Elon Musk played his role in the recent market crash, but ArGo has the solution
The decentralized market suffered a massive blow in recent days. Bitcoin plummeted over 50% before posting a slight recovery following some suggestively bullish comments on crypto by an eccentric billionaire, Elon Musk.
However, it must be noted that his initial comments led to the 50% value wipeout of Bitcoin. Ironically, Musk is also the same person that contributed to Bitcoin, surpassing certain thresholds weeks before his value-wiping comment. His antics on the entire decentralized market are suspicious, worrying, and at the very least questionable. Some would even argue that he was directly manipulating the market with his comments.
Crypto market manipulation
For centralized traders, market manipulation in the cryptocurrency market is a genuine fear that prevents them from joining the market. Specifically, on Bitcoin, some institutions’ vested interests could potentially ruin the hallmark of blockchain’s success as a store of value.
Scrutinizing the behavior of Elon Musk on cryptocurrencies could quickly reveal factors that suggest a form of market manipulation. Aside from controlling one of the most successful companies, Musk has a religious following, giving him some significant leverage over the performance of the market.
For instance, his comment on accepting Bitcoin as a form of payment for Tesla vehicles sent Bitcoin prices through the roof. This was further supported by reports that Tesla had acquired a significant amount of Bitcoin. The market behavior was primarily expected as Musk offered tangible products in exchange for Bitcoin.
Having just touched above $65,000, Elon Musk brought down the price of Bitcoin by announcing that Tesla will no longer accept Bitcoin as a form of payment due to environmental reasons. The announcement sent ripples across the market as it shuddered to its core leading to massive losses. This came against a backdrop of changing practices in the mining industry, with more miners opting for cheaper, renewable energy sources to power their Bitcoin mining rigs.
This is just Bitcoin. His tweets and comments on Dogecoin are different from what could easily be called market manipulation. If he decided he needed to generate some extra wealth on the side, all Musk needs to do is tweet about it, as seen in numerous past cases of Dogecoin’s daily performance.
The China factor
Musk may have set the ball rolling, but China gave it a severe kick to send it flying. Their anticipated crackdown of the Bitcoin market created fear and panic amongst investors, as depicted by the market nosedive. Known for its crackdowns and censorship that even big tech such as Google couldn’t handle, China showed its significance in centralized and even partially centralized markets.
They recently asserted their dominance by banning its financial and payment services from offering cryptocurrency services sending the market into a state of panic, followed by a general decline in the performance of most popular cryptocurrencies such as Uniswap, which also had their IP blocked by the Chinses government.
Centralized exchanges have a habit of downtime during times of stress
As the Bitcoin prices dug deeper, most traders were facing another unprecedented challenge, an inability to trade. Centralized exchanges such as Coinbase and Binance experienced downtime in the worst possible moment. To make it worse, whatever stop-loss functionality users had in place did nothing to prevent the value hemorrhage their assets were experiencing.
So, traders watched helplessly as they lost value due to market manipulators, a draconian regime, and centralized exchanges that were just out of their depth.
ArGo is the uniform solution to all of these shortcomings
Having learned from previous failings, it is time traders seriously consider using fully decentralized market options to prevent such loss-making ordeals. ArGo, a fully decentralized, censorship-resistant cloud storage platform, is up to the task. The platform can keep traders comfortable even within a market crisis.
One of the assurances of the platform is 100% uptime with censorship resistance, which is ideal for scenarios such as those experienced in recent days. Using ArGo’s cloud storage system, platforms have their data permanently and immutably stored on the ArGo cloud, with 24/7 accessibility. So, if Binance or Coinbase deployed their services using ArGo cloud, traders would not have experienced the downtime. Frankly speaking, If decentralized exchanges can start using ArGo for the deployment etc, then traders of the decentralized ecosystem will never face the common problems primarily associated with that of centralized exchanges (since the downtime which Coinbase and others have is because of their back end server).
The other factor is censorship. As previously stated, countries like China can influence the markets by simply censoring platforms. ArGo gives you control over your data and storage, eliminating third parties easily affected or intimidated by such powerhouses. ArGo’s services would have proved essential in helping the market recover from its slip. China’s influence on the market would have been greatly reduced by eliminating a central controlling body that the country cannot directly influence.
By using fully decentralized solutions, such as ArGo’s cloud storage, exchanges would mitigate avoidable factors that led to the market’s massive crush. Censorship resistance negates the influences of governing structures as there is no central control, 100% uptime ensures that exchanges are fully functional when the market needs it most, and, lastly, a fully decentralized system neuters the effects of comments, such as those of Elon Musk, which attempt to influence prices in the market.
What ArGo does
ArGo makes front-end web deployment easy, effective, and efficient through its blockchain-based platform that takes your web app to the DNS (Decentralized Storage Networks). ArGo removes the hurdles of centralization and censorship through blockchain, ensuring that your web app is permanently deployed and experiences 100% uptime throughout its life.
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