Opinion | Warren Buffet may be right about crypto with Investors and projects acting like ZombiesMay 15, 2019
I am beginning to partly agree with Warren Buffet when he speculated that the crypto market might just a gambling party where the whales ripped the minnows off.
“You aren’t investing when you [buy Cryptocurrency]. You’re speculating. If you wanna gamble, somebody else will come along and pay more money tomorrow. That’s one kind of game. But that is not investing.”
“If you buy Bitcoin, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.” Read more here.
This may be untrue for businesses that use bitcoin for remittance purposes and sell immediately for volatility fears. Aside from that, BTC has no other use. It has reached its 2019 peak a few hours ago and many are dumping their less popular alts for BTC. What if Buffet was right all along with Bitcoin- some whales dump the price and bought low, they strategically pump it so other poor people buy so high from them.
There are other Cryptos with many use cases like Ethereum, XinFin, Wpp Energy, Stellar Lumens XLM, The Currency Analytics TCAT, among many others. Buyers tend to move like zombies as they follow whales in their pump and dump games or Gamble just like Buffet opined earlier.
There are less hodlers today who actually believe in a particular project and it dreams. Great ones are celebrated for a few weeks just to dump and buy BTC in the next few days. If the whales to take over the whole market of bitcoin never believed in it and hodl till it mooned, they would actually be small and like grasshoppers jumping from project to project.
A brother of mine said, ‘Go starving bro than selling any of your major coins’. By major he meant, those crypto projects you see future in. I supported this 100% because I am sure he was talking from experience. And being a serial crypto investor he had gathered ao many Xps (Experience).
Over to Tron and Justin Sun.
Tron’s co-founder and former CTO, Lucien Chen recently gave up on the project to launch his own on the note that it is no more decentralized and not the original Tron. He had believed in Justin’s vision for Tron in earlier years, but as he said, “TRON is no longer the original TRON”. Justin Sun recently posted a tweet:
I’m in NY for #Consensus2019! Join me to chase your love for blockchain. Take a photo with @justinsuntron or @VitalikButerin during #Consensus2019 to win tickets to visit #BitTorrent Office! More details here on how to participate: https://t.co/vsf4eTHUDz— Justin Sun (@justinsuntron) May 13, 2019
Which Vitalik Buterin replied:
Huh? I’m not even going to consensus 2019….— Vitalik Non-giver of Ether (@VitalikButerin) May 13, 2019
This kind of attitude and voice is known with Justin Sun. He has severally being alleged of making fake promises he couldn’t keep. Sydney Ifergan, the Ceo of The Currency Analytics and advisor for more than fifty crypto projects, also replied to Justin Sun and Vitalik:
@justin just tagging you in order to get a better audience… we all bet on #ethereum , @VitalikButerin you made a great work!— Sydney Ifergan (@SydneyIfergan) May 13, 2019
Personally, I am not very happy with this kind of attitude, it is not going to get the project anywhere. The crypto space needs credibility with public figures like Justin Sun.
We need Originality, not just Copies
Another aspect of the crypto space that makes it seem as though we are all zombies is that we do not seem to give recognition to originality. There are so many crypto projects that are copies of other projects. “We do it better” has been their catchphrase hiding from the facts and choking investors. There are a few, like XinFin and The Currency Analytics which have retained their originality and kept on their path. If each project is as unique and original as they should be, investors will not be grasshoppers again, jumping from project to project.
Don’t you think we need some sort of Plagiarism Checker for Crypto projects?