A CALL FOR ACCOUNTABILITY: WHY CRYPTOCURRENCY MUST STAY BANKLESS
As a blockchain developer who has seen cryptocurrency grow from just an idea into a full fledged ecosystem, the future and uncertainty about the direction the Web3 space is taking has never been more concerning.
But before I explain why, let me say this… THIS IS NOT FUD!
I fully believe in the technology and know in my heart that Blockchain will change the world by empowering network participants with true ownership.
And now we get into the issue I wish to express concern about, that one word that to some is power and to others is intimidating… Ownership.
But what is Ownership? Websters defines ownership as “the state, relation, or fact of being an Owner”. Well then what is an owner? An owner is “one who has the legal or rightful title to something : one to whom property belongs”.
Now some may ask, WTF does this have to do with my cryptocurrency assets?
EVERYTHING. It has everything to do with cryptocurrency.
The very foundation of cryptocurrency is being threatened by big banks who wish to become the “custodians” of your cryptocurrency assets. Meaning the Bank is the real owner, and you, the user, fell for the same trap they set with our current FIAT currency.
For cryptocurrency to fully transform the current state of “money” or traditional centralized finance, the users themselves must take more accountability for their assets, the decisions they make with them, and where they choose to safely store them.
It’s common knowledge, Exchanges are more vulnerable than a digital or hardware wallet. But what most holders do not realize is that exchanges themselves are the custodians. Meaning THEY are the OWNERS until you either cash out, or transfer your cryptocurrency into a private wallet. Many exchanges have the power to halt transactions, freeze assets or claim your assets to help them settle any potential bankruptcy.
Sounds strangely familiar to centralized finance, doesn’t it? Because it is.
This is why big banks HURT the Web3 / Cryptocurrency space.
Big Banks have the power to make prices artificially sore to record highs, making retail investors FOMO in, only to then dump their bags on less experienced traders who buy at the top.
This is their weapon… they deploy capital to then siphon more capital out of the markets from unsuspecting everyday people. What’s arguably worse, is that this is all intentional. Banks realize the USD is losing its luster and they are quietly accumulating as many digital assets as they can in preparation for the inevitable takeover of digital currencies.
Now some of you may have stopped reading by now thinking to yourself quietly, “Fuck this guy, he hates capitalism”.
Let me state, now and definitively, I LOVE CAPITALISM!
Capitalism and free markets are at the ETHOS of cryptocurrency, with one main difference to traditional capitalism based markets.
Cryptocurrency was created to free up markets from boarder restrictions, allow lower fees due to no middle man, and add financial privacy with open ledger trust so that funds can be verified.
But by institutions / regulators stepping in, drawing lines in the sand, staying as the “man in the middle” and convincing people to trust them with a revolutionary technology they know little about is not healthy for the growth and innovation of Blockchain. Which is the OPPOSITE of capitalism!
Now it is highly possible that this written call for arms is ignored, pushed to the side and dismissed by most people. However, it is my hope that a few do find this valuable and take OWNERSHIP of their assets.
Stay safe out there.