The actual state of the crypto industry. | beaniemaxi on Binance Square

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The actual state of the crypto industry.

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James Wynn has pivoted to a news account. Somebody needs to tell him that this is Google’s Gemini logo. Not the crypto exchange.

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I still can’t believe that a real person round tripped $100M in a week, while taking a $20M+ realized loss, and is leveraging that new found fame by… Shilling an affiliate ref code.

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I love memes, but I hate memecoins. I hate the fact that random groups of traders can monetize IP that they didn’t create. And to make matters worse, they typically do it through insider cabal pump and dumps. Which creates carnage to the general crypto public that isn’t in on it.

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With Horizon, you don’t only need the value of your home equity to keep going up in order to stay solvent but now you need Bitcoin price to keep going up too. Or you simply lose your home. This is all made possible through some diabolical financial engineering. Should be illegal.

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This is the type of unethical financial engineering that makes me bearish on Bitcoin. All signs point to an eventual epic crash. The people that made Bitcoin special are mostly long gone. And now Wall Street has taken over. Could get a blow off top. But this is max unsustainable.

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