If you have been in the cryptosphere for sometime, you will surely have heard of Mr Jackson Palmer. He is one of the creators of DOGE coin. And with that he does have quite a following. And I think his influence in the crypto world is quite significant. Of course no one is as powerful and beautiful as the great and amazing Elon Musk but I digress. Anyway he recently made a comment about the current state of Cryptos in general. In short, he mentioned something along the lines of crypto being controlled by right wing capitalists and meant for only a few select groups to get rich from. And that cryptos are not really de-centralized. And the main reason why crypto is now so popular is via “bought influencers”, shady business connections and media outlets creating a cult-like environment to extract money from people like us.
And although I don’t completely agree that it is that extreme, there are certainly a lot of evidence that at least some parts of what he said is very true. I mean just look at the market manipulation that is going on in the crypto markets and you tell me that there aren’t some figures out there playing the market? I mean just watch Youtube and you will be bombarded by videos telling you to buy this cryptocurrency or buy that cryptocurrency before it rise to the moon. This is the LAST CHANCE you will never get! Not only Youtube, even the “traditional” mass media is doing the same thing. I remember a few years ago, there was this article on the Singapore newspaper about people making “millions” from holding on to their Bitcoin. Of course that spark some interest in me. But if you get bombarded so often by the media, you will soon believe that crypto will evitable make you a millionaire. I know, I had believed that too. Very naive of me.
But if you ask me, I think millionaire or billionaire crypto “gurus” are far and few between. I would rather consider crypto investing as merely investing in my future. I don’t expect my cryptos to go to the moon. No matter what Elon Musk claim. As a small time investor, the most important thing is to ensure that you can afford to lose your crypto. If you can’t afford to lose your crypto (or funds) then investing in crypto is just not for you. All those articles that tell you that you are missing out on 100x cryptocurrencies, take them with a pitch of salt. Honestly most will NEVER go to the moon. Of course I don’t mind it giving me some returns but I don’t expect to become a millionaire from it either. And I invest only small amounts into cryptocurrencies. Sure when it pumps, it looks like everything is looking up and you will want to put in more to gain from the pump. But bros, what if it drops the next day? And what do you think will happen to the small time investors who leverages when things go south?
So in a way, I kind of agree with Mr Palmer. He is not completely wrong in that the crypto market is being manipulated by some individuals or institution. And these people are doing it for their OWN BENEFIT. And as for those who get very pissed off at him for making such comments…well I can only say that perhaps if you would consider carefully what he meant, you will to admit at least partially his words make sense. Come on…there are so much evidence already. And check out my plans for the near future.