I've been reading a few news snippets — along with some commentary here on Hive — about the alleged decision by credit card processors VISA and MasterCard to put crypto on the back burner.
At least for the moment. Or maybe altogether. Who really knows?
I have been thinking a bit about the implications of this particular information.
Does it signal a "point of failure" in the ongoing effort to make crypto more accessible to the mainstream?
Not so sure about that.
I worry that it may actually signal a point of failure in crypto, itself.
How so?
Well, in the truly "Big Picture,* crypto really hasn't scceeded very well from the perspective of being an actual currency. As in, a payment system. As in something we can use to buy a cup of coffee.
Instead, crypto has managed to thoroughly establish itself as a volatile, super high risk "exotic" type of investment, filling lots of people with pipe dreams of being able to make 5000% gains on their investments... in a matter of weeks or months, at most.
Not really a realistic expectation... nor that much of a recommendation for cryptocurrency as something useful and practical.
Of course, most of the apologists who'd immediately shoot down the case I am making here... are likely the ones who are in the industry for the purpose of "making lots of money."
Don't misunderstand here... I have nothing against making money. My hesiatncey is more related to a sense that crypto has lost its way, and may have charted an unsustainable course... and even if it can "undo itself," it's likely be years or even decades before that image of "Wall Street Greed" can be shed and perhaps relaced with something a little more idealistic and potentially game changing.
But hey, I'm still glad to be onboard this "ship!"
Meanwhile, it is now a new month, and I am determined to at least make an effort to get in the habit of regular blogging, as I had originally planned to/hoped to do, starting from the first of the year.
Seems like there are always things that interfere with even the best laid plans!
Till the next, this is...
CuratorCat on March 01, 2023
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