The other day I sat down with my friend Chris Guida, long term Bitcoin enthusiast, software developer and all-round nice guy, to discuss some questions about cryptocurrency that people had raised on the Internet. DO we regret investing in cryptocurrency, after it’s fallen so far? And, was the 2017 rise in cryptocurrency nothing but a pump and dump scheme?
Let’s hear what Chris has to say.
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Do you regret investing?
Firstly, do we regret investing in cryptocurrency? Both of us started buying years ago, so the answer was a clear no. However, there are many people who didn’t have the good fortune to buy so early. Chris says it’s likely that the crypto market will come around again – just like with a traditional market, there’s a boom and bust. It’s easy for a lot of folks in the media to say that bitcoin is dead and will never come back – but [literally hundreds of pundits have said that before](https://99bitcoins.com/bitcoin-obituaries/), and it hasn’t stopped crypto yet.
Was it a pump and dump?
We also discussed whether the crypto bubble of 2017 was a pump and dump scheme, a manipulated effort by whales and market makers, pushing money in and loudly and taking it out quietly. Wherever there are markets, it’s almost guaranteed that people are trying to work them in their favour, but in this case it’s unlikely that there’s one grand conspiracy to push up the price. The price, and the bubble, is a result of a lot of individual actors, buying, selling, holding, and saying the truth or saying lies about what they’re doing.
Please join Chris and Kurt for a crypto exploration on this episode of Cryptonomics. Thanks for listening, liking on Facebook, subscribing on YouTube, and on BitTube, for sharing this episode, and for being cool. Stay grateful!
You can hear more from Chris on our other podcast, the Crypto Hippie Drum Circle.
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Cryptonomics – Do you regret buying bitcoin? With Chris Guida