Crypto might be back, but let us not forget our stained past even in celebration.
by Kevin Wong
An elephant never forgets. Or do they?
Back from the nether realms
Amidst news of Facebook’s up and coming Libra platform and Bitcoin’s price recovery. Optimism is finally back in the crypto market. Well, the optimism is back, but is crypto back from the dead? Let us examine the “facts”.
Libra raises a lot more questions than it answers, no doubt about that. We have all watched movies and read novels with cartoon-y villains, and Libra looks to be the precursor of Facebook’s total domination of our identities. We should probably refrain from giving a for-profit company so much dominion over our daily activities. Just in case..
We do have Libra to thank for bringing blockchain back into the spotlight again. Regulators around the world are scrambling to pull the brakes on Zuck’s dystopian corporate world domination scheme while the general public is growing curious about the basics of blockchain technology. All in all a winning situation for us.
Libra’s promotional video, that can be found on their website libra.org, promises a financial “utopia” of sorts. Given their track record with privacy and security, I personally think they will deliver something that does not remotely resemble a financial utopia. Oh, you thought I was going to say they weren’t gonna deliver? It’s Facebook, they will deliver their product, whatever it takes. You think this is a 2017/2018 ICO?
Speaking of 2017/2018 ICO’s. Let me take a look real quick.
Yeap, still a gargantuan stinking pile of manure.
Folks, we fell for it. We threw money at projects that had the word blockchain on it, regardless of the quality. ICO’s were the rage back then. We gave money to people who had ideas but no clue how to execute. We gave money to people that had no idea how to manage it and waived our rights to hold them accountable. We gave them a life of luxury in exchange for >90% losses on our investments. We were fools.
Today, most of these projects have 0 functioning products, revised-revised-revised timelines, reduced-reduced-reduced products, unresponsive teams, ghost town communities, and barely any progress towards the initial dream that was sold to the investors. Most of these ICOs are either dead or dying. Some ICOs amassed fortunes that would last them decades, but they can be classified as vaporware at this moment.
Sure, some of us made some money, but most investors lost a monumental sum of money. Some lost their life savings. Some even more. We deserve the bad reputation.
Don’t go for shitcoins. Don’t shill them, don’t touch them. Let the sins of our past die. Don’t get rekt.
The king of crypto is finally getting some noteworthy price action again. After going down all the way to the low 3000’s. Bitcoin has finally climbed all the way up to the 13000’s. We are starting to see signs of life after the long winter which lasted longer than the winter in Game of Thrones. Where will Bitcoin go from here? I think that Bitcoin has the potential to go a lot higher, given time. It is digital gold after all and it will forever remain the progenitor of all cryptocurrencies.
There is nothing inherently wrong with obtaining Bitcoin. Just remember to invest responsibly. (NOT FINANCIAL ADVICE)
Scams, scammers, shills, HYIP are all crawling out of the woodworks as I am writing. There are scammers selling “Libra” coins right at this moment. Meetups, events, talks, seminars are beginning to pick up steam again, and it is hard to separate the wheat from the chaff.
If you are a beginner, I would recommend joining a local Bitcoin or blockchain group that focuses on education so that you would not get scammed. If you are a veteran, educate your friends and family and fend these con-artists off.
Cryptocurrency is bigger than just numbers on a screen, it is about the network and its members. If we can reduce the number of casualties in the community, we might have a brighter future yet.
This price action might have brought new life back into cryptocurrencies, but I hope that as a community we will exercise more caution this time around with our money. Let us not forget our past even in celebration, and remember these expensive lessons for the future. I don’t think we have even scratched the surface on what crypto and blockchain technology can do for the world yet.
I think we are not close to peaking yet. Hell, we’ve barely even begun.