Over the past few weeks, crypto has fallen like no other investment I have ever followed. At first it was Musk and his nonsense tweets. Then it was some problem with China and today - yet another news from China.
I usually am a fan of taking risks and trying things. But this latest stressful volatility from crypto is making me wonder if that was ever the case. I haven't given up on crypto currency yet but I am very sad at how fragile it is.
One concept that makes no sense to me - is the lack of decentralization of it all. My understanding of crypto and its main benefit is the decentralized aspect of it where government can't get to manipulate currencies. Some type of crowd sourced currency than govt controlled. But watching how the likes of Elon Musk has so much sway even after many crypto experts have commented on his actions being mostly market manipulation, is unsettling.
These past few weeks, I kept reading that companies like grayscale, MicroStrategy and few other powerful people made a killing with the dip. There is even some rumor that a majority of the crypto currency is controlled by few individuals. That sound dangerous to me. If I had to choose between currency controlled by a govt agency versus a few rich people/companies - I would pick govt agencies. It is hard to trust in the goodwill of the few that have too much power. As I watch Elon Musk say and do some childish things on tweeter, I fear that most people with his status, wealth and power are prone towards more selfish power and corruption.
I don't know if I like the idea of crypto anymore. I don't know if I am against more regulation.
I usually am a fan of taking risks and trying things. But this latest stressful volatility from crypto is making me wonder if that was ever the case. I haven't given up on crypto currency yet but I am very sad at how fragile it is.
One concept that makes no sense to me - is the lack of decentralization of it all. My understanding of crypto and its main benefit is the decentralized aspect of it where government can't get to manipulate currencies. Some type of crowd sourced currency than govt controlled. But watching how the likes of Elon Musk has so much sway even after many crypto experts have commented on his actions being mostly market manipulation, is unsettling.
These past few weeks, I kept reading that companies like grayscale, MicroStrategy and few other powerful people made a killing with the dip. There is even some rumor that a majority of the crypto currency is controlled by few individuals. That sound dangerous to me. If I had to choose between currency controlled by a govt agency versus a few rich people/companies - I would pick govt agencies. It is hard to trust in the goodwill of the few that have too much power. As I watch Elon Musk say and do some childish things on tweeter, I fear that most people with his status, wealth and power are prone towards more selfish power and corruption.
I don't know if I like the idea of crypto anymore. I don't know if I am against more regulation.
