After the big rise of cryptocurrency prices peaking in January, now it’s dropping back, same old story, but with so many new people on the scene, it seems that the initial mission and purpose of cryptocurrencies were lost under the heaps of cut paper with portraits of dead presidents. To bring stability and any kind of future for crypto, lines should be drawn. Let me explain my point.
You see, banks and other traditional finance institutions may say whatever they want, but the real truth is that crypto is their enemy and they don’t like it. Ultimately, if you can imagine a world economy operating in crypto, where the banks will be in such system, what will be their role in a world operating entirely in what essentially is “private money”? And the answer is that they won’t have a role, banks will be left in the old financial system. Same with many other institutions, taxation mechanics bound to them and so on. It all has to change and change dramatically.
However, what do we see now? Well the banks sure play their cards right, while saying “it’s for the client” they bash crypto and the current crypto crowd seems to lose their minds from any such news. Oh, another bank said they’ll ban crypto? Sell sell sell, price drop, wipe another 50-100b from market cap. Like seriously? What do you care?
Today’s cryptocurrency scene tries to play nice with traditional financial system, which it’s actually set to destroy with it’s own mere existence. This is such nonsense. The sooner people will understand this – the better. Cryptocurrency exchanges are to blame too, because they try so hard to get into the traditional financial system, they really try to be a part of it, while the cryptocurrency system doesn’t need that.
Crypto has to be at least parallel to the traditional financial system, not build into it, cuz it will never be accepted there. It’s worse than a new boy in class, it’s a new boy in an alien race. And I’m sure Satoshi didn’t want that either.
Like with many good things that people already destroyed with their greed, we already may be past the point of no return, which is really sad. Instead of seeing it as a replacement of the traditional financial system, people went on to make some quick bucks on trading this “new instrument” within that system. Duh, they even made things like Tether, which is partly the reason of current collapse of prices. People act on really irrelevant news like some banks saying “we ban crypto” well, crypto never liked you anyway and it doesn’t need you, why should it care.
Realistically, there should be a transition period, when the fiat system will give the reins to crypto, but it all comes down to “value transition” into crypto. It has to be clearly stated that other than that, the cryptocurrency system will not have ties to traditional financial system and once in there you operate in crypto to crypto, you can’t care less what some banks with vaults filled with cut paper have to say cuz you don’t need them anymore.
And as side note, for all paper-lovers, what makes you so sure that it has any value? Read up on the fiat money system, it’s fun.