It sounds like the name of a Crypto carol.
And it is that time of cycle.
Note: You will hear crypto carols sung by groups of crypto holders around the times of massive dips in price. Most of the lyrics contain "wish I had" and "I shoulda done" phrases. So if you see any of these carollers with their once shiny brand name clothes that are now filled with holes from living rough, spare a token or two for them.
Crypto holders around the globe have been left panicking as bitcoin plunges into its worst month in history.
Don't worry. Not all the FUD headlines are gone! And in this particular stupid article, they did point out that it wasn't the largest percentage loss for Bitcoin in a month, it was the largest monetary loss. That is because a normal 30% swing used to mean a drop of $1000, but now it is a drop of $30,000.
Are holders panicking, or FOMOers?
Maybe the latter. For the holders though, they are up thousands of percent over the last years and probably don't care that much at the current ups and downs, as they will be fine regardless. The people who bought in recently at the highs after finally biting the bullet and jumping on the bandwagon, well ... there might be some panic.
They'll learn.
FUD used to dominate a lot of the crypto conversation, but as it has "matured" (crypto people tend to be pretty immature) and become more mainstream, the FUD has tapered off a bit. On top of this, the entire economy is in a constant state of FUD as well, so it is hard to tell what is crypto FUD, what is AI market FUD, and what is Trump-related FUD.
Like Carney, the PM of Canada "boldly" saying that the world can advance just fine without the US. That isn't bold, I have been saying the same for years. Sure, I am not the PM of a country, not even Canada, but still - many can't imagine that world, because they are trapped in history.
Past performance is not indicative of future results.
We are entering into somewhat unchartered territory now, as even though similar things have happened in the past with fragmented alliances, they have never happened in a world that is globalised and intertwined like the one we are in now. It is a different kettle of fish and the implications cannot be drawn straight from the past. Instead, we can look to the past and see that what might have been impossible earlier, is far more possible and perhaps even probable now, because we have technology literally at hand that can overcome a lot of the challenges we would have faced earlier.
And the more volatile and disrupted the past systems become, the more likely the new systems will be utilised to take over. And that includes all the systems, including centralised governance. That might be wishful thinking, but at some point, people are just going to get too tired of trying to maintain what isn't working for them. The governments have forgotten their role in society that they work for the people, and people will eventually rebel. And that rebellion is at first going to shift toward the next layer of governance that provides a more direct relationship - corporations.
It could be argued it is already at that point.
But things are speeding up as while the Pharaohs, Kings and Queens ruled for thousands of years, and then the religions came in to take power, and then the governments, and now the corporations - each instance is getting shorter. As it should, because as we get new technology, we also get new information, and we should be getting somewhat more intelligent with it. That is debatable too, but one thing that is pretty clear, is even if we aren't more intelligent, we are far more impatient and less committed.
FUD works because we are so skittish when it comes to anything these days. People will jump ship from something they loved last week, because some influencer said it sucks, or says that this new thing is better this week. And the same is for investments, which ultimately creates more volatility. The people who know what they are doing will milk the uncommitted, but eventually even they are going to get burned, because the markets are just so full of shit these days, attached to nothing except sentiment. They talk about market sentiment, but that is all there is in the current inflated markets with no grip on reality.
Crashes are coming.
I say with a plural, because the world as we know it is being torn apart at the seams, so that nothing that we know is any longer recognisable to the past. We might look somewhat the same as humans a few decades, but the way we behave is bizarre and unrecognisable to that history. And it is our behaviours that drive the market and eventually the market will have to align with how we act.
The companies can keep creating efficiencies and stripping increasing amounts of value from humanity, but eventually, they will put themselves into a starvation position, because they aren't growing their demand base. It is like a family of survivors after an apocalypse with a few years worth of food, but they never grow new food. Eventually, they get to a point where it is too late to grow, they run out of supply, and starve to death.
What was the point of their survival?
In order to advance as a species, we have to create incentive mechanisms that keep us growing as a species, keep us striving, innovating, and encouraging the next generation to be better than the last. Right now, new generations are just another dwindling food source to extract value from, rather than a seed bank to grow the future from.
Ask not what your country can do for you, but what your country will take from you.
The answer is simple. Everything. But it isn't just a country, it is all countries and all corporations, because they are both designed to maximise themselves at the cost of people. Government and corporation are symbiotic systems designed to ensure that people do not win.
What is "people winning" you ask?
An ecosystem and collection of tools and mechanisms that take us forward, improving our health and opportunity to be our best, and raise generations that will be a step or two better again. It is a global community that thrives through collective advancement of the things that matter to our wellbeing. It is not innovation for the sake of profit, it is profit through innovation for improving humanity.
Perhaps, considering all that we have experienced in our history, all that we have done to ourselves and each other, and all the lessons we should have learned, when we talk about the worst in history, that is all of us now.
As we should know better.
Yet apparently, we do not.
Where did all the FUD go?
It drowned in our misplaced confidence.
Taraz
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