To Pump or Not To Pump. That is the Question.
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What do Bitcoin Maximalists, Ponzi Schemers, Business people, Christian Missionaries, You and Me all have in common?
We all pump.
We are all salespeople.
Except Ponzi Schemers dump you as quickly as possible once they get a hold of your kitty while Christian missionaries tie themselves to you even after the speech they’re selling is perfectly etched on your skull.
Business people are sorta half-way sleezy, half-way magical-workers while you and me just want to survive by getting what is due us from this thing called Society.
Bitcoin Maximalists want to sell you financial salvation. They actually care about you. Like good Christians.
Maybe they pump and alas, dump. But they do it out of that bottomless-well of goodness of the heart.
Now what’s all this about pumping and dumping.
Bitcoin is currently at $21,000. A 31% increase from just over a month ago.
This (thankfully) seems to be due to real world economic growth / improvement in economic conditions (like the US Federal Reserve’s grip on dollar-inflation actually succeeding). So the price increase will likely be sustained as it is a real gain in market value.
However, let’s assume instead this had been because of something a whale like Michael Saylor or CZ had said. The price would have spiked, yea, but it would be an artificial gain in value.
This is pumping.
Thing with the markets though is that it doesn’t matter to most people why the value is going up as few have the (acceptable) insider knowledge of what caused the price gain in the first place.
“The price is going up! The price is going up! Buy BTC!!”
But if a whale was the one pumping, it will smell the winds first and fast. And will sell while still ahead (in effect, making A LOT of money from simply blowing a lot of hot air into the Bitcoin ecosystem. Like the FED). Other people will not sell fast enough and will lose their savings.
This is dumping.
Now my fictitious tale is too simplistic, but it does capture the dilemma of the Bitcoin world so that it sounds as scammy as a stockbrokerage deal from the Wolf of Wall Street. Maybe worse as BTC is not (yet) in bed with the legacy financial systems.
What actually happens is that you have thousands of people on social media going about their daily social media yada then interestingly, a few posts get a bit viral. Like, they read the emotions of the platform while fuelling those dopamine-hit clicks of the like buttons and the retweets and for the mouthy guys like me, comments.
Those posts may then drive people’s business decisions for the next few hours so that many may start buying BTC. For example a post may feature a picture of the CEO of J.P. Morgan talking (real talk) to a renown Bitcoiner.
And that’s it. That’s how the pump starts.
In this way, it would be silly to expect a single person to pump Bitcoin. Though still, I’m against it. Higher moral standards and all that. Not that I stick to them like a Tibetan monk.
Ideally it would be best if the price only went up because people were actually building sh*t, but the reality is people cut corners because they need to, want to, can to. They lie, sell, floss their way through and would you look at that, pump and dump for all its worth. Even when they are all saintly and are shedding real tears.
IF anybody could really pump BTC though it would be Satoshi Nakamoto.
But in fact, a single person has greater power to destroy the well-proofed hard work done to build Bitcoin’s legacy as something that actually makes the world a better place.
You Know Who from late 2022.
BTC is actually best known for decentralized building of community for marginalized groups, with a speed and effectiveness that gives zero damns about needless bureaucratic red tape.
So any pumps in Bitcoin, while they may feel like they are being orchestrated by Bitcoin Maximalists, are actually orchestrated by Twitter as a whole. Everybody is guilty. Sorry maxis if I miscriticized you befor.
Though I have to admit, some of you guys are too toxic you chase away other sheep. Remember what a legend sang;
Even when we bellwether search for perfection.
We are all sheep. I get it, shitcoiners can get on nerves but still, Dr. Saifedean, maybe a lighter touch?
2023, I will not convince anybody not to shitcoin. I’ll only tell them to look up You Know Who from late 2022. They can suffer the consequences on their own.
Though, this isn’t to say I’m anti-blockchain technology even when it has use-cases other than money value, which is why I think NFTs are a great market still.
It is a unique idea that is a monopoly in its own right (à la Thiel’s ‘Zero to One’). What happened is the nonsense had to have its pump and dump and whoever got scammed I pray your heart is healed from the bitterness of seeing your monkey JPEG now worth less than toilet paper.
That said, I might go into ordinal NFT art myself because 1) it is Bitcoin NFT art, and 2) because art is a great way to have high-level conversations that shape future trends, technologies, cultures, worlds.
Well amigos, Adios.
intelagent 