By now, you should have known about the Silvergate suspension: https://www.reuters.com/markets/currencies/silvergate-suspends-crypto-payments-network-shares-fall-after-hours-2023-03-04/
I heard some called it Operation Chokepoint, as it chokes the on-ramp and off-ramp for crypto.
If there is some kind of collective operation to curtail the growth of cryptocurrencies, say, by attacking the on-ramp and off-ramp services, would it be good for crypto?
I believe there is a chance it could be good for some crypto.
When it is harder to get fiat on-ramp to crypto, whatever is left in crypto should become more valuable.
This is provided that there is a strong use case for the particular crypto, of course.
Picture this:
Let's suppose we have BTC, ETH, USDT, HBD, HIVE, plus other tokens in the entire ecosystem, and limited on-ramp and off-ramp are resulted, i.e., whatever is in the system don't flow out or flow in as freely.
As the technology matures, some of the projects are getting real use cases to the point that people REALLY need it, such as Hive for its various purposes.
That is actually when we can ignore the impact of on-ramp from fiat to push up the prices. Rather, it will become a competition between projects within the ecosystem. Plainly speaking, more would trade their useless tokens for tokens they can use.
Even better, some people may start to accept these crypto tokens for providing their services, such as what we know about the acceptance of Hive and HBD in Sucre. More OTC could happen at the ground level when exchanges are not accessible.
If these play out, this Operation Chokepoint could actually make some crypto even more valuable!
Of course, you know which crypto I am talking about.
It's Hive!
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @thatkidsblack, @graciousvic, @deflacion, @jacoalberts, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!
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