Things are being perverted very quickly. We see this and it is the ever-present human emotion of greed. Once again, this is placed higher than freedom.
When will humans learn?
The cryptocurrency world is now full of cancer. Sadly, it is likely to get worse before it gets better. Ironically, it is not the governments causing this. Instead, it is self-inflicted.
Now, the industry gets to deal with the fallout. Two major entities are knocking at the door and it is upsetting. Yet, keep in mind, this is what we asked for.
Regulation
There is little doubt regulation is coming. We already see how governments are behaving. Is there a chance they become "too heavy-handed"? Not only is that a possibility, it is likely.
The crackdown is on its way.
Naturally, the only ones who think this is a good thing are the people in system now. Those who were already part of the "accredited investor" club and Wall Street feel this is of benefit.
Look at Kevin O'Leary of Shark Tank fame.
A recent article covered his views on regulations. It is no surprise he thinks it is a good thing. Of course, how could we forget his Co-Host, Mark Cuban, screaming for regulation after a DeFi rug pull?
Here is what O'Leary views it:
O’Leary says that he welcomes regulation in the crypto space as it will validate the asset class and give institutional investors a clear ramp to push capital into cryptocurrencies.
Of course, it is all about the institutional investor. To these people, that is all that matters. When will the big money roll in?
“I, for one, would welcome a regulator to come in here and start to apply regulatory platforms to all of these cryptocurrencies and all of the level-1 and level-2 blockchains because you gotta understand something, people are very excited about crypto, but the truth is, the real money, the institutional money is not there yet…
I work closely with lots of pension plans and sovereign funds. They’re not touching any of this yet for one singular reason: the regulator has not ruled.”
The only way to have a properly operating system is for government regulators to step in and keep everything fair. We can presume O'Leary believes this agencies actually "protect investors".
We Asked For This
Roughly four years ago, we started to see articles hoping Wall Street would enter. People applauded when Microstrategy entered the mix a couple years back, believing it would ""moon" everything.
This, of course, was the focus of many all along. The talk was mansions and Lambos throughout. When is my token going to moon? What is going to get the price up?
In fact, 90% of the focus today is still upon market price. How many people get excited (or depressed) based upon the moves in the market? They do not discuss a new system, one that is inclusive and could provide freedom to billions.
Instead, it is all greed. When will Hive go to a dollar? $5? Why did it drop to 20 cents?
Who cares?
What is important is the development that is taking place. Ethereum's latest price move pales in comparison to what that chain could potentially do (or not do) for humanity. We have the ability to construct an entirely new system.
This time, we can make one that is more inclusive and create overall wealth far greater than anything Wall Street imagined. That is, unless we allow it to be overtaken by those running the existing system.
Yet, for most, that is not the focus.
Bitcoin is no longer "the people's money". Instead, it is now Wall Street's money. We are watching it become completely hijacked. Large institutions are moving in, sweeping up big amounts. Eventually, it will be in the control of Sovereign Wealth Funds, major institutions, and Central Banks.
In this regard, we can make the case Satoshi's vision is dead.
All Is Not Lost
Fortunately, we do see a glimmer of hope.
There are plenty of developers and entrepreneurs who are not falling prey to this. Sure, they understand that the opportunity for massive wealth exists here. If their projects take hold, they will end up making a nice sum, most often approaching life changing money. That is not, however, their primary focus.
Instead, they are looking at creating applications and layers that can operate outside the existing system. They are not paying themselves a large start up stake or engaging in a situation where the most of the distribution is in their hands.
Ultimately, whether they are chronic malcontents who have an issue with authority or freedom fighters, they are doing all they can to ensure there is a progression of a system that is elusive for the traditional power brokers. This includes the Wall Street, governments, and any other entities which seek to destroy the potential.
So no, we should not welcome Wall Street or government regulation. Institutional money is not our answer. In the short run, trillions rolling in would moon everything. However, the true wealth is going to come from network effects. Thus, those that focus upon building and growing will end up with a larger share of the overall pie in the long run.
This is not financial advice but those who are holding some Bitcoin and Ethereum will likely do very well over the next few years. There is little doubt there will be a ton more money poured into the buying of those tokens. Whatever level of institutional investment, a great deal of it will flow to those two chains.
They are not the only ones. My wish is that every individual makes a fortune by front-running Wall Street. Let the average person benefit financially for a change.
Nevertheless, that cannot be our core focus. Growing our bags is vital and not for the reasons people think. The monetary value is a given over the long term. However, we grow our bags to have a stake in what is taking place to better affect change.
Here is where the focus needs to be.
Are these utopian ideas? Of course. That is where motivation arises to make things better. If people do not hold onto that, we end up falling victim to the shortcuts that are presented. In other words, it helps people not to sell out.
We know there are a lot of developers out there laying down code simply because they are dedicated to providing open source software that other project teams can use. They step in whenever they can to solve problems while assisting others to expand what they are working upon.
In the end, these are the ones who are going to make the biggest difference. Those who show up looking for the quick buck are of little use. Wall Street is the epitome of that. It cares none about the carnage it leaves. Instead, it is only about leveraging everything they touch for maximum gain.
The opportunity to change that is before us. The question is what do we do with it?
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