You can hate speculators all you want, but they serve a function within the market and contribute to price discovery. They take on risk and, if they are smart, will be rewarded accordingly.

In a fair market this is true but crypto is no fair market. Even more regulated markets are not always fair. But at least when they go to far the law might do something about it and has the power to do something about it. What I mean by a fair market is that you have reliable information to base your decisions on. The crypto market is the easiest market to make money on. You wait until a large sum of Tether gets printed and you flip all your positions to long and then you wait. This is the reason why everybody right now is making so much money. There is this believe that Bitcoin always goes up. You can see this in all these other cryptos too. Where are the crashes? Why is every crypto going up ... eventually? This does not make any sense, they are suppose to compete! But no they don't compete because most of them are really just numbers on a website ... going red but always green again!

And so to people that really think about what is going on it's pretty straightforward. Price manipulation on exchanges (that are not operating under any laws forbidding them to do so) have created an enormous bitcoin hype the last 4 months. I now know at least 11 people in Red Deer Central Alberta that have gone crypto crazy. Half of these people I told about Bitcoin as early as 2012. No interests what so ever. Now I can go on to facebook and I can start a chat with any of my contacts and ask them: Have you heard about Bitcoin. 90% will now say yes. Then I can ask them: Have you invested in any crypto. Right now about 5% answered with yes.

You should see my facebook. I have my family and friends from Europe. I have a lot of local Christians from my church. And this Central-Alberta we are like the Texas of Canada. There is now a bitcoin miner in my birth town Three Hills using a byproduct of oil winning, natural gas ... to generate electricity and mine with. Yeah the mania is in full affect. 2013 and MtGox is nothing compared to what is going on now. Maybe this mania is so powerful that the bubble will not pop in the next 10 years. But I doubt it very much. I also very much doubt that there is enough fiat available to pay everybody their winnings. A small 1933 might happen again, but this time on the internet. So many people are going to loose their investments because they have invested in the most abstract form of money that we have ever created without realizing that without a community behind it, it has less value then the paper we use to make banknotes. Fiat money is backed by a big enough belief that it is money. Crypto is not backed by code, some people think this. Code does not back anything. Code is abstract.

What is money is in the mind. This mania is not fueled by people that changed their minds about what money is. This mania is fueled by people like me that told people about Bitcoin in 2011 and nobody listened. Then a couple of month ago they saw Bitcoin appear in the news because it's been a long time since we have anything on this planet that would do +10000% or whatever it is. And they remember the conversation from 2011. Then they go: Huh, I guess it was not as much bullshit as I thought it was? Maybe ... maybe I missed out on making a million dollars but ... maybe I can invest now???

That is basically what is going on worldwide right now. Well not worldwide ... only in the countries where people have enough extra money they can afford to send a 1000 dollars to a website. That is right. People are sending a thousand dollars not to a bank. But to the bank account of a website.

Let me tell you about a conversation I had a couple of days ago. With a guy let's name him Bob. I was like ... hey Bob have you ever heard about Bitcoin.

Bob: " oh yeah man I actually bought a lot of crypto recently ".

Me: "Oh wow, do you know anybody else in Red Deer that is doing something with crypto? "

Bob: "Oh yeah there is this guy crazy about Steemit and stuff."

Me: "And what do you think about that?"

Bob: "way to much work, I started with a thousand CAD and already turned that in to three thousand CAD in just a month which I now have on my bank account, why would I go waste my time on Steemit when I am making so much money trading crypto right now"

So what you do think Bob is going to tell all his friends. Well he is just going to show his Blockfolio app to his friends and might even tell them he actually in a month got a 300% return and all of that money is on his bank account.

So ... what do you think people are going to be interested in?

- Participating (not in steemit, steemit is bullshit by the way)

- Speculating

Because Bitcoin is not a scam, just like in the year 2000 the internet was not a scam either. So how can they loose? They don't know the difference between Bitcoin or ripple.

Bob knows absolutely nothing about bitcoin. Never used it in his life and he sure won't use it when the fees are that high. He knows how to send money to the bank account of a website and he knows how to log on to that website. He has no interest in anything but that and no time to read the bitcoin whitepaper that started all of this. Can you blame him when he turned a 1000 CAD in to 3000 CAD which he has on his bank account right now?

Do you think he will get a lot of confidence in his ability to trade? Maybe he will eventually, because you know he is wining so much, send 5000 dollars to that website. And then he will get 10 000 back. And then, because he is winning so much, and because Bitcoin is not a scam just like the internet is not a scam. He might send 20 000 CAD to this website.

BOOM GOES THE KRYPTONITE (SUPER TRADING POWERS DON'T WORK NO MORE)

**Now website is just one page with a statement.**

Now Bob is upset and all Bob's friends are VERY upset with Bitcoin AND WITH BOB cause they also send money to a website that is now also just one page with a statement.

Does anybody see the problem ....? Now let's go forward in time.

Facebook chat December 2018:

Me: "Hey have your heard about his great new way of doing micro ...."

"Oh you mean Bitcoin, fuck of dude, my mom lost like 2000 dollars on that scam. Now I am not getting anything for Christmas."



