Just Like That We are Back in 2018!

almost 2 years ago

Doom and gloom is back in the crypto market as prices have severely declined since the beginning of the year.

Bitcoin BTC presents an unconvincing case after dropping to the 2017–2018 zone, and while we may all have forgotten about 2018, this was for a good reason.

There were only painful moments for investors in cryptocurrency, although some networks kept building unaffected by the bearish market conditions.

Fractional Reserve Lending And USDT Shorts

Celcius and other similar fractional reserve custodians exist to abuse the prices of selected cryptocurrencies.

For shady custodian businesses in crypto, this also helped gain leverage in the Bitcoin maximalists community.

It worked well for Celsius as they even got Adam Back supporting this weak lending model that resembles Bitconnect (with less yield).

Considering Back, Mow, and Blockstream overall, we observe a tendency to support Tether, Bitfinex, Celcius, Strike, Bukelle, and any other shady business or individual in the field and out of it.

It doesn’t take long to realize whom we are dealing with when we notice who their friends are. You can’t be rocket science and have a wanted criminal as your buddy.

Blockstream’s strong bonds with Bitfinex and Tether are apparent, making even many in the Bitcoin (BTC) community feel nervous.

Remarkably, so many Ethereum clones appeared and rearranged the investing process in the market. Some crypto funds (that today are close to insolvency) pumped the prices of dysfunctional centralized networks like Polygon and Solana, or weak Ponzi schemes like Terra, with a vast marketing network of influencers paid to support them.

Back in 2017, Bitconnect was the main Ponzi we encountered, although the rational voices in the market could still be heard, and managed to save plenty of naive investors from this platform.

This time it was different in terms of scams awareness.

Greedy YouTubers, this time, did not care. It was all about obtaining the most out of anything they could, so they promoted Terra Luna down to zero and even supported the Terra 2.0 scam that reappeared in complete denial of their contribution to the promotion of what is a collapsed Ponzi scheme.

Especially the popular YouTubers are sell-outs, exploiting their audience and leading them to terrible financial decisions. They will only publish content under a payment, promoting cryptocurrencies as Instagramers advertise consumer products.

This type of crypto advertiser is influencing financial decisions, though, and is not fair to their audience when they don’t clearly explain they produced sponsored content.

As modern Trevon James, these pathetic Youtubers and Crypto Twitter influencers moved on with no feelings of guilt or shame and went on even accusing their critics but failed miserably again as they were never honest.

Always watch out for any weird outlying promises since Crypto Twitter and YouTubers are frequently full of them.

Conclusion

I don’t remember a lot from 2018. It was a year everyone erased from memory. Some are explaining lately how the bear market is the perfect opportunity to build, yet for most crypto projects this bear market will be their tombstone.

Actually, developments were limited during the whole 2018–2019 bear market. Sure some took the DEXs like Etherdelta and added an AMM with liquidity inputs, thus, creating DeFi. Intelligent approach, but still lacking a long-term perspective (for most of these platforms).

It is about the charts returning below the median and the maxis brainwashing more newcomers with ridiculous claims.

We found too many new networks appearing out of nowhere and sustaining extraordinary market caps but convincing nobody of their long-term viability.

Some of them still survive as they received funding that can sustain them for longer. Eventually, vaporware will vanish from the top market cap positions, and the networks that work flawlessly will recover.

During the bear market, some will realize the purpose of cryptocurrencies which is not to make anyone a millionaire overnight.