Too late for crypto to save us

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I am the author of the widely-read article “Bitcoin is the red pill of freedom“. I was awestruck by the prospect of an interest-free, non-debt, non-fiat currency being embraced by humanity as early as 2012. I bought my cheapest bitcoin for $68. I have traded it for almost 8 years now, and have taught countless others how to do the same.

I saw it not just as a tool for freedom, but an asset that might make alot of people wealthy. The latter came to pass, but the former likely never will. Even the latter will likely disappoint, as so very many of those I watched get wealthy in 2016-2017 gave it almost all back to the market in what can only be described as a gigantic heartbreak for humanity. Greed and arrogance destroyed so many nouveau-rich btc traders, in what can only be described as tragic for humanity as a whole.

Why tragic for humanity as a whole? Because when I say they gave it “back to the market”, what that really means is that they gave it back to the whales who again own almost all the coins.

Now, of course I understand that “poor men want to be rich, and rich men want to be king”. But the whales in their wanton unfettered desire to be king did not understand that the only way that bitcoin could ever become a widely used currency was for it to become widely owned. By using their market strength to take back 80-90% of the coins in the last 2.5 years, they shot themselves, and humanity, in the foot.

Back in the early years they gave btc away for free. I bet some of you youngsters did not know that. There were “btc faucets” widely available. You could visit websites and get btc for free, literally. You just entered an address and clicked a button… The whales understood at that time the necessity of humanity actually owning bitcoin, if the experiment had any hope of success. That insight was lost in the frenzy of aspiring to kingship a few years ago. Today, there are many people with <1 bitcoin, and but a few with >100,000.

How is that any different than the current fiat environment where there are ~ 200 families that own 95% of the planet? It isn’t different. It’s exactly the same. The whales, in their race to become king, ruined the dream, imho.

I have little doubt there is still money to be made from trading bitcoin for the next year or two. But if it is never going to replace fiat, then sooner or later a fiat crypto will steal its thunder (probably sooner). Maybe a digital yuan or a digital FED dollar. And just like that, the dream of freedom that bitcoin once offered will be gone. At that point, who knows, maybe bitcoin really will go to $0. Not this year, but maybe within a few years.

And what about all the alts that had such lofty promise several years ago? Not a single one has a working product yet? Really? How is that even possible? If a company like Civic had lived up to it’s promise, who knows the benefit that humanity might have gained. But they didn’t, just like almost every other alt, which is languishing in deathly silence. The banking families will roll out their own civic-like product in the near future, in the form of injected micro-chips, probably. Lost opportunity….

Remember how XRP was going to change banking? They might have had success if they would have adopted a more revolutionary approach. But by taking the “safe” path of trying to assuage the world’s biggest thieves, the banksters, they have lost any chance they had. Very soon, those banksters will roll out their own xrp-like solutions, and it will all be centralized, with no transparency, require KYC, and of course, be subject to taxation and other forms of governmental theft.

I have long been a fairly optimistic guy. But I am beginning to see that I was a bit naive. In the absence of crypto as a tool to free humanity from the cult that has managed to enslave us, by charging interest on the money we wrongly believe is ours, I see no other avenue out, other than revolution, which is exceedingly unlikely to succeed.

The glasses John Lennon was wearing when he was murdered in front of his apartment in 1980

Regretfully, revolutionaries and dreamers with enough followers don’t seem to live very long these days. I’m not advocating giving up. I’m just saying that our window of opportunity to escape our fate is closing quickly.

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