Origin unknown. Destination unclear.
Despite recent statements by people who actually know something about crypto (like @VitalikButerin) indicating that success of this nascent asset class lays through useful and practical adoption, we continue down the same path of ignorance.
Starbucks doesn’t want to facilitate payments with crypto. They will convert it to fiat which will be used to settle the purchase. Well, at least they realize the spending potential of crypto and don’t want to miss the gravy boat. Gaining free publicity by jumping onto the vanity train of “progressive thinkers” also a bonus. Still, wouldn’t just accepting crypto make more sense?!
Instead of rejoicing that pure greed driven and useless BTC ETF is rejected by NYSE, we keep our fingers crossed for the next review and thus continue to arm the “enemy” by giving them more ammunition to speculate and short crypto.
Trading crypto futures or options as investment strategy for passive investors (fund investors) is borderline insane. Born to disrupt and eliminate fiat, crypto has nothing to do with speculative markets and their technical analysis. Crypto is a precise, sharp instrument with sole purpose to facilitate mandated by smart contracts obligations. The only speculative part in this equation should be our consent of how useful crypto has become in facilitating fulfillment of smart contracts as it continues to mature and becomes dominant financial instrument.
For those of us who remember the early days of internet with dialup modems and “you’ve got mail”, the key argument was how to monetize internet with such low access speeds. I guess that argument was been settled longtime ago. As long as, we continue to use the new asset class, it will evolve. All concerns about low transaction speeds slow market adaptability will also be settled and answered by smart people among us.
Only when crypto’s value will be decided by its end-users and not some “market makers”, the crypto will be finally free. We need to create new investment venues to stop relying on obsolete speculative trading ideology.
Originally published at rangetrade.livejournal.com.
