Bitcoin, it seems, is showing signs of not being able to hold up.
On May 19, 2021, the price of bitcoin plummeted against the U.S. dollar, not only falling below the $40,000 mark, but also breaking through the 30-week line, hitting a new low of nearly three months and opening up room for further declines.
To make matters worse, the overall price of virtual currencies avalanched, with mainstream declines of more than 30%, and the cryptocurrency world was in a state of mourning as people vented their anger on Musk.
“De-Muskization” has become the biggest voice in the cryptocurrency circle.
The situation is so similar to Li Xiaolai, who was running through the cryptocurrency circle back then, so what is the reason for mixing Musk with Li Xiaolai? What happened to the formerly powerful cryptocurrency bigwigs? Is this wave of virtual currency market ebbing as regulation ramps up?
Playing the Bright Card, the Willing One Takes the Bait
“Musk, and Li Xiaolai is the same way.” The cryptocurrency player Chu Biran said so.
Chu Buran, engaged in software development, originally disdain for virtual currency, from the psychological does not recognize the so-called “scarcity”, until the end of 2013 at the dinner table after hearing multiple versions of the cryptocurrency circle reversal story, only thumping heart.
“A day in the cryptocurrency circle, a year on earth, really is not a joke.” Chu Buran told zinc scale, encounter the market good time, virtual currency a day’s rise, worth a year’s earnings in the stock market, “we ordinary people do not want to use a few months salary, earn a lifetime of money well.”
“× × coins, this year will be on × × × × yuan”
“No x times, never let me sell”
“Now I can’t see anything else except x coins.”
The above remarks, in the cryptocurrency circle is common, has long been seen, and in the “because poor, so eager to get rich” background, cut leeks also become the key words of the cryptocurrency circle.
In this regard, Chu Buran memory is particularly deep: “followed Li Xiaolai speculation from bitcoin speculation to cottage coin, if not ‘recording door’ said the big white words, I am still his believers.”
Virtual currency collective plunge
In Chu Buran’s view, Musk and Li Xiaolai have three things in common.
First, both know as a scam.
Li Xiaolai has hit the nail on the head to point out the nature of virtual currency: “The biggest value called consensus value, OK, consensus what do you mean? It’s not worth much, but so many people believe in it, and in the end it’s worth a lot.”
And Musk, while boasting that “dogcoin is unstoppable and will sweep the world” on the famous American variety show “Saturday Night Live” on May 9, admitted: “Yes, it’s a ‘scam’. “
In other words, both of them are pretending to be confused.
Secondly, both are turning the clouds upside down.
As the top stream in the cryptocurrency world at the time, Li Xiaolai not only advocated Bitcoin, but also stood up for other coins from time to time, and he said that the coin was good, fans followed to buy buy buy buy, so the price took off, and then the dust returned to dust, and dirt returned to dirt.
And Musk is not far behind.
According to public information, Twitter CEO Jack Dorsey retweeted a paper called “Bitcoin stimulates renewable energy development” in April, and Musk praised and expressed his approval, but abandoned it in May in the name of high energy consumption; the price of dogcoin skyrocketed or plummeted, all decided by his words.
In this way, the trend of Bitcoin, dogcoin and other virtual currencies are under the cage of Musk’s words and actions, while countless speculators live in the shadow of fear dominated by him.
Once again, they all stood up to the odd coin.
The two coins are unorthodox and exude a strong sense of humor and playfulness, as you can see from their names.
An industry insider said, “Traffic is the core competitiveness of the coin circle, other are floating clouds, which is why they dare to cut leeks so nakedly, playing the clear card, willing to take the bait.”
The routine of cutting leeks has never changed
From the bottom logic, Musk and the former cryptocurrency circle big brother cut leek routine also has similarities.
There is an old saying in the cryptocurrency world that “speculation is better than hoarding coins, hoarding is better than issuing coins”, if you want money to come quickly, issuing air coins can be a shortcut.
The so-called air coin is a white paper consisting mainly of project plans, without technical details or even code, with price fluctuations as the only criteria, thus light on technology and heavy on marketing, full of leek flavor.
For example, the dog coin pushed by Musk, that is, no white paper, and no breakthrough in technical concepts, but also in early 2014 to cancel the 100 billion quantity cap, into a kind of inflationary virtual currency, was questioned by the circle of people as air money.
