What a week. The CZ/Binance news, Bittrex Global ceasing operations, and the SEC suing Kraken once again. It’s now glaringly apparent, even for people not really paying attention, that the SEC is working hard to completely eliminate the original innovators in the crypto space.
Why?
I don’t think it’s to keep investors safe or to crack down on money laundering or any of the myriad of reasons they’re giving us. I think the SEC’s war against crypto is specifically being waged to eliminate Wall Street’s competition…nothing more, nothing less.
Although Wall Street has become quite proficient at blaming crypto for all the world’s ills, it also identified this space years ago as a, once in a century, novel revenue stream. The titans who control the world of traditional finance have been working tirelessly, over the past several years, to learn more about the ways in which they can manipulate, control, and monopolize the sector. Now we see them beginning to take control. Once Wall Street has secured their monopoly then we'll magically see the regulatory clarity from the SEC that crypto exchanges and even the US Congress has been begging for.
When I think about the past seven years I have lots of feelings but one phrase bubbles to the surface…
What a wild freaking ride!
I’ve been involved in crypto since 2016 and it’s been the most exciting, rewarding, optimistic, and oftentimes, anxiety-inducing time of my life. Despite the frustrations I never felt more alive, or more free than I did during those early years. I’m sure any of you who have been involved in the early-adopter phase would agree. Crypto and blockchain unified people from all over the world with a common goal of creating a more fair and equitable world. Never in my life had I experienced more camaraderie across geographical borders and people of different backgrounds. It was no less than a bonafide societal revolution, Sampson rising against Goliath.
Bitcoin was born during the tumultuous years of the Housing Crisis of 2008. Since Satoshi Nakamoto published the bitcoin whitepaper in October of that year the movement has been about offering citizens an alternative to the traditional financial system and handing more power and freedom back to the common person.
I feel incredibly lucky to have been introduced to crypto and blockchain so early through, of all things, blogging. It’s brought about more changes and blessings in the last seven years than I expected to experience in a lifetime. I have great love for both the technology and the true believers of it.
Yesterday, the realization came to me that this is the beginning of the end of an era. So many of us dreamed of the day when mainstream adoption would happen but, as the saying goes, be careful what you wish for. I think most of us underestimated the power of greed/corruption and the depth/breadth of the infiltration of the governmental regulatory bodies by current and former Wall Street executives.
Today, I find myself wrapped up in a general sense of mourning. Yes, crypto will survive in some form but I fear it will be something different from Satoshi’s original vision and the wishes of many of the early adopters and developers. The freedom, unlimited potential, and the life-changing components of cryptocurrency are systematically being dismantled and might eventually be placed out of the reach of the common investor (at least here in the U.S.). I’m convinced that, not only does traditional finance want to control the space but, they also fear a massive transfer of wealth to a new class of citizens that have a different philosophy from those who control the world today.
I realize the future is very difficult to predict, especially in our rapidly changing world. Anything is possible. Life is full of surprises and crypto seems to have more lives than the luckiest of cats, hence the popular phrase, “Crypto is dead. Long live crypto.”
My only wish is that future generations will have the good fortune of getting to know crypto as we knew crypto. Sure, they might sprout some prematurely gray hairs in the process but their lives will be infinitely better for it. True freedom is more contagious than most people even realize. Once you’ve truly lived it’s mighty difficult to go back to merely existing. Long live crypto!
Thanks for reading! All for now. Remember…trust your instincts, invest in you, live boldly, and take chances.
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Poetry should move us, it should change us, it should glitch our brains, shift our moods to another frequency. Poetry should evoke feelings of melancholy, whimsy, it should remind us what it feels like to be in love, or cause us to think about something in a completely different way. I view poetry, and all art really, as a temporary and fragile bridge between our world and a more pure and refined one. This is a world we could bring into creation if enough of us believed in it. This book is ephemera, destined to end up forgotten, lingering on some dusty shelf or tucked away in a dark attic. Yet the words, they will live on in memory. I hope these words become a part of you, bubble up into your memory when you least expect them to and make you feel a little more alive.
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