Big Questions About Crypto Get Put To The Test

With everything going on right now we have seen Crypto used in many ways that have been speculated but not truely put to the test. There are two key important factors I think to take away from all of this and show us not only the power of crypto but also some possible flaws with it so we can all become better.

Here's the thing crypto is great and I believe in it. But if anyone things it's a solid system with no issues at all and it's perfect well I hate to say this to ya but that's called being arrogant and closing yourself off for possible advancements that need to be made. Crypto should always be developing and improving because scenarios will continue to come up that either show things are working (which yes many are) but also show you holes and issues within the system. It was made by humans lol

Sanctions and Crypto

This has been a hot topic as of late saying it could be used as a way to bypass sanctions everyone has imposed on Russia. They have even gone as far as trying to such down exchanges, block IP address and make calls to overall ban crypto.

While some of this has gone answered it does show the centralization of Crypto that we have said all along and how truly not decentralized it is. In a way that's true however wallet to wallet transfers are possible and many swaps etc are possible options. But would Russia really dump their money income crypto which is just as volatile if not more volatile then what their currency is currently doing? More than likely not. There's been speculation as to dumping it into a stable coin instead and I say speculation because when everyone was saying they where doing it the market cap on those stables hardly moved! If they did that market cap would have drastically gone up and then held there. It's literally gone down and evened out for the last month. Below chart shows last 3 months.

The other thing is even though it's highly thought of as being anonymous that's not so much the case anymore. Everything on the blockchain is public record which can't be altered if there's any leak or connection between a wallet and a person or company at any point that entire system can then be fully track going years back. Would a country risk such a thing when they deal in shady stuff on the daily? That goes for ANY government.

Cryptos Utility

For a long time there's never been a world case where crypto has played a major part. What I mean by that is at no time in the history of bitcoin and crypto has it really shown it's power. Sure you heard of people accepting it in the business or donating vast sums to a charity. However that's nothing different than what you can currently do.

However as horrible as war is such as what's going on right now it's actully showed the true power and ability of crypto and what it was originally designed to do. Be a quick, secure method to transact large amounts of money at a low cost around the world. To be fully public but also provide anonymity.

That right there is POWERFUL and I don't think some people understand that just yet. What we saw in many ways is the future and a future where people have the power to make their own choices and to secure themsleves.

We saw people around the world make their own choice before governments to donate in money to people directly as they fled their homes, and even support another government as they battle to defend themselves.

We've seen stories of people being able to live off of their own digital assets when they had to leave everything else behind.

All of that being anonymous and that's the next powerful thing. No one knows where that money is really coming from it could be someone in the USA, Canada heck even India or a Russian person that doesn't support the war and what's going on. These are the things that make crypto so powerful.

The Errors

We have seen governments calling up for bans which is exactly what we don't want. As soon as these crazy governments get their hands into things they jack it all up. We should all be well aware of that by now that your government no matter where you live they do not have your best interests. To some extent this has happened and shows yet again why exchanges are obsolete and more decentralized systems are needed.

We also see social media getting blocked in the USA and Russia just announcing it blocked Facebook. This shows us why we need web3. A system that can't be blocked but also people can do their own research and figure out what they are seeing is true or not. There's always two sides to every story but with enough information I believe anyone in the world can make the right call for what side to be on.