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I would need more context.. are these new highs? is this a pullback after a new high? Bull or bear market? I cant really say without knowing more about market conditions. However, if your asking strictly on market consensus of the asset as of today then I would go with ETH. It is the currency to own till something better comes along.
As someone new to the crypto world and not sure what to think about it, I wonder if the possibility of this happening does not show a flaw in the "create your own currency" idea. "Fiat" money, embedded in an economy, would not have this happen. (Sure, it could have other problems, but not this one.)
But if we think of this coin as simply an asset in a speculative market, which it is (was?), then this just looks more like a routine market scam not reflecting on the general crypto currency idea at all. But then, what is the crypto idea in that case. Is it just another thing to trade? How does that make it money?
If someone can help me think about this I would find it useful. I am a beginner and really do not have much perspective on the issues here. Thanks.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
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Posts: 5,049 since Dec 2013
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One of the big selling points of DeFi is that it's decentralized and away from the control of the Banks etc. Of course the flip side of that same coin is that it's also away from regulation, and a lot of that regulation is actually good regulation and protects you.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
Found this to be an interesting analysis of exchange & blockchain activity around the recent Bitcoin price action.
Glassnode: Surveying the May 2021 Sell-off
After one of the most dramatic sell-offs in Bitcoin history, the conviction of investors has been put to the test, and we assess the markets response on-chain. https://insights.glassnode.com/surveying-the-may-2021-sell-off/
@SMCJB- From a risk perspective, how is this any different than the stock market? Think of Enron, World Com or penny stocks or junk bonds. There is no difference. These are high risk endeavors. With any investment there is a chance to loose everything. Am I wrong?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
Re: Enron - Andrew Fastow + Others were prosecuted and went to jail.
Re: Worldcom - Bernard Ebbers was prosecuted and went to jail.
Re: Junk Bonds, by definition are more risky bonds, issued by less sound companies - doesn't mean they are all involved in fraud. Worth noting "The King of Junk Bonds" Michael Milken was prosecuted and went to jail.
So there is a difference. All the examples you quoted are part of regulated system with consequences for violating the laws. I'm willing to wager that their will be prosecution of any of these DeFi frauds. They don't even know who committed the crime.
I'm not a hater I just don't understand how anybody can honestly invest in any of these DeFi projects without a) having personally evaluated the code and have enough ability to be sure there isn't a flaw/bug or b) have confidence that somebody else you trust highly has done a) for you.
