Wall Street Veteran Predicts the Next Big Crypto FUD

Published May 25, 2021 | Updated May 25, 2021

In Brief
  • Caitlin Long says Saylor-Musk’s closed-door meeting and proposal to form a bitcoin mining governing council is peak FUD.
  • Long reminded everyone that no amount of closed-door meetings can change the working process of the Bitcoin network and just as past Musk would realize it as well.
Bitcoin-mining-selling

Wall Street Veteran Predicts the Next Big Crypto FUD

  • Caitlin Long says Saylor-Musk’s closed-door meeting and proposal to form a bitcoin mining governing council is peak FUD.
  • Long reminded everyone that no amount of closed-door meetings can change the working process of the Bitcoin network and just as past Musk would realize it as well.

Caitlin Long, the Wall Street veteran predicts the next big FUD in the Bitcoin ecosystem could come in the form of ransomware attacks and how more regulations are required to counter these attacks. Long’s prediction came in the wake of Michael Saylor and Elon Musk joining hands to propose the formation of a Bitcoin mining council that would be responsible for meeting ESG goals. While Musk has been promoting the energy fud for quite some time, what took many by surprise was the involvement of Saylor who is seen as a true bitcoiner by many.

Long tweeted the meeting between two billionaires to discuss the future of bitcoin mining seems like peak FUD.

The Bitcoin community was not happy with the closed-door meeting between Musk and miners from North America either. The fact that the Bitcoin network is decentralized, these closed-door meetings only propagate FUDs. One user wrote,

Why the Idea of a Bitcoin Mining Council is Bad?

Any changes made to the Bitcoin network can’t be a monopoly of a selected few and this is not the first time when someone has first joined the Bitcoin network and then tried to intervene in the community decision-making process. The most prominent being Roger Ver who proposed to scale the Bitcoin network by increasing the block size and decreasing the mining time and we all know what happened to that. Musk is no different than Ver in that context as he not only propagated the FUD of bitcoin being bad for the environment, now he is trying to bring centralization in decision making through the formation of a mining council.

Musk is trying hard to propagate the theory of mining centralization in Bitcoin, while true bitcoiners are aware that miners don’t control the fate of the network users do. Long pointed toward a 2016 pledge by Bitcoin developers that demanded any changes in regards to the network should always be publically discussed.

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Prashant Jha 655 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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