Shitcoinets are excited for upcoming Bitcoin ETFs, hoping that a rising tide will rise all ships.
Discussion
Don’t worry, Arthur Hayes says the ETFs will kill bitcoin. Shitcoins still have a chance!
It has always been this way. I am thankful that people so willingly advertise that they can't be trusted with money.
Don't know how the next cRaPtO craze will go, but it will surely be diminished, in the UK.
New taxes coming in on cRaPtO gains, from Jan '24 that take away most of the reasons people would gamble on shitcoins.
Binance is de-listing a lot of cRaPtO/GBP pairs as well.
Really hoping this will reduce the drag cRaPtOs have had on #Bitcoin for so long.
It probably will though. Because in normie-land Bitcoin is crypto.
I recently had a conversation on the orange tech site about Nostr. And the take-away was that many normies find the fact that as soon as they get on Nostr they’ll have Bitcoin shilled very off-putting. From their perspective it’s ‘crypto-adjacent’ and full of crypto scammers.
Now, I understand why that gets people aggravated. But it really shouldn’t, that’s just the way things are. That also means that in normie-land the price of Bitcoin rising makes people FOMO in. But a significant portion of those will be people who think that if Bitcoin could’ve 10000x, any other ‘coin’ potentially can. Because they don’t really realize that there’s actually a difference. So they’ll go for the cheapest Shitcoin with a pretty website they can find.
For a time this is bound to push up shitcoin prices too. Until the dump part of the scheme, that is. And then the cycle starts anew.
Keep calm and stack sats.
HFSP