"Bitfinex was subpoenaed by the U.S. Commodity Futures Trading Commission last week, Bloomberg reported, citing a source, midday Tuesday. Tether, which claims to link its coins to major government-backed currencies, was also subpoenaed, the report said."
As the government steps in and wrecks shop on shady organizations, who do you think takes the hit.
It's the leader.
Bitcoin takes the fall. All the weak hands who are under educated on blockchain sell their bitcoin when FUD appears.
Now tack on the fact that bitcoin has failed to scale and every day they lose more supporters.
How often have you seen this reddit post?:
"After tons of research and with all the developments I've seen from bitcoin recently, I've decided I'm now a huge supporter of bitcoin."
This almost never happens. Nobody jumps on the bitcoin train because things are going so well.
People in droves are saying, "You know what, fuck bitcoin. Fuck the bitcoin politics. Fuck bitcoins use case. I'm going to another coin."
Now bitcoin is saved because tons of noobs are entering the scene and buying bitcoin.
How long can this balancing act last?
The difference being that noobs are weak holders.
BTC is LOSING not gaining HODLRS.
This is the most important metric to me.
The educated are leaving.
This is exacerbated by government meddling. They will fuck up anything they touch with great enthusiasm.
Bitcoin is dying. I love it, but me and my gold are on the greener pastures. Fuck you government and the bitcoin you rode in on.
