I've been following the crypto scene for around 8 months now, following the various subreddits, reading articles nearly everyday, seeing it progress on an international scale, and yes even loosing a decent amount of money due to the shitty market as of late. However recently I have been seriously questioning the future of crypto. Back in the summer of 2017 when everyone was making BANK I felt as if there was hope, and when the market started to drop a lil I thought to myself "OUU why not buy low right now"... little did I know the markets would continue to steadily fall right into 2018. With every positive article that was published on popular crypto news sites my hope was redeemed, but recently I've been asking myself some tough questions, the answers to which I cannot continue to rationalize any longer.
Essentially I have had two problems nagging at the back of my mind as to why I don't think this crypto (bitcoin) thing is gonna fly in the long run. The first problem is to do with hackers, ICO launches being scams, and insider trading. Here's what seems to me to be the facts... A FUCK TON OF MONEY ie. MILLIONS if not BILLIONS, has been either compromised from crypto exchange people being like "lets just insider trade and win the crypto game" cough Mt.Gox.... hackers being like "its never been easier to just get money & clout using my sweet hacking skillz" AND ICO people being like "lol I just made a FAT STACK off of lying my way through this ICO and then dipping with the money".
The second problem is quite simply the massive threat to the global power dynamics of the world which crypto represents... everyone who is a crypto fanboi knows that what is possibly the single most attractive feature of any crypto is its decentralization which stems from the blockchain platform crypto is built upon. When I attended university I studied philosophy and sociology and a large part of my learnings had to do with power dynamics. The facts to me seem to be as follows..
- Governments, Corporations, and Central Banks control the flows of money on a global scale and have been doing so for quite some time.
- Money represents power.
- Crypto is decentralized currency which effectively takes power away from the master entities who have controlled money for quite some time.
- Although some governments have accepted crypto the major world powers (China & USA) have yet to decide on how to control the fuck out of these decentralized currencies, which has in some cases resulted in all out crypto ban.
SO in conclusion to this blog I pose a question..
Why do people that are still positive about cryptos future think that these world power (money) Masters are just gonna sit back and let the flows of money become decentralized without passing laws, banning, and/or taxing the fuck outta crypto in order to regain the onus of power?