Silent Bank Run

in #bitcoin7 years ago (edited)

Having been in the "cryptosphere" a meagre 12 months, whilst trying to consume as much info as possible, I often have moments where everything seems to align and all is made clear. The overly dramatic amongst us would call them epiphanies. I call them 'my under evolved brain just catching up'.

Whilst at my incredibly mundane part time job (by choice as I have chronic fatigue) thinking deeply about Bitcoin I realised that a paradigm shift has, and is happening right under our noses, and barely anyone has noticed. I'm not even sure a lot of people in crypto realise what is happening and what they are a part of.

Yes a lot of people in crypto are libertarians and dislike the clearly fraudulent banking system. So in turn choose the exit and give it a big "FUCK YOU" by buying, coding and trading Bitcoin etc. But what they have done is essentially initiated a silent bank run which is starting to accumulate mass.

I could give you a sob story about how like most millennials i was a young adult when the credit crunch happened. Like most, I have spent all of my working life with stagnated wage increases and impossible house prices. This is undoubtedly the case for a lot, if not a majority of millennials. Myself on the other hand (although not a homeowner at 32) am able to say that i have never really wanted for anything, although being ill and working on and off for the last 6 years.

SO WHY ARE WE EXITING THE BANKING SYSTEM?

DISAPPOINTED, ANGRY & LACK OF TRUST
The bailout wasn't a bailout for all in the western world as governments and people of authority will have you believe. It was a bailout for the middle classes and home owners to maintain financial stability. If the the banks go under what do I care? "but you will lose all your money" they say. "WE DON'T HAVE ANY MONEY!" millennials reply.

OK so what about keeping financial stability in the economy? Well of course no-one wants to see riots in the street and people around hurting with a complete breakdown of the 'just in time' delivery system, but history tells us that with fiat money, it is inevitably going to happen. Postponing the inevitable will only make it worse in the long run. It's like the baby boomer generation (who hold the majority of high positions in government and the financial industry) just wanted to sweep it under the carpet for the next generation. This could be viewed a highly irresponsible and this is where trust begins to wane for their leadership.

PROGRESSIVE/LIBERTARIAN
Then there are those amongst us millennials that are very tech savvy and want to help work toward a future digital utopia. They believe the current model isn't progressing fast enough with a lot of people with wealth in a protect phase rather than investing in projects for the future. They believe Bitcoin is the way personal finance should be.

WEALTH EXCHANGE MONEY GRAB
Then of course you have the people jumping on the bandwagon beating their drum to the beat of the hoard. With our generation being the most connected in known history it's not a surprise that stories of 20X gains are spreading like wild fire. The purest amongst the Bit-coiners maybe mad that these kind of people are coming in and buying all sorts of shitcoins without having the first inkling as to what they are even buying. But probably the most important thing about the crypto market gaining attention is liquidity and disapprove or not, they bring liquidity.

If you have invested any time, money or effort into the crypto space, make no mistake. You are part of what could become the largest, messiest bank run in history.

Currently it is silent but maybe, one-day, it will be deafening.

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