Too late for the BTC dream

It was ~ 2014 that I penned “Bitcoin is the Red Pill of Freedom”.  At that time I had hoped that the fledgling initiative would become widely used by enough people that it would no longer be necessary to ever convert to fiat.  If that were to have happened, people would FINALLY be free of the FED after more than 100 years of slavery to a private bank that has been stealing without stop from just about the entire planet.

At that time, circa 2014, it seemed that the bitcoin universe understood it was imperative that pretty much everyone needed to actually own a few BTC in order for the experiment to succeed.  There were BTC ‘faucets’ widely available online.  One could go to a website and simply click a button once a day and get BTC sent to their wallet. 

But something happened that sent the project off track.  The 21 million coin limitation backfired.  It was originally thought that the deflationary construct would be instrumental in maintaining BTC value.  But that limitation combined with the fact that millions of coins were being lost each year by new users who received coins and then forgot their passwords to their wallets, etc, meant that in fact the limit on BTC was really closer to 10 million than 21 million.  And that, coupled with mankind’s innate desire for “more” led to the coin losing it’s original purpose.  It quickly moved from being a medium of exchange, ie a form of money, to a “storehouse of value”, as users horded their coins and sought to become wealthy as price climbed inexorably higher.

Many DID get extremely wealthy.  But in the process fewer and fewer people, (as a percent of humanity), actually bought and/or owned the coins.  Even worse, fewer and fewer people used the coins to actually buy things. 

It was imperative that tens of millions of people, maybe hundreds of millions, actually spend their coins every day, for the project to yield the freedom for humanity that it once offered.  That never happened, and I dare say it looks like it never will.  Absent a global give and take of coins in commerce on an almost universal scale, it became necessary to ‘convert to fiat’ to actually use the value in the coins.  And it is in conversion to fiat that the FED wins.  You see, they OWN the fiat currency, and have the right to impose all manner of restriction upon it’s use.  Hence the rash of restrictions imposed by every ‘licensed’ crypto exchange whenever one converts.  (Read Red Pill for clarification.)

That’s where we are today, after 13 years of the experiment.  The coins are priced WAY WAY WAY too high for most of humanity to actually buy them, users horde what they have, there haven’t been any BTC faucets for almost a decade…

The time for global acceptance of a digital currency has arrived.  People are more than ready for the convenience it offers.  The world’s central banks are preparing to release their own versions, as are tech giants like facebook.  When these are issued, they will be cheap (~ $1 for a $1 coin), almost free to use (compared to HUGE fees to send BTC and ETH) and EVERYONE will have access to them.  Even though most people will understand that they lose their privacy by using them, they will opt to use the coins that cost $1, and that almost EVERYONE else uses, rather than spend $63,000 for a coin that almost nobody actually uses.

It pains me greatly to pen these words.  Barring a surprising NEW development in the form of a coin that can actually compete against the FEDcoins (and other such) in the VERY NEAR future, it looks to me like the FED will win, yet again. At some point, I hate to say it, BTC will likely go to zero, or close to it.