That's some interesting post we've found today (original quotes).
[...]So let me get this straight: A bunch of dudes who spent months shilling you their bags, made millions in the process while leaving you guys hanging with huge bags of coins after a crash and at a massive loss, charging you guys as much as 3000$ to attend. There were 8000 visitors too, you do the math.
I still don't comprehend why some of you are still kissing these people's asses, 99% of their wealth was made on your backs through blatant insider trading and pumping and they walked away free leaving you guys with the massive losses. There is a reason why Vitalik boycotted this event, because it is just a massive circle jerk of crooks who pretend banks are evil but will go to the same lengths as them to acquire massive amounts of wealth. If the SEC investigated these folks for insider trading, I can guarantee you that 95% of them would end up in court, that clown Charlie Lee being the first of them.
Now, seeking wealth is not evil, we are all here for this, but if you dare calling out the banks for being crooks and then encourage these shitty events that do nothing good for cryptos, then you are no different than the banks You guys need to face reality and realize that most of these people sold on the high and unloaded everything they had on you, the people. It's not the whales, it's not the reptilians, it's not Mt.Gox, it's the main drivers of the cryptocurrency projects and the insiders that unloaded massive amounts of cryptos on investors to secure their profits while at the same time encouraging people to buy in. Stop encouraging this scum and start encouraging events that actually matter to the cryptocurrency world.
PS: I bought way before 2017, I am still in the green, unloaded some of my positions in December as well but in no way I encouraged people to buy in through blatant shilling. I am not mad because these people got rich, I am mad because these people are the exact people the crypto world is supposed to be separating itself from. [...]
It must be said that this guy has a point there. In previous years, Bitcoin was about social change. In previous years, people had a vision for banking the poorest in the world, freeing them from corrupt governments, and transfer of wealth through a decentralized, on-chain bitcoin. That’s no longer what Bitcoin is. It has been taken over by a corporation who sponsored this conference and is there to make money off Bitcoin.
Some wise investors are already of the opinion that the Consensus conference is no longer representative of this ecosystem. The original vision of Bitcoin is already lost.
We've been in bitcoin for about 4 years, and that is not what it's about. It was designed with the game theory that people are greedy as hell so they will act somewhat rationally and not want to lose money for stupid reasons. Rules such as for spamming the network costing transaction fees, or using the longest chain to make sure crappy forks don't become the main chain are 100% about profit. It wouldn't work otherwise. Most people including ourselves came for the technology but stayed for the money.
There is this weird neo-libertarian idea in the community that bitcoin will destroy banks and governments or that they will get #REKT and that's the point of bitcoin. This is not the point, in fact banks and governments have just as much right to participate and make profit like everyone else. The point was to create an anti-fragile new money and value transfer system that protects individuals wealth from POTENTIAL bad actors that control the legacy system. There are many functions that banks and governments serve and that can't simply be replaced by digital cash or even smart contracts. But the existence of an alternative insures that they will have a harder time acting badly. Bitcoin has created a new, more fair equilibrium between the money and the people but it's not a direct assault on banks or governments. Bitcoin is not about some conference with a bunch of self-important douches.
The entire rant was based on reddit.
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I totally agree with the points you make. While everybody is blaming banks and other rich people that are manipulating the fiat and exchange markets the same happens with the crypto whales.
The markets are manipulated by a small amount of people and the great „independence“ from banking and regulation has been hijacked by whales and big investors which, I assume, are banks again.
Not only are the whales deciding when values pump or dump, exchanges are doing the same. Remember OCN Poloniex with fake TXIDs and the rumour about massive arbitrage trading while normal investors coins were blocked?
Nature of mankind arrived once more greed rules...
It becomes more obvious that most likely regulation will be the only way to save crypto from bubble bursting on a long term. Sad this is, the dreams have bursted long ago,
Totally agree... I can't count all attempts to contact us to involve us into a convoluted "pump and dumps" scheme. It is done by most of really huge TG groups. So sad. It really looks like this market needs regulation.
We would like to change that, eradicate that sketchy behaviours and fill in the niche - provide real crypto intelligence with honest approach. Just give us time and we will get there!