Crypto Currency Bullying

Bullying at school is pretty common. You know, other pupils gang up on you. Who hasn’t been bullied at one time or another?

If you were a bully, then chances are you still use bullying techniques to push your weight around by lobbying, or use similar bullying tactics to convince others that cryptocurrency is a win-win scenario, and that let’s face it; in order for cryptocurrency share prices to increase, everyone involved has to be on board promoting it as the best thing since sliced bread.

To be honest, from my perspective cryptocurrency could be the perfect tool to scientize money, as one worldwide currency would make business transactions, in principle simpler.

However, this reminds me of the EU and Brexit when the United Kingdom pulled out to maintain their independence from being controlled by a European parliament.

Yes, there were some benefits, but then there were also hindrances like having to get approval to sell to other countries outside of the EU. In other words, we had to ask for permission. How childish is that?

Yes, there are many investors who are firmly behind cryptocurrency because in theory the idea of transferring money around the world at the click of a button seems really cool. Digital transaction!!!

It is like they buy into it, and then to gain on their investment they need to get more people onboard because they are illuded into thinking they will become rich, it’s the best investment for high returns, and that it is a guaranteed winner.

Well sorry to tell you this, but it isn’t. We’ve seen cryptocurrency crash more than once. Elon Musk bought into it with 1.5B and others followed suit. It shot up on speculation to 67k in November 2021, only to crash in the following year.

Actually, in mid-2022 it dropped below 16k. Of course, those who remained invested tried everything to convince others that cryptocurrency was not only a safe bet, but also potentially a giant money-maker.

Eventually it started climbing in value and more and more promoters came onboard, spellbound by its attractive hope of reaching unparalleled heights. It rose towards 50k because endorsing was in full swing.

Then it needed the SEC to approve EFTs early in 2024 and speculation brought on droves of new investors.

Then it needed a few words in December 2024 coming out of a reliable source, excuse the pun, like Trump when he said, “America will be the crypto capital of the world.”

The crowds flooded the market to get hold of cryptocurrency, and obviously again the market value shot up. In fact, it reached 107k. Imagine one token being worth USD 107,000.00.

Now though many people have come to their sense and pulled out. Bitcoin has started its decent. When will people learn they trap themselves in a bubble and hope for the best.

I’ve got nothing against dabbling in crypto if it excites you, but come on, unless you understand the market really well and are prepared to lose millions as we have seen multiple times then please be careful.

Cryptoassets are unlikely to catch on in countries with stable inflation and exchange rates, and credible institutions. Households and businesses would have very little incentive to price or save in a parallel cryptoasset such as Bitcoin, even if it were given legal tender or currency status. Their value is just too volatile and unrelated to the real economy.

There are currently over 2,500 cryptofunds which highlights causes for concern, we have seen many cryptofunds crash and be wiped out costing investors millions of dollars.

I suppose you could call me a bully for raising people awareness that cryptocurrency is in many cases a scam.

Take care!

Prof. Carl Boniface

Vocabulary builder:

Lobbying (n) = politicization, consciousness raising, petitioning

Best thing since sliced bread (idiom) used to describe something or someone that one thinks is very good, useful, etc. He thinks wireless Internet access is the greatest thing since sliced bread.

Scientize (v) means to apply scientific principles to something or to treat something using a scientific approach. For example, you might scientize art criticism.

SEC = Securities and Exchange Commission, a US government agency that regulates the securities markets.

ETFs = Exchange Traded Funds. An exchange-traded fund (ETF) is a collection of investments that trades on a stock exchange, similar to a stock. ETFs can include stocks, bonds, currencies, commodities, and more.

Droves (n) = multitudes, hordes, crowds, scores, masses, flocks, herds, troops, groups 

Pun (n) = witticism, joke, gag, jest, quip, double entendre