Bitcoin, Ethereum unchanged, smaller coins drop
Several CEOs of companies mostly involved in Bitcoin mining have noticed after reading the now infamous SEC charges against Binance and Coinbase that the coins against which the authorities are acting, seem to be the smaller ones in the Coinmarket top 20.
That is probably also why Bitcoin and Ethereum have remained virtually unchanged in the past week, while Cardano (ADA), Binance coin (BNB), Polygon (Matic) and Solana (SOL), for example, all lost 10% or more.
During the first major known crypto rally of 2017 and 2018, some people became rich, mostly those who had gotten in early. A lot of people, mostly those who bought in at the top, lost a lot of their initial investment when Bitcoin and other crypto coins crashed. This is always the case with a sudden price rise and fall. What is also always the case is that those who lose money then complain to the media. This is how the term “shitcoins” came about.
Oh noes! The sh*tcoin casinos I mean "tool manufacturers" are f***ed whatever is Bitcoin going to do???!— Cory Klippsten 🖐️ Swan.com 🦢 #Bitcoin (@coryklippsten) June 7, 2023
Tick tock, next block. pic.twitter.com/uqnBs6ePfv
This week, some CEOs of Bitcoin mining companies took advantage of the loss of Binance Coin in the crypto market and Coinbase’s share in the stock market to note that Bitcoin was unaffected by the charges, and that it only affects the ‘shitcoins.
Pierre Rochard, Vice President of Bitcoin mining company Riot Platforms, showed a quote from Coinbase CEO Brian Armstrong from 2015, in which he himself stated:
Ripple, Stellar and Altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on Bitcoin and sidechains.
The only common thread among #bitcoin maximalists is that we don’t buy shitcoins, & we advise others not to buy shitcoins.— Bit Paine ⚡️ (@BitPaine) June 8, 2023
If they hate #bitcoin maximalists, it’s because their job is selling shitcoins & they want people to buy their shitcoins.
As Riot makes more money whenever the crypto market is only focused on Bitcoin, Pierre’s reaction is totally understandable.