In late 2017 the markets celebrated Bitcoin adoption by Wall Street. Bitcoin was finally going to New York!
Jamie Dimon and other large bank CEOs were dissing Bitcoin which, in banker speak, means they were buying.
Notice how Bitcoin started to dip exactly when Dimon said he “regretted” calling Bitcoin a fraud and then started to praise BTC : by this time, bankers were already selling.
Those who’ve been in the traditional stock markets know that bankers praise what they want to sell and criticize what they want to buy. (Remember this and thou shalt profit moar.).
Another infamous case was that of Jihan Wu saying all cryptos should get along, just hours before he and Roger Ver initiated their mid November strategy against on Bitcoin Core.
BTC has its different design philosophy than BCH. Both coins can coexist and be used by different group people in different ways.
— Jihan Wu (@JihanWu) November 9, 2017
This attack pumped the Bitcoin Cash value to over U$ 1k. While they failed at causing the flippening, it made the perpetrators a few billion wealthier. After Jihan Wu moved the hashrate to Bitcoin Cash until the Bitcoin Core difficulty adjustment, the Bitcoin mempool grew to unprecedented levels and fees skyrocketed. While this was happening, Roger Vers posted this:
The goal is not that everyone can afford to run a node.
— Roger Ver (@rogerkver) November 15, 2017
As you can see, in crypto investing The Art of War is in, naiveté is out.
When a rival is praising a crypto, it means they will attack soon – either it’ll get dumped or there’ll be some other form of attack(mining or otherwise).
Banks caught on to this tactic and they’ve been doing the exact same thing. The difference being Mr. Wu and Mr Vers have a few billion U$, while banks have trillions of Quantitative Easing printed dollars at their disposal.
The damage the mainstream banks can do to Bitcoin is thousands of times larger than any crypto investor, no matter how large the whale, could ever dream of. They have Quantitative Easing on their side. They can print unlimited money in order to enforce policies.
We warned that the game being played between Bitcoin and Bitcoin Cash was like two opponents with matches in a pool of gasoline. No one in the cryptocurrency space can compete with the power of central bank printed money. They have unlimited resources to do whatever they please in any traditional stock market around the world.
Photo Credit: Mikhail (Vokabre) Shcherbakov from Moscow, Russia via Wikipedia/CC