Crypto Winter and Golden Age
The ancient Egyptions were relatively peaceful. Protected by surrounding desert and the Mediterranean Sea to the north. Without perpetual war, the Egyptians did not invest in outfitting armies with armaments. They were a peaceful and stable people.
Around 1800 B.C.E. they were invaded by a Semitic tribe called the Hyksos. These warriors brought horses and chariots. The Egyptians were unprepared to do battle against such enemies. The Hyksos eventually took over most of Egypt and ruled for almost 300 years.
Then something happened. In the sixteenth century B.C.E. the Egyptians began to fight back. New pharaohs rose to face the unwelcome occupiers of the Nile. Years of disgrace and a desire to reclaim their kingdom drove the pharaohs to invest in weaponry and discipline their ranks. They drove northward with tremendous ferocity. The Egyptians under the new pharaohs defeated the Hyksos and reclaimed Egypt. And they continued northward into Palestine and Asia and built a vast empire. As they went, the Egyptians spread the best of Egyptian culture to a larger world.
Why did I share this story with you? The crypto community has been like Egypt in the 1800s BCE. Peacefully doing its own thing. Growing steadily, but peacefully. Then in 2017/18 A.D. things became increasingly nasty for crypto. Cash settled futures (essentially gambling for anyone other than a bitcoin miner) aided a massive speculative frenzy. This was followed by financial press calling crypto a bubble/scam/FUD. This was not an accident. Many institutions have much to lose from the growth of crypto. They have attacked and given no quarter. Sentiment and morale in the market is low. We have been living in the aftermath of the Hyksos invasion.
Fortunately our story will have a positive outcome. New pharaohs have been sharpening their swords and building solidarity among their troops. The crypto industry will soon be entering the utility phase. This is when real value will be delivered to the marketplace. This will be the Egyptian campaign to reclaim Egypt, build empire, and spread culture. Bitcoin has its own culture. One of its values includes absolute individual sovereignty. This will be the crown jewel that crypto culture can bring to the world.
I like the way you associate Old Egypt history with cryptos. Today's velocity of information will make the Crypto War to end in much less time than the Hyksos War. The individual sovereignty will be the key.
I don't think that the individual sovereignty aspect of crypto can be highlighted enough. Would love to see a post on this topic. Great post, JR.
Loved the 4th para as it summarizes our condition perfectly in terms of the historical facts that you mention..........
Thought I think we have a slight advantage. Our community has had some warriors from the start. Men and woman who have already woken up from the scam that has become the modern financial system. In fact a lot of them joined the ranks of crypto investors because they saw potential of it upon the traditional fiat and even beyond that.
So hopefully we would be able to recover the lost ground much faster and reclaim our share of the oasis :-)
Yes I think most people in crypto before last year have some strong persuasions of freedom and sovereignty. Many new people bought into the hype for profits. But the many of these warriors, as you say, who remain to this day are surely prepared for the road ahead. Strong convictions.
this is a nice contrast and historical reference. A proper philosophical riff in many ways! like it John :)
As for sharpening swords, that's something I can express some familiarity and connect with ...
in every problem there are positive and negative. because it has convenience features, easy, fast, therefore many are taking over to the path crypto.
and some countries including by forbidding crypto and preventing it, because the tax returns, bank interest decreased. So some countries sentenced the crypto ban. Thanks @john-robert
Do we know how the Ancient Egyptians built their pyramids? Are there any hieroglyphs explaining their methods?
There are no hieroglyphs explaing how to build pyramids. They usually killed the architects and those who build it, so that nobody could pass the info of where the body of the Pharaoh was inside.
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Some are saying the crazy-good times for cryptocurrency traders may be over. December was undoubtedly a huge month for cryptocurrency trading. Bitcoin hit its all-time high above $19,000 a coin. For the first time, daily volumes for crypto trading soared over $50 billion. It was also a golden age for arbitrage trading. Arbitrage is when a trader buys an asset trading in one market at a lower price and then sells it at a premium on another market.