Not everyone.

Crypto has flash crashed a large number of times already in the last 10 years, each time weeding out speculators and weak hands and coming back 10x once business was taken care of.

I consider this to be an actual feature of crypto.

Anti-fragile.

Are you serious? Your username suggest you're a whale. Aren't whales considered being investors too?

Very serious. Large volatility swings punish gamblers (day traders) and rewards strong hands / long term players who made a bet they can afford to lose (investors).

> Aren't whales considered being investors too?

Not sure how that ties into the conversation?

It is 'This system will eventually supplant governments and fiat money systems, which it directly competes with. I benefit hugely from this system, so the governments will allow me the crypto whale to become the truly powerful one and I'll be able to buy and sell them as their fiat currency collapses leaving me HODLing the only true asset.'

"They'll never object to that, or make it illegal or anything. That would be RUDE. And anti-freedom.'

I think you're correct about the volatility swings, but the nature of societies is that they've gotta come up with defenses against the whales like you, otherwise you're just King over everyone. Those defenses won't be further volatility swing, but legislating against your profiteering directly. Not because it doesn't work, but because it does.

No, the bet I'm making is that if BTC goes to zero, it won't affect my life in any way, shape or form.

If, on the other hand it continues going up, which I believe it will, it provides me with additional side money to play with.

> his system will eventually supplant governments and fiat money systems, which it directly competes with

I don't believe BTC will supplant government-managed money systems.

As a matter of fact, I don't even think I wish for that to happen. I'm much happier for it to remain a parallel system, an escape hatch if you will, to keep govts honest because they know if they decide to shave their flock too hard, there is an alternative.

Basically, like in any political system, you want to have counter-powers if you want everyone to behave.

And up until now, there was no such thing on the currency / wealth preservation front: all the power was in the hand of the govts.

BTC is a very welcome change to the status quo.

> "They'll never object to that, or make it illegal or anything. That would be RUDE. And anti-freedom.'

You seem to imply that I'm looking at the situation from a very naive pov.

I think that there's a high likelihood some governments will try to make it illegal. Specifically for the reasons I outlined above (escape hatch).

What I count on is the historically established tendency for sovereign powers to profoundly disagree with one another and using said sovereignty to explicitly allow some things that their counterparts forbid.

A political marketplace, if you will, and one in which you can participate because of the highly cross-border nature of BTC.

> they've gotta come up with defenses against the whales like you

???

What a very strange thing to say.

First, you're inferring from my handle that I am a bitcoin whale ... that's quite a stretch. I like Bitcoin, that's clear from my posts, but you have strictly no clue how much of it I hold.

Second, you seem to be implying that I'm somehow hurting other people / society ... another giant stretch and something I feel is a completely unjustified attack. This whole 'King over everyone' business is particularly strange, the only creature on this earth I sometimes lord over being my dog when he pesters me too much.

Apologize, I mis-interpreted "speculators" as "investors".