Business Wars Crypto Wars | Zuckerpunch | 6
Nov 8, 2021
In 2017, as the crypto bubble bursts, chaos reigns with rising scams and investor panic. The Winklevoss twins find themselves facing off against Mark Zuckerberg, who is eyeing a crypto takeover with Facebook. BitConnect's thrilling rise turns into a haunting bust, shaking investor confidence. Meanwhile, the Libra Association struggles through rebranding to Diem while the pandemic reshapes the crypto landscape. The emergence of major players like Coinbase and the involvement of Elon Musk in promoting Dogecoin highlight the shift of cryptocurrencies from rebellion to mainstream finance.
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BitConnect Scam
- BitConnect, promoted at conferences with extravagant displays, promised 48% monthly returns.
- Despite warnings, investors poured in $2 billion before the scam collapsed, highlighting the dangers of the crypto boom.
Crypto Crash of 2018
- The crypto market crashed, with Bitcoin plummeting and China banning ICOs and exchanges.
- BitConnect's collapse and the broader market downturn devastated investors, highlighting the bubble's fragility.
Coinbase's 2018 Downturn
- Coinbase faced a 50% revenue drop in 2018 due to the crypto crash.
- They planned to use their cash buffer to weather the storm and improve their technology.
