Post
Topic
Board Announcements (Altcoins)
Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
by
dzimbeck
on 19/11/2019, 12:01:02 UTC
Cryptohunter, yes the amount of garbage on CMC that is still getting volume is a daily reminder of how we live in some Orwellian/Idiocracy nightmare. To be honest, it's left me somewhat bitter over the past couple years and thinking about how I should have played my hand instead. If I knew consumers were this crazy, I would have been more realistic. On one hand, I want to be a source of positivity for the community and on the other hand I want to be pragmatic.

So with that said, what was accomplished was nothing short of miraculous. The peg running on dynamicpeg.com perfectly tracking whatever price the community sets in a decentralized way. Just like we said it would. And then Bittrex stabs us in the back. Heck, I even got kicked off their slack. Haha. Then again I expected to get kicked off because I called them out for delisting multiple countries that are or have been at war with US military and told them they were a bunch of cowards and traitors to the decentralized movement. And that they turn their backs on the devs that have enriched them and the cutting edge tech that makes their exchange possible in the first place. Haha they were even such cowards they didn't even bother to respond. I still believe the military has a secret hand in many of the exchanges. It's possible our peg is feared among the big players because they know what it can do.

The death of the altcoin industry hurts Bitcoin more than anyone can imagine. The sign of a healthy market is one where anyone can trade and lot's of enthusiasm and cash flow are in the market. It doesn't necessarily mean that "stupid money is healthy" it means that a booming economy will have investors who search opportunity. Once they tighten up on altcoins they do the same thing on BTC. So BTC purists take note!! To go short on altcoins is the same as saying "sell all your stocks and buy Coca Cola stock because it's the only real stock". It's stupid. Altcoins should replace the stock market!! Also ETH tokens are too easy to issue which paved the way for scams. Even though I said this would happen on these forums in 2017 (the vaporware will cause the bubble), for some reason I didn't really set much cash aside. Cassandras complex. I was too focused on the peg and personal issues. Days turned into months and months into years. I knew it would be bad and even told my friend I would rather pay taxes on 15% to 20% than to lose more than 50% on volatility. Then for whatever stupid reason, I didn't really cash so much of my alts or major holdings. I expected 10x decreases and thought I would have been safe at those levels(BAY was not included in my calculation). So why didn't I act on foreknowledge to better my own life and have more power to put into my businesses?!? However, seeing so many coins that were decent down 100x or more is definitely a paradigm that wasn't expected considering BTC holds at 8k with a 65% + market share. BTC has a very unhealthy share of the market. Even though from a branding perspective this is makes sense in a way, from an adoption and volume and growth perspective it's not good.

Maybe we can change things. If only the world would notice.