Seven weeks ago I posted an article about Cryptocurrency Markets which is one of my most popular posts ever based on views. I think it is because of all of the months experience I have and my technical prowess when it comes to blockchain technologies. Just in case, this is sarcasm, I know very little.
But, I was looking at the market cap today which is currently at 350 Billion and remembered that post where it was at 170 Billion. So, since the genesis block was mined in January 2009 until about 2 months ago, 170 billion went into cryptocurrencies.
In the post I was talking about the banks buying in to eventually bring stabilisation to the marketplace by taking it mainstream. How I see them doing this is by integrating their services to include cryptocurrencies but in a very easy and familiar interface which grants the average user access to something only people who made software crack adverts in the 90s could manage earlier.
In the last 7 weeks, another 180 billion of value was added. On this curve, it should cross the trillion mark... by next week. Well, since the interfaces are not yet ready, I can only assume that the buyers aren't the mom and pop investors and I am guessing that those already in the game don't have another 100% to put in which leaves the banks and the bandwagon jumpers who have finally taken the plunge based on the hype.
Now, I don't know much about markets, trading or such but this does seem to be playing out as expected. They will keep buying-in and driving the price up as hodlers rejoice while slowly laddering out. They will do this until they hold all of the cards (coins in this case) and then, they will begin their reign of mundane terror.
Stability will come but the hijacking will be complete and they will cement their position by greasing palms to heavily regulate the industry until anything outside of their sphere of control is irrelevant or illegal. Decentralised crypto currencies become just another banking service and investment opportunity. So much for financial freedom for the masses, indentured servitude marches on.
This may of course not be the case at all but it does seem unlikely that so many new users were so quickly and so enthusiastic about putting their hard earned dollars into fake money. It seems more likely that the people who would do such a thing are the banks as they have the understanding that all money is fake and this doesn't scare them one bit, they made the game.
All they care about is perceived value. Once upon a time, squirrel pelts were used as currency in Finland. If the banks had their way, squirrels would not be bouncing through the trees, they would be locked up and bred behind vaulted doors, and would not be able to be mentioned in children's books without paying a licencing fee.
I don't think that anyone here is under the illusion that big banking is a community orientated business which looks out for the little guy but how many are happy with the GAINZ? This is what we wanted after all isn't it?
But, what happens later if the banks become the only places authorized to deal in cryptocurrencies? Does this mean the option is to pay a heavy fee for something already owned or, trade illegally on a black market and face the fees of crypto-launderers?
It is of course entirely possible that the banks are tired of playing the games they have played for the last 500 years and are ready to turn the page. Perhaps they are fed up with the conflicts, wars and misery they profiteer from and want to help build an equitable world for us all to enjoy. It is possible. Likely?
As I keep reiterating, this is far, far from my area but I do enjoy thinking about it and where various paths may lead us. Somehow I get the feeling that many in the crypto world feel safe from the real world traditionalists but I think this is underestimating the opponent, they have been at this a long, long time.
Pretend inferiority and encourage his arrogance. Sun Tzu
Are they the arrogant, or is it us?
Taraz
[ a Steemit original ]
I wrote a fiction story yesterday with another curve off the same path you might enjoy.
I am off to bed soon but I thought this might be an interesting topic to discuss instead of posts about Bitcoin All Time Highs and how everything under the sun is going to moon.