CryptoCurrencies are volatile, unpredictable and very interesting

christiaanmulder (36)in #bitcoin • 7 years ago

When FIAT & CRYPTO Colide

Last month, an article from Keneth Rapoza layout the Chinese influence on the Crypto market in recent weeks. The title itself, “What China Ban? Cryptocurrency Market Cap Rebounding“, got me curious and reading through the article I started to wonder what the agenda behind this ban from China (temporary or not), is actually all about?

Maybe this is a good time to convey my motivation with regards to writing this blog. In previous posts, I did mention that my opinion will be based on hard questions. Since I started to look, with more focus on this industry, it became quite clear from the get-go, that there are just way too many loose ends from the current financial (fiat) system, that the cryptosystem is not only taking head-on, but has furthermore the potential to totally overcome and be better at it in the end.

Sure, there are teething problems. As with any new technology, there will be. And in no way do I suggest that this is a perfect fit for us, especially while we are stuck in a ridiculously difficult financial mess, globally. But, and here is a very strong statement; like most, I have surpassed the level of unsatisfactory frustration with financial institutions, not even to mention the government. And why are they mentioned? Because they are the “middlemen” that govern our money and will be referenced to by the same term in posts to follow.

For sensibility, I’m going to move on from this subject, for now.

For those new to CryproCurrencies, back in 2008 Bitcoin was the first CryptoCurrency created by Satoshi Nakamoto, which is a mythical entity in his / her / their own right. That’s right! To this day, we are not sure who is actually behind the creation of the first CryptoCurrency. Many have claimed the title without success, but the important fact to keep in mind is why Bitcoin was actually created in the first place. )

So briefly, 2008 was the crack in the foundation for our most recent global financial meltdown. And it was during these frightfully “first days” that Bitcoin was birthed. Although I personally would like to see the formation of not only this currency, but also the technology that it operates on (blockchain) as a challenge to the current establishment, I am yet to find evidence to support it. However, and here’s the actual point that we should not allow to be diluted; CryptoCurrencies can do what fiat currencies can do, but only better. And this, without the influences of the middlemen (that word again)!

So, back to my initial point today. Reading through the article by Keneth, it became quite clear to me that China has an agenda. First, the ban on ICO‘s was followed by a total ban on all Chinese crypto exchanges (platforms from which fiat currency can be exchanged for CryptoCurrency – have a look at ICE3X for more information on this). This resulted with Bitcoin, in particular, taking a dive in value.

And now, we’ve reached the point in which I’ve been building up to. Since I started to follow this industry, it has become quite clear that CryptoCurrencies is volatile, unpredictable and very interesting. And here’s why…

Each time a curve ball is thrown at it by the middlemen, CrytpoCurrencies seem to have a way to claw themselves back into the driving seat. And after the Chinese bans, guess what? Crypto is coming back again… This is the reason why I am so excited about this innovation, that turned into a vibrant and sustainable industry that has all the potential to change our lives drastically and in a very good way.

What lays ahead? No one can say with the utmost of certainty. However, none of the previous inventions have had this security in the pocket at the time of their inception. What is important, is that you and I should ask ourselves the basic and most relevant question today; are we happy to let the middlemen still run our finances and in fact steal from us (in a very politically correct manner, of course). Or are we as a society going to say ke nako?

“Ke nako” – the official slogan of the 2010 Soccer World Cup, which means “it’s time” (taken from the language of a native South African tribe).