/biz/ - Business & Finance

We're being strangled by completely irrelevant forces. Bitcoin maximalists are manipulating the market right now. Bitcoin maximalists control Tether and likely have a large influence on exchanges who support Tether. Tether and BTC is what fixes the prices and ratios between cryptos. Let that sink in. There isn't enough liquidity entering the market in the form of real fiat from mainstreamers to denominate crypto in real fiat terms. That means ETH is pegged to BTC/Tether, not real fiat currency. The real fiat volume is less than 5% of the total volume. That wasn't the case when ETH started its ascent back in 2017. The ETH volume was in fact over-weighted in dollars, euros, and the won! It's safe to say then that what we're seeing right now is merely the BTC maximalist revenge fantasy feeding on itself. These maximalists have always wanted to destroy ETH and other viable alternatives. That's crypto history 101. This is them pulling all their artificially-inflated ponzi wealth together in one last pathetic attempt to destroy ETH. Those who know what's really going on are likely just hodling, buying, or watching in morbid curiosity. The point is that the maximalists are rapidly approaching that magic invisible line where it simply becomes impossible for the outside world to ignore the insane opportunity they've create. At some point, deep pools of capital will move in on ETH. The potential upside incentive to back ETH and build a whole narrative around its future dominance is too great. The pervasiveness of Ethereum's network effects and its overall long-term impacts on crypto adoption are too real. Many millionaires and even billionaires could be born out of this crash. This is why I say the Bitcoin maximalist forces are irrelevant. They're driven by delusions of grandeur and fueled by hatred, not reality. They're doomed to fail against the rest of the world. I take it for granted that most of the world is still blind to Ethereum's potential. But not everyone is blind!