Unchained, Block by Block

2022 started quite promising with almost the entire cohort of crypto analysts seeing it as a continuation of the 2021 bull market but as we well know it by now, it did turn out that well. The market pretty much took all the gains that 2021 put on the table and we actually got to experience another bear market in crypto.

A quite unexpected one...

In 2022 I managed to literally waste $3,500 in one day with LUNA. I bought its falling knives all the way down to an almost zero-dollar valuation. I will never forget that day, it felt like time stopped and it made me realize some things are simply irrecuperable.

Yesterday @brennanhm had a post about some banks in the UK forbidding their customers from dealing with cryptocurrency through "their own bank accounts". At the end of the day, we don't own bank accounts as these belong to the bank and once we put any dime into these accounts we basically don't own that cash any longer either.

We may be tempted to believe the opposite because the bank indeed lets us spend the damn cash on almost everything we wish to, but in certain situations, one can realize that cash in the bank does not belong to you entirely. The bank uses your money and if in the case of large amounts, you wish on withdrawing, the bank will not be able to fulfill your wish.

And even if it does it will ask all sorts of inappropriate questions like: what are you planning on doing with it?

The narrative behind banks forbidding their customers from buying or selling cryptocurrencies with their bank accounts is that such decisions are designed for the protection of the customer. For someone that is almost all in crypto, I can say that I feel more protected by being in crypto than the banks have ever protected me.

Every time I deposit cash to the bank they ask me the source of my money and I need to spend quite some time depositing it to my so-called bank account. Blockchain never asked me "where these coins come from" and "what are you planning to do with em", it just executes the transaction I tell it, for a fee, or for free like in the case of Hive, and that's it.

I don't need such protections that the banks wish to force on us. I lost $3,500 in one day with LUNA and I'm still against regulations because I know what these regulations are actually about. These are about profits and control. No bank, government, or law enforcer gives a shit about anyone in the world. If they did they would have already banned casinos by now...

Such situations like the one @brennanhm talked about in his post yesterday are wake up calls signaling us the necessity of creating ourselves a parallel financial system. And it's not even hard to do it...

We just need merchants to start accepting crypto as payment, employers to pay their workers in crypto and more cash to be dumped into such currencies(even stablecoins). As @brennanhm mentioned in his reply to my comment on his post, El Salvador is doing it and most of us in crypto are overlooking what happens over there. That's pure mass adoption for crypto, not what Dubai does...

Luckily Hive is on track with being an important integrant part of this process and at some point, we will realize that owning a Hive account is more important than owning a bank account. Wait until we will have HBD-powered VISA cards and then you shall see the power of Hive unleashed. This thing is already changing lives and it is only getting better.

Thanks for your attention,
Adrian