Hello guys, I am going to try to share my thoughts on cryptocurrency in general and why I'm all in. I do not try to sway opinions either way, especially related to individual coins, but that being said I will in general try to explain why I am long on certain coins and I critique them just as much if not more as coins that I view as trash money making schemes. I believe the coin bias and only thinking certain coins are the valuable coins vs others is mostly market manipulation used to pump and dump coins, which you may see people doing regularly on Poloniex or bitcointalk (and now on steemit). In general most coins have benefits as a whole that are constantly developing the shape of the future economy as a whole. It is always important to keep in mind that there are going to be people simply trying to make money and get rich quick day trading coins, often using malicious means to hype or instill fear simply for profit. In general most people using steemit are going to be deep enough into crypto to have seen all of this before. I just want to make it clear that nothing I say in this blog is meant to hype or FUD and hopefully it won't be taken as such. My first topic is going to hopefully prove my point.
Ultimately I am long on Bitcoin first and foremost and have been for the better part of 6 years at this point. I believe that the introduction of bitcoin was the first step into changing the economy and starting to make a better future for everyone. I am drawing close to thirty years old at this point and my general outlook on the global economy and a person's chance of beating a broken system was mainly negative up until Bitcoin was brought into the picture. Bitcoin reaffirmed what I learned early on, government issued fiat has no value other than what individuals believe it has. Bitcoin is no different in this regard, and I think that is it's biggest strength. Once people grasp the concept that money is nothing more than a general consensus of value something holds. The biggest difference between government issued fiat and Bitcoin was that it does not allow for manipulation by a single entity, at least not very easily. It is always possible to manipulate anything with enough effort, and those of you that have been around long enough know the whale games and exploits of individuals to influence price. I don't see this as a bad thing overall, because if something is worth stealing and manipulating, it shows the value is truly there and I would be infinitely more concerned if people didn't try to steal Bitcoin or manipulate it for profit. Where bitcoin pulls far ahead of fiat is that inflation is taken out of the equation. Misinformation is always available for pretty much anything, but in crypto it is much harder to hide obvious signs of manipulation, like per say a government printing trillions of dollars a year to pay for debt it accrued to other countries, because ultimately the country is insolvent and cannot pay it's debt by legitimate means. Obviously I'm referencing the United States in this regard, and ultimately this is only possible because the USD has been held as a global reserve currency for so long that it is basically spendable anywhere in the world. If the USD was only printed by a open nonprofit third party company, and only replaced defunct bills instead of printing extra money, I may have never jumped into the crazy idea of "invisible computer money" to begin with. The thing about Bitcoin and other cryptocurrencies using a public ledger means that everything that happens on the block chain can be readily audited. Ethereum advocates know this most recently when it was discovered that someone was siphoning funds from the DAO. Ultimately things are stoppable before they are aloud to continue and you don't have to worry about "who" stole (or didn't steal, depending on your perspective) the funds. The facts are that the funds are traceable to the extent that you know where they went, and they can be followed, so that if a person tries to get away with something that most view as unacceptable, people are aloud to make up their own minds and proceed accordingly. What people don't realize is that inflation of fiat currency is basically the same thing in principal. It's working as intended, just to your detriment if you hold said fiat. The DAO attack didn't hurt Ethereum, the bailout of certain greedy individuals did. If anything, the DAO attack showed that Ethereum was working as intended and that hastily accepting the idea of future profits without reading the fine print is not a good idea.
Ultimately my thoughts are that crypto is taking the control of perceived value out of the hands of governments, who are ultimately slaves to the global banks, and dictate it's value to its' slaves (the general population), and returning it to the people that put their faith into currencies in the first place. The fact that so many coins are holding such high market values at this point is further proof that crypto is the new standard for currency in the future, and it is allowing people to vote with their own perceived value of a coin. This is no different than people paying 1.3 CAD for 1 USD, or 1.4 USD for a GBP, and ultimately we can still do anything with crypto that was done with fiat, just better, usually faster, and without a doubt, much more transparently. For example just like the GBP was tied to the Euro, as well as many other European currencies, many coins tie their value to central coins, such as Bitcoin, Ethereum, or Monero. This means that you have a way to judge the perceived value of something based on the general consensus of people's faith in something more stable over the long term. Sometimes people lose faith in one currency and decide something else has more value, and in a truly free market, this is how things are supposed to operate.
I will get more into my thoughts on individual coins in future posts, but I wanted to clear up my overall views on crypto to hopefully help individuals unfamiliar with crypto or afraid to invest "real fiat" into "imaginary money," and also hopefully convince the people that will surely dislike some of the things I say in the future that my critiques are honest and not necessarily an indication of my personal standing on a coin. My first critique will be the current state of Bitcoin, and what I think it's biggest problems are as of the current time. If you think this is in direct contradiction to my statements in the second paragraph, then hopefully you will read my next post and get a better understanding of how I can be long term invested in crypto and negatively critique a coin that holds approximately 85% of my "net worth."
Hi. Thank you for the interesting read. Do you listen to Neocash radio?
I haven't, I will check it out. I will point out before I do, that if it's investment advice, I don't listen to other people's investment advice :P
Neocash is more of a news show. I think they make a point of not advising. ;)
Awesome, I'll definitely check it out then. I feel like people are ultimately so used to hype/FUD at this point that any critique of a coin is viewed as FUD and pointing out the positive is just a pump tactic. Ultimately I view crypto as a whole as the abandoning of a system designed to use almost every human as a slave to a system that keeps a few families as the ultimate power players in all economic and political decision making. I believe JFK was assassinated because of his threat to expose this system. Ultimately it serves little purpose for me to promote crypto on the wrongs of external factors when it has more than enough merit to stand on its' own. Crypto is the future and it's hilarious hiw governments don't really know what to do about it. I appreciate the Japanese approach to crypto, and I find the US reaction of pure inconsistent indecision amusing. New York considers it an asset, most states don't consider it at all, and court rulings have been mainly favorable at this point. I am working on my solid Bitcoin analysis as a whole and hope it turns out to be a quality read.
This would read much easier if it had more paragraph breaks and was edited to not be a wall of text. Just my two Satoshi.
Ya, I learned a bit about markdown for my second post. Sorry for the text wall, and although the next one has better formatting, it's still a lot of text. I will get it eventually. :)