August 16, 2018 271By Nathan Bentley
“Experts are warning that cryptocurrencies have entered panic mode, which seems fitting given what’s been going on in the world’s major markets in recent days. after all the hyping of bitcoin, ethereum and the rest, there are now a lot of investors left in a very different position to the likes of the Winklevoss twins, who can afford to take the hit and get out of the crypto game at a loss. That’s why chatting up of cryptos at the top of the market by people who could afford to withstand huge losses was completely irresponsible.”Moreover:
“People must take responsibility for their own decisions, of course. Was it stupid to put their money into something they didn’t really understand, without making sure to cover their backs? Yes. It really was. But the people who shouted about cryptos as a money making asset that The Man just didn’t understand also need to take responsibility. They played a part in bringing lots of small fish into the crypto pond, and now they’ve jumped out as the funds are being drained.”See the full article for yourself, here. Would the markets be less volatile, if these people didn’t surface? Probably, these self named crypto bros have a lot to answer for. By inspiring people to invest through their imagined authority and their self proclaimed expertise, actually what they have done is make the markets more susceptible to volatility through panic. It’s something they should take responsibility for and something they are now suffering as a result of. Obviously crypto bros alone haven’t caused today's disappointing markets, but maybe if they acted a little more humble, and took things as they came, they might not have encouraged the new wave of panic buying and panic selling that crushes the markets so much. For now, let’s enjoy their silence. When the markets fly back up, they will return, it’s inevitable.