May 17th 2021 - This Escalated Quickly

2 Min Read
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“You either die as a hero or live long enough to become villain”. That old saying is these days used a lot when crpytosphere comments on the latest moves by Elon Musk, entrepreneur and social influencer who went through spectacular, rapid and stunning transformation from great crypto guru and messiah into the crpytocurrencies’ worst enemy.

Historians would probably spend a lot of research trying to figure out what was behind Musk’s about face. It could have been “friendly persuasion” by US government and subsequent concern for government subsidies that keep Tesla, Space X and other of Musk’s companies afloat. It could have been cold calculation aimed at weak hands in cryptosphere, those armies of newbies who recently bought Bitcoin and other cryptocurrencies at All Time High only to panic sell after few tweets and allow Musk and his corporate whale friends to dramatically increase their crypto bags by buying cheap. Or it could have been pure ego at work, a reaction of corporate prima dona who simply can’t forgive rejection of his beloved Dogecoin and doubts in its market infallibility, so he treats them as a mortal insult that should be punished by sparking market cryptocalypse.

Whatever the explanation might be, it is clear that Musk in matter of weeks created just as much damage to Bitcoin and crypto community than the worst exchange hacks, exit scams, crypto bans and restrictive regulations in years. And it was all a single man.

It only proves that crypto community has a long way to go if it is to become mature enough to evade dependence on a single individual and its whims. Whether that individual might be a hero or the villain.

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