Bitcoin is being taken over by the big players. In a few years, the buying will be coming from governments and Wall Street. What does this mean for freedom? Is the dream of financial and economic freedom for humanity dead?
In this video I discuss how this is far from over and cryptocurrency, as a whole, is offering the path. It is like the file sharing services of old, they turned into giant games of whack-a-mole.
▶️ 3Speak
Bitcoin may be dead as freedom but it is wealth for those who believed in it.
On a side note, I think I remember hearing that most of HIVE's current witness nodes are hosted on a selected few servers. I have heard that they plan to change that in the future but is it the same for Leofinance?
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Yeah there is still centralization in that regard. Most use cloudfare including leofinance.io.
The new project that is being worked on might have a better chance of being decentralized.
There are a few witnesses who are running nodes on their own computers. That is helping a bit to decentralize things.
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I'm still not worried about Bitcoin being corrupted just because more centralized custodians are popping up. The institutions might be technically in control of the keys, but they are still legally bound to protect the funds of their clients.
The hacks will continue, and security will ramp up in response. In my mind not much has changed. These open networks are open, and we don't get to pick and choose who is allowed to hold tokens. It makes sense during the transition period of Web2 to Web3 that centralized custodians would be hugely popular. Let's see what happens after a few of these honeypots get hacked.
That being said I did write this one in 2018:
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Oh I dont think the security is lessened by any stretch. Bitcoin is still highly secure with more miners and hashrate happening each month. The network itself is growing in terms if Satoshi's vision.
However, as a pathway to freedom, I think the other projects are the one's that are leading the way. They will create more value and tokens, over time than Bitcoin.
A lot is happening right before our eyes.
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I agree 100%, Bitcoin is no longer about freedom and I wrote about that two years ago when everyone was begging for financial institutions to kick in.
Here you have them, the dollar value has gone up, but most of the coins are in their pockets and quiet some dumb ones ended up with a few bucks that will either depreciate or be spend on things they really don't need.
The tech though is pure freedom and in my case for example Hive and Leofinance has given me a sort of financial freedom which BTC hasn't gave me. I can call this tech disruptive for this matter.
I haven't harnessed wealth by being active on this blockchain, but I did made a difference for my finances especially during this fake pandemic.
By the way, CZ shared a nice tweet today on where we actually are on the line of evolution in crypto and I subscribe to his analogy.
Here you have that image.
We're not even at the CD level, not to mention cloud storage...
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That is very true. We are early in the game.
To compare to the Internet, we havent even had our browser moment.
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Bitcoin is like the Apple of cryptocurrency. Sort of. You pay more for the brand, but it's not necessarily the best value in terms of use case. It's only has that high of a price because of its popularity.
I agree with being able to fork and have freedom. The only reason why corporations can meddle with currencies like the USD is because the governance of those currencies is centralized and controlled by certain powers. But just like with the Steemit/Hive debacle we can fork any cryptocurrency at any time.
And if we could fork the USD, we would. xD
Oh man, I remember LimeWire, it's a wonder that 24MB RAM machine that I used to download stuff on can still start up to this day.
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The difference is Bitcoin has a limit. Yes it can be forked but will not have the value. The interest of institutions is what is driving the price up. This means that we are going to see a lot more bigger players enter.
They do not care about freedom or a new form of money. To them it is an asset they can profit from.
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Let them come. Unknowingly, or maybe knowingly, they will fund the movement of freedom while trying to make their own profit.
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the thing is that the majority of people are after money. To add to that all the big funds like greyscale and such are only after money so they won't actually see the potentials behind the project.
On the other hand, i believe everyday people will skip the money aspect and check the community/ project but sadly the everyday person doesn't have that much money as the big corporations and funds.
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Summary:
In this video, the speaker discusses the increasing involvement of institutions in Bitcoin and its implications for decentralization and freedom. He mentions prominent figures like Kathy Wood of Ark Investment and the head of Guggenheim who have expressed interest in Bitcoin. The speaker emphasizes how institutions are entering the Bitcoin space for wealth building rather than promoting freedom. He believes that true freedom lies in cryptocurrency projects outside of Bitcoin and Ethereum where development and innovation are happening. The speaker also touches on the importance of decentralization, open-source projects, and community cohesion to ensure resistance and security in the crypto space.
Detailed Analysis:
The video starts with the speaker addressing the topic of institutions taking over Bitcoin and its impact on decentralization and freedom. He mentions the growing interest of big tech companies, insurance firms, and even cities like Miami in Bitcoin. The speaker highlights Kathy Wood's positive stance on Bitcoin and the $400,000 price target set by the head of Guggenheim, indicating bullish sentiment from institutions.
The speaker emphasizes that Bitcoin is now primarily viewed as a tool for wealth building rather than a tool for freedom, stating that institutions are focused on building wealth and not on the principles of decentralization. He predicts significant potential for growth in Bitcoin, urging viewers not to sell their holdings in light of institutional interest.
A key point raised is the concept of freedom moving to cryptocurrency projects outside of Bitcoin and Ethereum, where active development and innovation are taking place. The speaker praises projects with dedicated teams that enhance the blockchain's capabilities and emphasizes the importance of forking a blockchain as a defense mechanism against centralization attempts by institutions.
Drawing parallels to the old file-sharing services like Napster, the speaker discusses the importance of decentralization in resisting attacks, stating that having numerous front ends and open-source projects can protect the integrity of the blockchain. He stresses the need to shift away from centralized cloud services like AWS to prevent vulnerabilities and encourage true decentralization.
In conclusion, the speaker highlights the significance of community, shared file storage, and geographical decentralization in ensuring the security and resistance of the cryptocurrency ecosystem. He calls for a focus on decentralized projects, open-source initiatives, and a shift towards a more decentralized infrastructure to safeguard against potential threats and promote true freedom in the crypto space.