I've been following the XRP stuff (surprise! /s). I don't have much XRP (probably like < $50 that I bought at $0.20 in 2017), but the fact that the government can perform a surprise-audit and just deem an entire cryptocurrency invalid within days really scares me. It scares me because whatever the government says, the largest exchanges, being afraid of the govrenment, will comply swiftly. This is overall bad news for people who hold many altcoins. I think the people who held mostly BTC in 2017 and didn't care much for the altcoin booms were actually the really smart people. Altcoin are littered with scams (hey hey heyyy).Fuck XRP, but fuck the SEC even more. We won't know what they are going to do next. I feel really scared about crypto right now because I don't know what to expect in the coming months and years. I suspect this will drive a lot of people to simply hold BTC and forget most, if not all, of the altcoins. I think the only safe bet right now is BTC/ETH because if BTC or ETH fall, then the entire industry will fall. So everyone will be a loser in that case, and at least I'll feel better about my own losses. In 2017, we were afraid the SEC would start cracking down on major altcoins. They didn't. They are doing it now. XRP is the first to fall.I believe XRP will be the first of many coins that fall -- many coins involved arbitrarily large "founder allocations" and raised money in ICOs just as XRP did.This is the beginning. I think we should all be ready for bad news, for it would be irresponsible not to be. I will contonue to hodl BTC.
Submitted December 29, 2020 at 02:38PM
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