There is a battle taking place. We need to keep this in mind.
Over the last few years, cryptocurrency was infiltrated. Wall Street and its associated cancers entered. Of course, many (most) within the industry cheered. I can recall back in 2017 people question when Wall Street would start to invest in cryptocurrency. The motive behind this, of course, was price go up.
Sadly, the tenets of this entire industry shifted to nothing but money. Blockchain technology and what it could do were completely overlooked. Instead, greed took over with price the only consideration.
Even today, this is still present. Look at how people respond each time there is a pump. We talk bulls and bears as opposed to what is really important.
Here is a question: look at the number of articles mentioning sovereignty and freedom versus those that discuss price. I bet it is a 50 to 1 ratio.
Of course, there is nothing wrong with abundance. However, it is vital to keep it in the proper context.
Wall Street Infiltration
The last year was a rough one in cryptocurrency, or so we are told.
Actually, the past 12 months were amazing. Blockchain and cryptocurrency are moving ahead at a solid pace. Where things went awry was with the same Wall Street games. This is what blew up in the face of many.
Notice the similarities between Celsius, FTX, MF Global, and Bernie Madoff. It is the same thing. Wall Street simply switches asset class yet engage in the same behavior. We are now starting to see how FTX was really just a glorified money laundering operation. For that reason, bet the ranch SBF never sees trial.
When you let the wolf into the hen house, do not be surprised when all is eaten. This is exactly what we did.
Satoshi Nakamoto designed a system that was in line with the Cypherpunk values. We saw the emergence of Bitcoin, a network that allows for value transfer without the use of a centralized entity while also providing pseudo-privacy.
Unfortunately, when we look around the world of cryptocurrency, what do we see. Centralized blockchains with applications that were funded using Venture Capital money. Are we trying to recreate the existing system?
We know that Wall Street is going to operate with the same intentions.
Merging With TradFi
This is another "suggestion" that seems to be tossed out with greater frequency.
There is a growing body who believes that cryptocurrency, specifically DeFi, should look to merge with TradFi. In other words, we should seek to compliment what the existing financial system offers.
Naturally, we have the likes of Kevin O'Leary out their touting the idea that all exchanges that do not comply with regulations are going to zero. Nothing like spreading FUD before the regulation is in place.
Speaking of regulation, this is another area where obedience is being targeted. Nakamoto's vision, along with the likes of Nick Szabo, was to have a monetary (and financial) system built outside the realm of banks and governments. This is what Bitcoin offered.
Yet, now we are hearing that compliance is a good thing. It is best to obey the master and let the government, i.e. politicians and bureaucrats, have their way. This is the for the best.
To that I say bullshit.
There is no reason to merge with TradFi. This is a system that enslaved billions over the years. The banking system became very good at what they did. It also is an industry that was heavily insulated.
Here is a question for you: how many bankers did the Southern District of New York, the one responsible for policing Wall Street, ever convict? Outside of Madoff, who was likely a scapegoat, name those from Goldman Sachs and JP Morgan who stood trial.
This is how TradeFi operates.
Understanding Cryptocurrency
What we saw the last year certainly was not cryptocurrency. As stated, it was more Wall Street games.
Sadly, it is difficult to find what is cryptocurrency anymore. Even Ethereum, with a mainstay like Vitalik, is now a centralized entity that is increasingly moving closer to implementing KYC.
KYC on a blockchain? How does this make sense?
To identify cryptocurrency we need to keep in mind the main tenets:
- permissionless
- open source
- censorship resistant
- freedom
- sovereign
- distributed
- decentralized
- resilient
- global
The lesson from 2022 might well be an old one: not your keys, not your coins.
Cryptocurrency has private keys; Wall Street uses log in accounts. As those who placed their money with these entities, the difference is evident when you know what hits the fan.
People need to understand the concept of third party counter risk. This is why we discuss the merits of a coin like Hive Backed Dollar so frequently. The only counterparty in this equation is the blockchain itself.
Grassroots Building
Cryptocurrency is the epitome of a grassroots movement. This is the only way to look at things. The key is to distribute far and wide. Unfortunately, since so much is falling victim to centralization, pre-mine, and other control mechanisms, we see that there are few areas where this is sprouting from.
One place is Hive. We see the spread of the base layer coins happening. With HBD, commerce in some countries is starting. While it is small, this is a starting point. Going back to the list, resiliency comes from distribution and global reach. This is one of the ways the present system can be usurped.
Building on Hive is a valuable step forward. Even if the project is not the "Killer DApp", it is another option presented to the world. This is a battle that is waged one transaction at a time. Each time something occurs within cryptocurrency, or within Web 3.0, that is one removed from the column of the existing system.
Since social media and finance will end up merging, Hive is well positioned for this. We simply have to keep the idea of a grassroots movement going.
Freedom. Sovereignty. Open Source.
These are all things that are at stake. Simply looking at the last year and the respond from the establishment will tell you what they are thinking. To them, it is all about control.
Cryptocurrency is the exact opposite.
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