What a week. The CZ/Binance news, Bittrex Global ceasing operations, and the SEC suing Kraken once again. It’s now glaringly apparent, even for people not really paying attention, that the SEC is working hard to completely eliminate the original innovators in the crypto space.
Why?
I don’t think it’s to keep investors safe or to crack down on money laundering or any of the myriad of reasons they’re giving us. I think the SEC’s war against crypto is specifically being waged to eliminate Wall Street’s competition…nothing more, nothing less.
Although Wall Street has become quite proficient at blaming crypto for all the world’s ills, it also identified this space years ago as a, once in a century, novel revenue stream. The titans who control the world of traditional finance have been working tirelessly, over the past several years, to learn more about the ways in which they can manipulate, control, and monopolize the sector. Now we see them beginning to take control. Once Wall Street has secured their monopoly then we'll magically see the regulatory clarity from the SEC that crypto exchanges and even the US Congress has been begging for.
When I think about the past seven years I have lots of feelings but one phrase bubbles to the surface…
What a wild freaking ride!
I’ve been involved in crypto since 2016 and it’s been the most exciting, rewarding, optimistic, and oftentimes, anxiety-inducing time of my life. Despite the frustrations I never felt more alive, or more free than I did during those early years. I’m sure any of you who have been involved in the early-adopter phase would agree. Crypto and blockchain unified people from all over the world with a common goal of creating a more fair and equitable world. Never in my life had I experienced more camaraderie across geographical borders and people of different backgrounds. It was no less than a bonafide societal revolution, Sampson rising against Goliath.
Bitcoin was born during the tumultuous years of the Housing Crisis of 2008. Since Satoshi Nakamoto published the bitcoin whitepaper in October of that year the movement has been about offering citizens an alternative to the traditional financial system and handing more power and freedom back to the common person.
I feel incredibly lucky to have been introduced to crypto and blockchain so early through, of all things, blogging. It’s brought about more changes and blessings in the last seven years than I expected to experience in a lifetime. I have great love for both the technology and the true believers of it.
Yesterday, the realization came to me that this is the beginning of the end of an era. So many of us dreamed of the day when mainstream adoption would happen but, as the saying goes, be careful what you wish for. I think most of us underestimated the power of greed/corruption and the depth/breadth of the infiltration of the governmental regulatory bodies by current and former Wall Street executives.
Today, I find myself wrapped up in a general sense of mourning. Yes, crypto will survive in some form but I fear it will be something different from Satoshi’s original vision and the wishes of many of the early adopters and developers. The freedom, unlimited potential, and the life-changing components of cryptocurrency are systematically being dismantled and might eventually be placed out of the reach of the common investor (at least here in the U.S.). I’m convinced that, not only does traditional finance want to control the space but, they also fear a massive transfer of wealth to a new class of citizens that have a different philosophy from those who control the world today.
I realize the future is very difficult to predict, especially in our rapidly changing world. Anything is possible. Life is full of surprises and crypto seems to have more lives than the luckiest of cats, hence the popular phrase, “Crypto is dead. Long live crypto.”
My only wish is that future generations will have the good fortune of getting to know crypto as we knew crypto. Sure, they might sprout some prematurely gray hairs in the process but their lives will be infinitely better for it. True freedom is more contagious than most people even realize. Once you’ve truly lived it’s mighty difficult to go back to merely existing. Long live crypto!
Thanks for reading! All for now. Remember…trust your instincts, invest in you, live boldly, and take chances.
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Gosh Eric, I've had my head in the sand, did not know about these happenings. It is soooo sad but more maddening that the greed of those in power, just keeps on growing!
On another matter, our government's corruption has stripped their coffers to the extent that they're trying to squeeze every cent they can lay their hands one from every taxpayer!
It's been crazy, especially how blatantly the SEC has been going after the pioneers in the industry. I think the their goal is to shut down everyone but Coinbase. I believe Kraken is the only real competition left for them and the SEC just announced a lawsuit against them last week. As soon as the BTC spot ETF is approved the big banks will likely announce crypto custodianship and exchange services (but likely with very limited trading pairs). It's the same way here, Lizelle. They keep raising taxes and doing less in terms of services and infrastructure.
