wait up, hold the phone... say what?
Cryptocurrency, dying?!
I just want to clear the air before I dive into this post,
I believe in a bright and lucrative future of Cryptocurrency, but... I am a skeptic, and I believe there is a middle ground between exercising caution and jumping into the first amazing looking opportunity that comes your way just because someone on a troll box said it will go to the moon.
Ever since I began trading crypto currency a few years ago, I have taken note of one constant thing in the crypto space, everyone --including myself-- is a speculator, anyone saying anything with sure fire certainty is either full of shit or trying to draw you into something for their own personal and financial benefit. I don't believe in spreading fud, and that is not the aim of this post, again I truly believe in the future of cryptocurrency, but I always attempt to approach all things with a healthy amount of reasoning and skepticism. and I also encourage others to do the same.
There are so many great opportunities emerging daily within the crypto space, you can mine, stake, be a part of ICO's or potentially make %1000 short term gains off smart altcoin investments. and I encourage everyone with the means to invest to seize some of these great opportunities, however, if you are reading this... I urge you to approach all situations with a sense of caution and vigilance.
Cryptocurrency is alluring as fvck. and frightening at the same time. What's happening right now is similar to the gold rush, or the dot com boom, money is flowing in like crazy and people are becoming millionaires over night. Everyone wants a piece of the pie and everyone wants to make a quick fortune with minimal effort, who wouldn't? Thousands of new investors are joining in daily and blindly jumping into the first thing that catches their eye, things like pump and dumps, shady ICO's, and elaborate ponzi schemes... anything with promise of a quick return on investment. And If you are involved in the crypto space then you probably already know how volatile the market is -- you can lose 1000 just as fast as you can make it, and everyone gets burned at some point. Been there, it sucks, learned from my mistakes and will be sure to never let it happen again, because ultimately it was my fault.
I believe there is a war on crypto taking place. Cryptocurrency is facing scrutiny from the most powerful individuals and media sources in the world. The centralized banks are acting as if they have no response to what is happening and they are moving in silence to come up with a solution to prevent a paradigm shift to decentralized cryptocurrency. Believe me, they are not confused, they are not ignorant, and they will not sit idly by as the shift happens. I cannot predict what they will do, I can only speculate, and I am here to offer my theories.
An elaborate scam.
Lets think for a moment.. what is the main reason crypto hasn't gained mass adoption? It's a few things--people don't fully understand it or how to get it and there are those who think they understand it and only associate it with the darkweb and criminal/illicit activity. I was recently explaining to someone close to me that I buy bitcoin, and the first thing from there mouth was, "you should stay away from the darkweb, it's not safe." Like, as if that is the only use for bitcoin. It would seem that the majority of the population around the earth is in the dark and only associating crypto with criminals and the dark web, and the media is further perpetuating this myth at any chance they get. and lets face it, the media controls the masses, and their only mission is to keep people confused and in fear of decentralized currency.
The most likely scenario that I see playing out is a massive scam in which the perpetrator(s) run off with millions or even billions of dollars of bitcoin, delivering a detrimental blow to the validity of crypto currency, ultimately plummeting its value into the ground. We've already seen what happens when an exchange like GDAX crashes, in turn crashing the market. I don't believe it actually matters who orchestrates this scam, only that the media gets ahold of it after the fact, and millions of duped and angry people are now spreading FUD.
Once again, I'm just speculating. I have to question the future of cryptocurrency and possible outcomes in order to make a sound decision when investing. Does this waver my decision to buy bitcoin? not at all. Am I still buying crypto currencies? Absolutely. I'm not going to list out all of the possible scenarios that I think could play out because I think this is the most likely one, and if it happens, I'm sure the banks or the ones who orchestrate it will be ready to present us with an alternative centralized "secure" safe haven for us to store all of our bitcoin in when pandemonium strikes. or we'll just go back to fiat currency, slaves to the banks.
I think the chances of a scam like this happening are pretty slim, but again.. if it were to happen, the only one with the power to prevent it is you.. we all need to be vigilant. It is within our good interest to protect the future of cryptocurrency by educating those who are new to the space, and exposing scams and anything that will bring fear and doubt into the community. Be Smart, do your research, don't succumb to gullibility and FOMO, question everything with a healthy amount of caution, and always make your own choices.
If you read this whole post, thank you!
