Background: I have been a Bitcoin user since 2013. I’ve bought, sold, HODL’d… I’ve been robbed, and I’ve made hugely profitable trades. I saw my BTC value drop 90% in 2014, and the last time I bought Bitcoin with fiat was in the China FUD of a few months ago. The rate was about $3000/BTC. Thinking back, the MtGox disaster is so far in the rearview mirror, that I don’t even remember it that well anymore, but when I look at my Coinbase history, I can see I bought Bitcoin at a rate as low as $329, and it was all because someone in a Guy Fawkes mask told me about Satoshi Nakamoto.
Back in 2012, I remember people telling me that Bitcoin was going to replace MoneyGram and Western Union. It would replace the Federal Reserve, the big banks, all the financial towers of power. Today, Wall Street traders are trading Bitcoin futures, the Treasury Secretary is talking about regulating wallets (because he doesn’t understand what he’s talking about.)
The people who created Bitcoin and the early cryptocurrencies were ALL anarchists called “Cypherpunks,” and they wanted to create a system that would br
ing down the banks and the government. A few years on, and that crowd looks very different. Cryptocurrency investors are now as diverse as the world itself! Heck, I own a house in the suburbs and drive a Volkswagen.
Just last week, rather than Bitcoin replacing MoneyGram, Ripple announced they will be saving MoneyGram with XRP’s efficiency, and you can even buy Mariah Carey’s music with Monero.
So we are in a time of great change as cryptocurrency matures, and it’s up to us to choose the direction this will all go. Will we have the big banks and governments set up masternodes for us to all pay our taxes using Lightning Network? Or will we all create peer-to-peer free markets using anonymous coins to bankrupt the system using superior, decentralized technology?
Should cryptocurrency just add efficiency to existing systems? Or should disruptive technology replace obsolete systems entirely – ushering in a revolution of freedom from bureaucracy?
What do you think? It’s up to you, Crypto Traders!
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