That's right Eric, it looks like the SEC deliberately wants to hinder the development of Crypto. Luckily XRP won against them so that the price of XRP crept up slowly. After Bittrex went bankrupt I also had to move all my assets to the exchange. Even though I don't have a lot of assets, I used to be quite comfortable trading on Bittrex. Have a nice day Eric.
They definitely want to control/restrict it. I used to really like Bittrex. It was one of my favorite exchanges! I hope you're having a great weekend, Eliana!
The beginning of new era called resistance.
Viva la résistance!
It was also news that shocked me a lot when I read the cessation of Bittrex activities, dear friend @ericvancewalton, and I share all your words, how exciting it has been to be involved since the beginning of Blockchain and cryptocurrencies.
I take this opportunity to wish you a splendid afternoon
Yes, me too. Bittrex ceased all US operations earlier this year but I figured they would continue their global operation. Thanks and I wish you a wonderful rest of your week!
Long live! I don't want to be a pessimist and I think, like you, that cryptocurrencies can be that lucky cat of a thousand lives. While it is true that most are not very optimistic, I have also read mixed and varied opinions that are more positive. Some believe the news is really good for cryptocurrencies, but as the saying goes: we'll wait and see. Have a nice evening, my friend.
Yes, they will survive in some form, I think. The governments of the world can make it tougher for their citizens to use it though. I see restrictions of certain altcoins coming. Have a wonderful day my friend!
This is spot on!
Blackrock, Goldman, and the Morgans of this world have been filling their bags while bashing crypto. This is definitely the opportunity of a lifetime and while avg. Joe is mystified by the lingo of blockchain, web3, crypto & co. ETFs will flood the market making derivatives look like a joke.
Once you've tasted "freedom" aka expanded your mind to what's possible, there's no going back.
You're right, they've been filling their bags for years! One thing I've noticed over the years is there are a lot of people don't want to learn about crypto. They want to be passive investors and have someone else handle everything for them. The flood of money is definitely coming, trillions! The train is just about to pull out of the station.
Once you've tasted "freedom" aka expanded your mind to what's possible, there's no going back.
You phrased that perfectly. Happy Thanksgiving Kris!
Happy Thanksgiving to you too Eric!
Thank you!
Wow, I never looked at it that way, but I feel you could be right. Hopefully some of the decentralized chains can keep doing their own thing. That's where the community may end up. Could even drive more people to Hive...
I think (hope) there will still be pockets of freedom left throughout the world. On/off ramps and alt coins will be heavily regulated in first world countries I'm afraid. There's a huge call for Gensler's resignation now even within Congress. I'm hoping he resigns or is ousted after the ETF approval happens and we get someone in that office that's more realistic and less influenced by Wall Street. Happy Thanksgiving to you!
Yes, that is a good point. Getting in and out is going to be much more difficult. At the very least it isn't going to be accessible to the people who need it. The rich will have zero issue and people like me who make a decent living anyway will probably be okay. Which still doesn't sit totally well with me. As much as I loathe it, I almost am hoping for some reasonable wins on the right in 2024 to get the SEC on the right track. I'm still not sure the pros will outweigh the cons if that happens though. Being able to get my money out easier at the cost of human decency isn't worth it.
From what I've been following this weekend the action against Binance was the final thing the SEC wanted to do before approving the BTC EFT so it sounds like that could be coming in a matter of days. Any predictions on how high BTC will go? I've become so fed up with both parties I don't even know who I'll vote for this cycle. I'm hoping some miracle candidate will show up in the next few months.
That would be nice about a miracle candidate! I thought sure it was going to hit $100k last time, so I am hesitant to even guess. If I had to though, maybe $120?
There are SO many rumors within the last few days about Biden stepping aside. I've heard Newsome or Hillary might grab the baton. I'm not happy about either of those choices. I'm thinking $120k is pretty realistic for this cycle too, with trillions of dollars pouring into the market, post ETF approval we could even see double that.
I had not heard that, but I try to ignore a lot of that stuff these days. I agree those two options are not ideal. If we are being honest, last primary I really liked mayor Pete, but the world and the Democratic party wasn't ready for that.
