Having been involved in the crypto world for the last year or two, and by no means an expert and still learning every day, I have however looked on a little bemused by the “best of times worst of times” mentality by many in this space.
With the Fed in the US making lots of noise, followed by China and other countries, there seem to be a little panic amongst some in the crypto world, but this should be expected. In fact it is a sign of maturing. All that we are experiencing is the normal resistance to change.
Denial
When Bitcoin started, it was fun, no one took it seriously, especially not governments and the big money they support and that keeps them in power in turn. Just a bunch of techies playing with funny money. Then it started rising in price and some people started making serious money, but until 2011 this was not really taken notice of by anyone. Most people just ignored it, and the powers that be made it off as a fad or “gamers money”.
Through the 2012 – 2015 period things started changing, and while still mostly ignored, some started to take notice. This started happening as commodity traders (strongly gold trading biased) started talking about this phenomenon and started buying Bitcoin. Other so called Alt Coins sprang up and even if small, investors started jumping in. Some countries started to worry, and those that control the financial system started putting heads together to a) try and understand and b) form a response to this.
Resistance
During 2015 it became clear that although a fraction of world money flows, cryptocurrencies are spawning across the world, and most large firms and most governments had think tanks and teams investigating how to control or respond to this new “government less” money that is challenging the status quo. With the SEC report in the US coming out and deeming crypto’ s in general securities, they are now trying to control or bully the crypt world.
It is still early in the resistance stage, but my point is simple, we should expect them to come after crypto. The centralised monopoly on money and power is too precious to let go, and too many powerbrokers stand to lose too much if they allow it to carry on.
You see the tactics in forcing exchanges (where fiat meets crypto and thus a point of control) to comply and ICO’s forced to give back money with no other basis than let as scare the shit out of them and hope it goes away
Where to from here
We knew, or should have expected this to happen. This is a proof of crypto’s success. The true bravery and commitment in taking on the inequitable and corrupt global system starts now. Now that we have the beady eyes of the powerful turning to us. We should not waver, but we need to evolve. We need to root out the mal intended from us, they ones that are just trying to play this as the big money plays the current system.
Too many scam ICO’s, causes that fund violence and repression of various kinds, are taking place under our noses. We need to root these out and keep the moral high ground. Centralised control has through the aged feared the masses rallying behind just causes, and they use everything they can to scare the common man away from these causes that can and often have pried their grimy little paws of money and the power it brings.
Let us be resolute and stay the course
Fintech infrastructure has become archaic, new ways of trading across borders is needed.
IMHO why US$ had to be used as the currency to trade in for imports/exports, when in the 70's and 80's use of local to local was used started a slow demise of local fiat worldwide.
US$ grew stronger and bankers leaned toward hedging, governments wanted a piece of the pie and implemented new laws and taxation. These have now become an unrealistic expectation.
Blockchain technology in theory should work within more than just imports/exports, contracts, and should in essence offer more unbanked to be able to transmit with new technology.
Yes banks and governments are going to hone in on this new technology, our acceptance of rulings will determine the future. Small ventures that fall by the wayside will happen, corruption and theft will happen it has always happened, why would this change now?
Agree with you, but never before was there a chance to do as much about it as now. This potentially is another step in making more known, and let those with bad intent get away with less than before ...
For this exact reason, I believe we will have many more crashes/corrections like the one we just witnessed this week.
Every time governments interfere with the crypto world we will see uncertainty and falling prices.
Of course prices will always rise again and in the end, prevail :)
@ronni
Indeed. I agree. Crypto is still very small, and due to that there are still not enough people to flatten these curves, but in time it will happen
Great thought provoking post! thanks!
Me personally I see today as a tipping point to mass adoption of crypto currentcies. This will most likely reshape existing financial markets to become more transpatent, more democratic, accessable to wider audience. But new and old worlds will coexist.
Also, there will be markets for both. There are still constraints crypto industry need to resolve to attract wider consumer base, i.e. complexity, transaction speed, accessability, etc...there's now and there will be competetive edge of old financial tools.
I agree with you new crypto world will make our life more existing, more fulfilling and better humans at the end, which all early crypto adopters believe in...
Very nice comment thanks. And I agree with your approach.
why are central banks in general potrayed as criminals who want to stop and boycot what man want so nesceccary, if bitcoin and crypto happens why do central banks want to stop it.... the CEO's of those banks why are they willing to be the enemy do you think?? unless it's a complot that is going on for a while, the complot to have control of mankind, is that bad? If it is why do all topmanagers from banks want to enslave us so badly and since when do they have that behavior, since they are in these positions, since college or childhood ? or what does people think that those persons try to stop cryptocurrency's and the will and preferences and inventions that people make and happen to it? Are bankers an alien species with a hidden agenda and plan that is only good for harming and enslaving people ? and why do they want that if that is really true? I think bankers are not nesceccary trying to destroy crypto currency, why would they ? it's the peoples choice.. did you know only 5 milion people worldwide have a bitcoin wallet yet ?
Interesting questions and perhaps you should maybe read the post again. The point is that people will not allow change especially if the current system works for them. If it all is working so nicely, why did we have multiple financial melt downs in a couple of decades. Why is our income distribution the most skewed in more than a century? Why is global growth so low and far below population growth? The point is very simple. Those in power will not be motivated to accept or allow change as the status quo is working for them.
Interesting questions and perhaps you should maybe read the post again. The point is that people will not allow change especially if the current system works for them. If it all is working so nicely, why did we have multiple financial melt downs in a couple of decades. Why is our income distribution the most skewed in more than a century? Why is global growth so low and far below population growth? The point is very simple. Those in power will not be motivated to accept or allow change as the status quo is working for them.
Very informative post, I just follow and do what I am told by my children but this does make sense. Love your image of the water rippeling. That is how it is done.
Thank you
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STOPInteresting write up and it's something I very much agree with. They are panicking because they can't control crypto. Private banks also and other financial institutions have much to lose as well.👌🐸
Very true. It does not have to be win lose, there are also some territory for win win, but time will tell
It's interesting and trying times we're facing and only our determination will decide how we're going to survive this.
Governments and cooperations will do whatever they can to control the masses, it's small countries like Georgia, which are adopting and embracing cryptos, that may prove to be the real democrats.
As long as we are depending in fiat to convert crypto in order to purchase goods, we're stuck. I'm hopefull we will see the rise of a complete crypto-