Bitcoin Beware - On Becoming That Which You Hate
One of the exciting things about Bitcoin and cryptocurrency is its potential to disrupt the ossified and corrupt institutions that weigh down innovation and personal freedoms.
NY Mag has this great article on how the Internet went sideways and turned into an all consuming monster of fake news and crappy advertising. It's really worth the read.
http://nymag.com/selectall/2018/04/an-apology-for-the-internet-from-the-people-who-built-it.html
What does this mean for crypto? Well, the ecosystem is already paying a price for its rapid success. A few years ago, an ICO could be spun up with little to no friction from governments or regulators. And while a lot of heat is directed at State-ism, what really is happening is that there is so much money in crypto that The State took notice and the traditional banking and finance system started flexing its muscle. Add to that thing like the SegWit/block size controversy that ultimately split bitcoin and the space is quickly becoming a cage match between powerful actors. The the ideals of individualism and freedom from the traditional control structures have been trampled by the stampede to create and control wealth.
Crypto is in a perilous phase. What it becomes in the next few years may depend on the people that are building out this technology working together instead of engaging in a no holds barred competitive battle for traction and funding.
Good points to ponder. I've been thinking along these lines a lot. Will Bitcoin last? I'm sure crypto will, but individual coins are at risk.
What has institutional money been buying? Is it all in BTC? Does that even make BTC still worth holding? Will BTC go the way of Myspace and get replaced by better cryptos? Will is slowly lose market dominance until it's just one of the many?
I suggest that investors remain flexible and well informed. It may be a big mistake to say "I hold BTC and that's it, I'll check back 10 years from now to see how it's doing". It probably won't be a mistake, but one should not rule that option out.