And why the people are allowing this on the so called "land of the free"? The actual power is in the hands of the people. They should not let Wall Street, nor anyone/anything else suppress them.
I wish it was that easy, @xplosive. Corruption runs so deep that protesting or voting doesn't spark much (if any change) because most who run for political offices are now working for banks and corporations and not the people.
This is very familiar. Nowadays something very similar is happening in my country (in Hungary) too. Looks like this is an international/worldwide thing.
Hello, @ericvancewalton
Well, this is a move that has been brewing for some time. Some called me a pessimist, and that I gave too much credit to the financial elites. If you look at it dispassionately, crypto David stands little chance against institutional Goliath, unless all the little Davids of the world who aspire to true freedom unite. But this seems a long way off when one sails on the boats and in the waters of the Goliath.
Greetings.
It's definitely going to be an interesting next few years!
This is a sign that the market has entered its bull cycle because the last time there was such news, the market had bottomed out, but the market has gone down a little and is back in the same place. It has stood up, so people are buying it at this time, which are big companies, due to which the prices have not come down much.
You're right. This is going to be a massive bull market and will start really taking off once the BTC spot ETF's are approved. It should be very soon.
Yeah you are right.
Of course! Reflecting on the changing tides in the world of cryptocurrencies provides a clear picture of the highs and lows experienced over the past seven years. From the excitement of societal revolution to concerns about the impact of current regulations, it's clear that the crypto journey has been a rollercoaster of emotions. May future generations be able to experience the true essence of crypto resonance, which emphasizes the eternal spirit of freedom that defines this ever-evolving space. In the face of uncertainty, may the core values of decentralization endure. Here's to crypto's resilience in the face of change!😊
okay, that was some news in couple of days, but the market after a sharp decline, is going up again. People know, they are doing it for a purpose and now they will not fall for these traps.
Yes, we're seeing a quick rebound in prices!
I suppose crypto may survive in some sense in the world, however for those of us in the US, it seems our role in that future is being severely curtailed.
It absolutely is being curtailed. They've exterminated all but two major exchanges for US investors (Coinbase and Kraken) and they're working on running Kraken out of business now. I envision that here in the US we'll see severely limited trading pairs, just a few alt coins, and no access to DeFi once the SEC is done. After the torch is handed to the banks and Wall Street firms trillions will come flooding in but the opportunities for life-changing gains will be all but nonexistent due to the high buy-ins for what coins are left. It sucks. I feel bad for the younger generations because that could have given them a leg up.
Way to go Eric!! Keep pushing.
I’ve been involved in crypto for a year now and it’s all thanks to Hive as I didn’t know jack about crypto or blockchain prior to joining Hive
You got in at a good time, Tammy! This blockchain is an excellent introduction to crypto. I learned in 2016 on Steemit, everything seemed so foreign and difficult back then but those who take the time to learn are rewarded!
As soon as ETF is approved the market will start going up
I think so too!
Situation like this always affect market prices but then this also are situations that are meant to occur in the involvement of cryptocurrency, we just hope for the better part of it.
It is obvious that they don't want us to be out of their control.
I don't think Wall Street is the culprit. A monopoly in money is one of the most powerful political tools wielded by governments. When people are free to choose alternatives, this is a direct threat to the hegemony of the political class. Wall Street overlaps, but is not entirely a subset here. It is because sound money threatens them that they attack crypto, just like how they attacked the NORFED Liberty Dollar.
I think Wall Street kind of is the government and vice versa. The corporations and banks have completely infiltrated the government at this point. America is truly at the stage of bureaucratic corporatism.
A corporation is a legal status granted by governments at various levels around the world. In some cases, they are formed out of necessity because of the legal structures which threaten businesses. In other cases, it is to take advantage of political incentives. I do not deny political entrepreneurism in contrast to economic entrepreneurism. I just deny that corporations and government are identical.
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I hate to admit it, nothing personal, but you nailed it! The big boys don’t want the new boys messing with their bottom line…..
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STOPGood night friend. How are you
Till now I will say the identity of sastoshi nakamoto if reveal can actually helped in dealing with some uncertainty in the heart of people towards the Crypto world