June 19th 2021 - Billionaires Also Get Rug Pulled

Idea that “this time will be different” and that there won’t be any serious crypto winters stems from the idea that the big institutional players have entered the world of cryptocurrencies. This notion also contributed a lot to what now appears to be very dangerous and damaging cult of personalities in crypto world. In other words, progress of the crypto world now rests less on the shoulders of hard-working developers and dedicated enthusiasts and more on the good will of few billionaires whose words are supposed to lift Bitcoin, Dogecoin or similar cryptocurrencies to the Moon.

Such notion is not only wrong, but also very dangerous. It is based on the idea that the billionaires are in some way not only richer but also intellectually superior to the mere mortals. In other words, if someone like Elon Musk shills Dogecoin, that means that Dogecoin is legitimate project and superior to all those cryptocurrencies that might have better developers, better tech and more sensible long-term prospects. Of course, when someone like Elon Musk, for one reason or another, changes his mind and turns against Bitcoin and other cryptocurrencies, that can have devastating consequences for crypto markets and livelihoods of millions that invested money based on crypto influencers’ words.

Now it is obvious that the long term interest of billionaire crypto influencers might not overlap with long term interest of crypto community as a whole. And it is also obvious that billionaire crypto influencers can make mistakes just like any investor. Case of Mark Cuban, who apparently got rug pulled after investing in Iron Finance, shows that it can happen even to people who are supposed to know better. What is even more dangerous in such situations is the prospect of billionaire influencers channelling their anger in the most destructive avenues possible – by demanding stricter regulations, bans and similar measures that could hamper the long-term development of cryptosphere.

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