So, I read the two major anti-Bitcoin and pro-Bitcoin Reddit forums for entertainment, and this stuck out to me the other day:
Quote:
Heh, reminds me of this u/BarcaloungerJockey / ZenMasterBot classic tale:
A wannabe butter monk messaged his Master about an altcoin he wanted to buy. The Master told him it was fated to moon. "It's only $0.10 per coin."
"Buy me 1000 coins," replied the wannabe.
The following day, the coin was at $0.20. Seeing this, the monk texted his master and told him to buy him 5000 more coins.
The day after the monk checked his exchange and the coin was at $0.40. Eager to contact his master, he told him to buy 10,000 more coins.
Checking online the following day the monk now saw the coin was valued at $0.90. Thinking what a windfall profit he had made in just a few days, the monk raced to see his master and told him, "Sell all my coins!"
"To whom?" the master replied. "You were the only one buying that coin."
And thus the butter monk was enlightened.
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So, it's a simple tale, but the meaning is definitely applicable to the current situation. If there is no new money coming in, then there will be no one to sell to when the music stops playing and everyone wants to sell. Although, there is an element of people who will hold until it goes down to near zero - we have seen this with the "meme stocks" that went up to $400+ like GameStop. These guys just hold and don't ever want to sell. So, maybe there will be some exits for the "smart money" in crypto (you know, the people who are not supposed to win from this "decentralized" stuff - the wealthy traders, hedge funds, etc.).
I think that eventually (not sure when), this will turn into a very expensive lesson for some people.
-Wayne