State of the Crypto 2018
A lot of people are surprised when they hear I’ve never owned any cryptocurrency. After all, as someone who strongly advocates personal freedom, and has spent probably far too much time studying and analysing the scam that is modern banking/fiat currency, it would seem only logical that I’d be a huge supporter. In reality my views on the topic are very mixed.
This interview probably better than anything else shows both sides of my opinions on the topic. The interviewer paints the ideal behind bitcoin and cryptocurrency (and what I’d like to think might be possible) whilst the interviewee highlights the current harsh reality. What was created as a decentralised means of currency aimed at bypassing the financial and government sectors to allow for a free, efficient and private personal exchange/commerce has instead ended up becoming THE financial speculation game of the new millennium.
Everytime I see someone posting about being part of the revolution to change how currency works after investing in bitcoin or one of the other altcoins I cringe a little, as none of these people, bar the most tiny of minorities trading on the deep web are using the system remotely close to how it was intended. Rather it’s being used as a speculative exchange to make quick something for doing nothing. I'm not preaching from my high horse that there's anything wrong with that in itself, power to all my friends who’ve done well in this. I used to do the same with stocks and property before I changed my priorities (and I won’t lie, following the scene has gotten me tempted to start again), but to pretend your practice is any different to every other trader on the stock market or foreign exchange is intellectually dishonest.
The whole scenario is a great lesson to any who cling to the belief that some new technology or system will save humanity from its past mistakes. Here we have an interesting concept that in theory and practice might have the potential to destroy traditional banking and many of its inherent evils (that along with the faux-legitimacy of government remains the greatest scam to face humanity). Instead all it’s being used for is the same age old story of attempting to get money from nothing. At the end of the day no technology or system will ever lift humanity from its bondage whilst the minds of each individual choose to remain ignorant.
P.S. I have been absolutely loving sitting on the sidelines and following the drama/memes. You can get an idea of this from the comments going along the bottom of the video lol.