... there are charlatans disguised as "thought leaders" who are trying to convince people that diversification within "crypto" is a wise investment strategy. As our friend Stephan points out, these shitcoins are not diversification, they are high-risk bets that some other greater fool will pump your bags. Bitcoin itself is a risky enough investment that one should seriously contemplate before adding it to their portfolio. Bitcoin may be part of a diversified portfolio, but that portfolio is filled with other things like real estate, stocks, and bonds. Not affinity scams launched to enrich their founder and the fund managers attempting to collect 2 and 20 from unwitting investors who bought into the "blockchain the world" hype.
The existence of crypto hedge funds has made it kosher to pump scams under the guise of "hey, we don't know how all of this will turn out!" as people deride anonymous twitter traders for doing the same thing, but with unpalatable avatars that don't imbue sophistication. The lesson here; you can pump shitcoin bags without being derided too much if you dress nice and have a "legitimate" fund.
With all that being said, I am unhappy to report that this will not end anytime soon. Shitcoin bags will pump, these fund managers will feel justified, and they'll continue to cycle through the hot new tokens they plan to dump on the uneducated retail market. Even more disgusting, they probably honestly believe they're making the world a better place.
There's still a lot more pain needed in these markets to wash out the trash.
Who knows though, maybe I'm just a salty asshole.
Water pressure is very sub-par in this hotel.