Of course, with the improvement of players’ minds, pure air coins are too easy to be detected, so what to do? Find someone to write the project white paper on behalf of the project, write the project source code, build the blockchain official website, etc.
A senior programmer told Zinc Scale, “It only takes a week to package an ICO project, and more than 100,000 yuan to get it done.”
No matter how it changes, the essence of aircoin has not changed, and thus the celebrity effect is the key to its ability to flourish.
Some media statistics in 2018 found that the most endorsements for aircoin were Li Xiaolai, Xue Bazi and other cryptocurrency bigwigs, and after the official release of aircoin, compared to the crowdfunding price, the drop was all over 85%, and investors almost lost their money.
At the moment, the fate of Li Xiaolai and Xue Baranzi are also different.
Li Xiaolai plays the role of a spectator, waving the flag for Musk from time to time, but otherwise repeatedly said that he would no longer stand for the public: “I personally will not directly participate in the investment and incubation of any new projects in the blockchain industry. Even if I participate indirectly, in order to avoid misleading investors, I will prohibit the project side from disclosing information related to me.”
Xue Banzi is back in the game, doing what he did before, standing up for Chia coin, dog continent, dog finance, etc., shouting orders are still the same “low investment, high return” set.
The actual air coins are now plummeting, leading netizens to tease: “Can you have some ambition to cut the leeks as soon as you come up.” The company’s main goal is to provide a good solution to the problem. Still doing this kind of thing.”
Sun Yuchen, the founder of BoF Coin, who was named by Li Xiaolai as a “flake”, previously kept a low profile until Bitcoin fell below $40,000, claiming to have purchased 4,145 Bitcoins for $153 million, with an average price of $36,868, making him the focus of media attention once again.
Sun Yuchen Claims to Bottom Bitcoin
From bull to bear, the momentum is unstoppable?
Leaving aside the cryptocurrency bigwigs cutting leeks, the investment logic of virtual currencies themselves is being subverted.
On the one hand, the digital RMB is on the rise.
Jack Ma has publicly said, “Blockchain is not a bubble, Bitcoin is, and blockchain is not a gold mine, it is impossible to get rich overnight, blockchain must solve social problems, is a technology to solve the problem of privacy and credit.”
Ultimately, virtual currency is not the right way to open the blockchain, digital RMB is.
According to public information, the digital RMB is issued by the People’s Bank of China as a legal tender with national credit backing and legal solvency, and it is equivalent to banknotes and coins.
Right now, the digital RMB is being used in Beijing, Tianjin and Hebei, the Yangtze River Delta, and the Guangdong, Hong Kong and Macao Greater Bay Area to launch pilots, and is used in airports, campuses, hotels, shopping malls, major event venues and other scenarios.
A private equity source told Zinc Scale, “The issuance of digital RMB can not only compete for the high ground of future currency competition, but also reduce the cost of currency issuance, as well as combat tax evasion, money laundering, fraud and other illegal acts, and can lower the threshold of financial services, which can be considered a four-pronged move.”
On the other hand, regulation has increased.
At home, on May 18, 20201, China Internet Finance Association, China Banking Association and China Payment Clearing Association unanimously considered that virtual currency trading speculation activities seriously infringed on people’s property security and disturbed the normal order of economy and finance.
As a result, a joint announcement was made that “financial institutions, payment institutions and other member units should effectively enhance their social responsibility and should not use virtual currency to price their products and services, underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, or provide other services related to virtual currency directly or indirectly for their customers. “
This means that there is a possibility that bank cards involved in virtual currency transactions will be blocked, and once they cannot be exchanged for real fiat currency, virtual currencies may be reduced to game currency, which in turn raises the transaction threshold and reduces the consensus on transactions.
Coin speculation is maddening
Abroad, Gary Gensler, the new head of the U.S. Securities and Exchange Commission, has urged the U.S. Congress to pass legislation granting regulatory authority over cryptocurrency trading venues.
With draconian regulation, virtual currencies are not talking about a future.
All in all, the vicious speculation of virtual currencies may be difficult to maintain, and the market is turning from a bull market to a bear market or is brewing, and the people who should be more vigilant in this context are Musk, Xue Bazi and other cryptocurrency bigwigs.
After all, cutting leeks, they are handy.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/bloodstained-bitcoin-does-musk-look-like-li-xiaolai-back-in-the-day-when-he-was-cutting-leeks/
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