Good points well made. I had crypto on my radar for a long time, but I only took the plunge and invested properly a few months ago. Now I am preaching like a cult member about it and have had some extremely insightful convos with people. I have just spent a week camping with a bunch of amazing hippies (we have known each other as a community for decades) and there was a lot of interest within that community. The idea of disruptive technologies that take money creation out of the hands of bankers and into the hands of everyone that might want to give it a go can only be a good thing. The problem is that people like Tone come from a Wall St background and can't help but to bring their baggage with them. What is more, we have to be honest in that crypto trading is just like mainstream trading, just a bit less decentralised. There are whales, and FUD creators, and manipulators and speculators just the same, the main difference is that regular Joes now have a chance to beat them at their own game.
On the other hand there is a massive opportunity for cryptos to be steered in the right direction (like Steem and the fight against scammers, spammers and beggars), and that requires people that believe in the technology and the concept, not just in it for the $$$.
I have high hopes, but I also try to reign in my expectations, however interference from the powers that be is only around the corner, once big money decides they want in. Free markets are a pipe dream if only because entropy will lead to manipulation from big entities using govs as proxies.... Sad but true. We can only keep doing our own thing and coming up with ways to sideline them.
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Thanks. I don't think free markets are a pipe dream, they made America the richest country in the galaxy and shall return someday. The nerds are changing the game as we speak. Ironically, while politically authoritarian in many ways Asia has the freest markets in the world and are reaping the benefits. Travel our national parks and dabble in real estate and you will see Asians and their money everywhere. A true sign of financially successful systems.
They don't have benjamin lawskys over there.
But your comment is measured and appreciated. The history of monopolies is big entities using government to screw their competition. Point well taken. But ultimately the authority lies with the government and the bribee is a 1000xs more guilty and heinous than the briber.
I already see big money in Bitcoin, they have enough to keep it range bound, right now ~$4300 is an obvious target. But in the end Bitcoin will continue its rise. Their last target was ~$2700 and that finally failed, miserably. Camping is one of my favorite things in the world, very nice to meet you.
Thanks for the appreciation but I will say one more thing. They are not bribees any more, they are insiders that use the 'revolving door' system to get from corporation to government and back again time and time again, to the point that we have Trump as POTUS... who claims to be against the 'establishment' while being the dark side of it... Interesting times, for lack of a better word.
True dat. I am no fan of nepotism, cronyism, goldman sachs, benjamin lawskys, etc.... It is the nature of government to abuse authority. WHICH MEANS, its power must be extremely limited. In that way none of the above would be possible, we wouldn't have to worry about such abuse in the land of the free and home of the brave. Nepotism, cronyism, goldman sachs, benjamin lawskys, they would never exist in a limited government. #consitution