The Crypto Fight Is Back On and I Love It
In just 10 years or honestly I would shorten that down to just 5 years crypto has been through series battles and come over crypto.
The History
Bitcoin aka Blockchain or Crypto was created in Jan 2009 out of the worse market collapse ever filled with scams, banks loading out money they shouldn't have and then reselling it. (which btw I also want to point out is starting to happen again here in 2023) It was a dawn of where people could finally take back control and get away from corrupt governments and banks.
Move forward a few years and the first real rally for bitcoin didn't happen until late 2017 into 2018 and from that we got the dawn of Ethereum which created layer 2 tokens. With that came a flood of junk projects, tokens and down right bad actors. It introduced what I feel was the negative side of banking on a whole new level as greedy people became money hungry over the new asset and then that all blew up.
Move forwards just a few more years to 2020 and you had one of the largest growth spikes ever. The issue once again negative actors and banking like systems because of staking rewards, loans etc. of which promises of record high APRs lead to competition and extremely high risk. Which yes BLEW THE F UP! Luna blew up, coinbase struggles and went public as a stock (yuck) and FTX blowing up as a greedy and manipulative program.
This brings up the question is crypto really at fault or in general people and to that I answer people and why decentralization will never work. There are too many bad actors that would dominate the sector and take over. This lead to cries to the government which is now sparking the next section I want to get into.
The Government Is Coming
Because of all this blowup on a ever increasing scale the damage is far higher. Even though it happened right under regulators noses (the SEC) we are seeing no punishment to them and instead a general step up to crack down on crypto. The DOJ is trying to relay this message as well with their big announcement that was honestly a joke. But the silver lining to all of it is all government authorities are heavily now attacking crypto even though crypto isn't the root issue it's PEOPLE!
What Comes Next?
I firmly believe next comes two fold. Either crypto dies a horrible death which I don't think will be the case or companies now have to register and regulate heavily like banks do in order to operate. This will create a new standard and that new standard is what very well could make the USA a hug again for trustful investing compared to the rest of the world. It's currently why everything is pegged to and traded with USD.
This will spark huge floods of new revenue into crypto but there's going to be another side of it. The unregulated side and with that will come tokens that are heavily weight towards being anonymous. This should refocus the forces that be into decentrlizing things again while other aspects become heavily centralized now moving forward.
What are you thoughts on the next moves forward? Bull run that becomes increasingly centralized while the decentralized side brings us more in line to just bitcoin of the 2015's?