Of course for this theory to be true, you have to be willing to believe a couple of things:
- The people doing this have the coins to do it.
- The people doing this are too stupid to realize that wiping out the economic value of the millions of newbies who have come on board could very well kill any chance of crypto succeeding in the world, because the public will run screaming from any of it.
- That the big institutional guns won’t fight back to save what they just made huge bets on to keep the public from running away from crypto.
If you believe they are willing to burn down the house and will be happy with the tight little world of crypto junkies being their only customers and they are willing to give up on the idea of the public joining the revolution, then the idea is believable. I have to think though, they are smart enough to know that the really big big score comes when the next block of millions of newbies come out to play. Why burn the house down when spending millions marketing your alternative would be a hell of a lot smarter?
Bitcoin is crypto and crypto is bitcoin. Killing investments in bitcoin is not going to get anyone to say, “Oh cool, I’ll just buy this new bitcoin”. They are going to say I am staying as far away as possible from this shit I don’t understand anyway.
All of that said, egos rule and people are fucking insane, so whoever is doing it, may decide to do it anyway.