In the doldrums of cryptocurrency markets, the FUDsters aren’t taking a break. No, in fact they are attacking every perceived weakness of Bitcoin and cryptocurrency.
Today’s headline: ‘Dr. Doom’ warns Senate: ‘Cryptocurrency is the mother of all scams’
You’ll notice in this particular piece of FUD originated by Nouriel Roubini, an economist who teaches at New York University’s Stern School of Business, overall gains for Bitcoin aren’t even discussed. The article in which he’s quoted says it was worth $1,000 in early 2017 and is now worth more than $6,000. That’s pretty astounding on its face, from a return on investment point of view. But from the article, you’d think the only thing that matters is that it dropped in value from near $20,000 at the end of 2017 to the current price.
Maybe the whole point of Common Core math is to rob people of their ability to figure out that the current price of Bitcoin is six times what it was 19 months ago.
Crypto celebrity and ShapeShift CEO Erik Voorhees was among the first to call out “Dr. Doom.”
In a Tweet on Thursday, Voorhees said, “Fiat is the scam, Nouriel. Some of us are tired of it, so we’re building an alternative. You’re under no obligation to use it.”
We’ve seen these types of attacks play out more than once as we’ve maneuvered the ups and downs of this particular bear market. That’s why we like to deconstruct them. We hope it lets you see the FUD gears at work.
We also hope you understand that what drives this “reporting” most often has little to do with the actual value of Bitcoin or cryptocurrency in general as a technology and a tool. It has everything to do with the media and the current financial establishment fighting back.
Both are facing a loss of central power that hasn’t seen an equal since the black plague took out half of Europe, indiscriminate of its victims’ social status, wealth, or religious piety. It was a reshuffling of power that gave rise to the middle class and, some historians argue, the Renaissance.
We do not exaggerate when we say Bitcoin and the technology it’s built on will have a similar effect. But the bigger the threat to the status quo, the harsher and more enduring the attacks against it.