Cryptocurrency And Wall Street
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.
If you found this article informative, please give an upvote and rehive.
gif by @doze
logo by @st8z
Posted Using LeoFinance Beta
https://twitter.com/1331330355513745413/status/1615708709258248196
https://twitter.com/1415155663131402240/status/1615968509582004224
https://twitter.com/494429019/status/1615992584345718784
The rewards earned on this comment will go directly to the people( @taskmaster4450le, @rzc24-nftbbg, @successforall ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
If KYC is in Blockchain then there will be no difference between conventional financial institutes and blockchains! But do you think the disasters of 3 arrow capital, Celcius, FTX, Gemini could be avoided with proper regulations for such groups.
The world street and their min dgames is only understood by a few. To me, this is why they keep on manipulating stuff to scare people away. But as technology advance and people begin to explore more to the the capabilities of the blockchain, I believe Defi we will survive without their support.
This is unfortunate, but as a Hiver, I careless beause I know Hive will always keep the promise of fully decentralization
and even today I learnt something ;)
!PGM
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]
5000 PGM IN STAKE = 2x rewards!
Discord
Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
Get potential votes from @ pgm-curator by paying in PGM, here is a guide
I'm a bot, if you want a hand ask @ zottone444
My main concern with Wall St getting involved isn't so much the greed, which I think is baked in now at this point, it is the whole "embrace and extend" side where they push their partners in government and big business into government and central bank issued digital currency. When they can "turn off" your money because an AI spotted you at a protest ... eek
Well said "Freedom. Sovereignty. Open Source." this is what cryptocurrency embodied in the initial vision. Even if there might be regulations along the way, we mustn't lose control on the decentralization nature of these blockchain networks and instruments.
Posted Using LeoFinance Beta
The problem arises when we look at cryptocurrency and the first thing that comes to mind is how to make millions in no time. Taking an in-depth view of the benefits of cryptocurrency aside its monetary value is a major lack in the crypto space and one that will persist. The consequence of that is the result of people losing money to centralized entities or getting one's accounts shut.
The choice is out there for every one of us to make.
Posted Using LeoFinance Beta
Only few understand the Wall Street games, moving money around and manipulating the market. They're the real OGs when it comes to scams and frauds.
We thank the Cyberpunks and crew for giving us the means to create and build outside the reach of governments and mega corporations.
Freedom. Sovereignty. Open Source. These are the foundations that we built on.
As much as I would like to see the price moon, it would be nice to see the blockchain community get back to their roots. If we were to maintain our focus on that, the money will eventually come. We have probably pushed ourselves back at least a couple of years by losing sight of that focus.
Posted Using LeoFinance Beta
Back to roots indeed. I agree.
Cryptocurrency needs to remember the roots.
Bankers are free to offer their solutions, doesn’t mean people have to use it, that’s freedom.
"To that I say bullshit."
I could not have said it better myself.
I will say it again: So fracking awesome to be part of Hive.
!BBH
@taskmaster4450! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (2/50)
Every time I think people get it, another Solana or Hedera comes around the corner. TredFi will spam us with nice and cool tech in the Blockchain space and people will fall for it.
That is a really helpful article, https://leofinance.io/@leoglossary/leoglossary-nick-szabo
Posted Using LeoFinance Beta
I absolutely agree that central bodies were not the primary plan of those who initiated this movement but I see central exchanges as a necessary evil and I don't know if wall street being involved in crypto can be seen in the same light. Maybe we will need them to fight court cases, and gather funding for expensive projects that need to be done in an organised manner at least to the point where we don't. I think when these central entities fall the whole market feels it. I could be short-sighted in my assessment though.
A 50 to 1 ratio?! That's sad.
Money laundering is illegal, but its glorified version is acceptable and legitimate.
Yes, regulation and compliance are getting louder as days go by.
This is an important distinction that must be kept in mind.
I love that!
Reading this over and over again clarifies the power of global distribution and its relationship to resiliency.
Posted Using LeoFinance Beta
People like Kevin O'Lerry are all about the corporate shills. While he is a good businessman, I think he had definitely folded for those regulators because those regulations help him. He will have a way to go after people when he loses money and the people with lots of money prefer the extra safety.
Posted Using LeoFinance Beta
DeFi and TradFi are so far apart that I don't even think it would be possible to merge them. Transparency is not something that these businesses would even consider so they have no business to conduct on the blockchain.
However, I do believe that they will build their own centralized chains so that we can have the new Madoff and SBF emerge in the near future.
Posted Using LeoFinance Beta
I agree with all the points of view that you have expressed in this post, but especially with what you mentioned regarding the fact that Bitcoin was created to function and exist outside the framework of the usual regulations of the conventional financial world.
The truth is, it is one of the things that I always reproach those who defend the idea that it is better that there are regulations around Bitcoin and all the cryptocurrencies. Because they seem to have no discernment, they completely buy into the stupid idea of regulations, and don't stop to think that if we are going to fill Bitcoin with the usual financial regulations, what will differentiate it from fiat money itself? What will differentiate the crypto sector from the conventional financial system itself?
In my view, it is absurd, illogical and useless to think that things will work better and more securely when Bitcoin and cryptocurrencies are regulated; because is not true. Also, because it is well known that when "security" at all cost is sought, freedom is lost, and this context is no exception.
I think we need to keep writing posts that educate people and teach them to think clearly about Bitcoin and cryptocurrencies; because you have to make them understand that everything for which Bitcoin was conceived and created by Satoshi Nakamoto, is risked and lost uselessly if the entire crypto field is regulated. We have to make the world understand, to the best of our ability, that the KYC processes, so fashionable these days, are nothing more than an insult to privacy, freedom and sovereignty, which are the essential nature of cryptocurrencies.
With the KYC processes we are heading to exactly the same hoax that exist with fiat money and the traditional financial and banking world. Those who want another version of the same thing should stick exclusively to Fiat. Its clear that those of us who believe in Bitcoin and cryptocurrencies must fight tooth and nail so that all arbitrariness and all kinds of attempts to control what we do or do not do with our cryptocurrencies are neutralized; although I recognize that it is not an easy task. At least that's my point of view about it.
I liked reading your post. A big greeting.
Posted Using LeoFinance Beta