that direction... and if bitcoin is going to cause an accountability that has not been possible with any other asset class to date. Of course, time will tell on this, and it could take 50 to 100 years to evolve these kinds of manipulation systems. I do not put it past that manipulation is an ongoing occurrence, but I do believe that the dynamics of bitcoin are much different than any other money (and even the hardest form of money that has ben witnessed to date), so we will see if financial institutions and governments are going to be able to sufficiently infiltrate bitcoin in order to achieve some of their manipulation objectives.
I would like to supplement my earlier post with a couple of links to interviews from this week with Trace Mayer, by Max Keiser.
Each of the interviews with Trace Mayer start in about the middle of the clip, at about minute 14.
Part 1) (E1293) https://www.rt.com/shows/keiser-report/441368-trump-cnn-bitcoin-effects/
Part 2) (E1294) https://www.rt.com/shows/keiser-report/441602-us-china-tariff-war/
Surely, in the interview, Mayer is spending a decent amount of time referring to current events in bitcoin and trends including the financialization network effect that is coming through BAKKT's introduction of new products that are going live (at least some of the products) in early November.
Even though Max Keiser can act a bit crazy with some of his entertainment value within his interviews, Max is ultimately a fairly strong bitcoin maximalist, OG and early bitcoin evangelist. He does sometimes get caught up with investing in some other questionable projects from time to time, including alts, and he even created his own alt coin.
Nonetheless, it is a bit interesting about how Max becomes a bit giddy while interviewing Trace Mayer... mostly in the first half. In the second half, Max is a bit less giddy, yet Max and Trace still talk about bitcoin in a way that seems to be more understandable to bitcoin OGs rather than for the understandability of newbies.
Of course, anyone can get to the level of understanding the conclusory points of these interviews, including the fact that the networking effect around financialization is really being battled out in bitcoin at the moment and through some of the latest financialization developments, including BAKKT, stable coins, and custody issues, and it seems that some bitcoin HODLers are going to be more prepared than others when there are likely going to be attempts at shenanigans from BIGGER players in the Bitcoin financialization space. Trace observes that the HODLers who are holding their own private keys are going to be in the better position to weather through some of the possible upcoming shenanigans in the bitcoin financialization space.
Probably really no need to go into altcoins, here, but in the interviews, Mayer does make a pretty few insightful digs regarding the ridiculousness of some of the alt coins, such as Ethereum and some of the alt coins that seem dumb enough to built upon Ethereum, when it takes either a computer genius or a multi-millionaire to actually be able to synchronize a full ethereum node (my characterization, not Mayer's... He just refers to ethereum scaling as "absurd" which seems good enough to capture an overall assessment about the current state of ethereum scaling, for all intents and purposes hahahahhaha ).
