If you're a cryptocurrency manager, entrepreneur, or any other influencer in the industry, you're probably out of luck right now. You were hoping and planning to recover in 2022 after 2023, which was a disastrous year as we all know.
After a massive drop in the value of global cryptocurrencies - a 74% drop from $3.2 trillion in November 2021 to $835 billion in December 2022 - you've seen a slight increase to $1.18 trillion. So go ahead. Given how you can manipulate the coin's supply, control its production, and manage its trading, you'll certainly have reason to expect a great year. Maybe not a Sam Bankman-Fried year, but a great year nonetheless.
Charter... Finally
Well, just as the party was going on, some unexpected guests arrived: regulators and other government officials, long overdue. And they won't go away. The way you did, is that a surprise? You may not have seen it coming, but wasn't that the other shoe that hadn't dropped yet? You knew this was going to happen at some point, didn't you? Not until there's more monkey business, right?
Don't take me for a fool. I also know that cryptocurrency is here to stay. Therefore, the future is never the same as the past. But I also know that while a select few have made a ton of money on crypto exchanges, many have lost their shirts so quickly they can order a new one on Amazon Prime. In every market or stock market there are winners and losers - like the Grateful Dead of St. John's Day, we remember: “Speak of your abundance, speak of your need; A man reaps what he sows."
But why did the SEC show the regulators? And why were fines and other penalties imposed on cryptocurrency lending companies? At the same time, why did federal bank officials issue tough policy statements that made it difficult to participate in the mainstream banking system? But why expect more action if you're not innocent?
Rules: What a shame!
Because you don't play by the rules, and the few rules you do have are rarely rules, you love spin, transparency, and decentralization. This presentation is fine for the gullible, but in practice it opens up all sorts of tricks for shady and/or nefarious players (no less than Bankman-Fried). And kidding about decentralization, who falls for it? There is a lot of historical evidence to support the idea of centralization, and here are some.
5000 years of money success
In the 5,000-year history of the currency, decentralization has never worked. The success of a currency and exchange is that two or more parties trust the transaction of the currency with a fixed value and those who manage it. They were not people like Sam Bankman-Fried or organizations like FTX.
As early as 3000 BC in Mesopotamia, when coins were established as a representation of value, great attention was paid to their minting. Rules were made and followed, and rules and scores were respected. Treasuries, perhaps in the form of coins, eventually became the forerunners of what we call central banks, enabling trade routes. In general, the success of currencies over the years has not been achieved through decentralization, but rather through closer alignment of currencies. Have global institutions and systems been built and honorable behavior formed during these five millennia? Come on, they can't take us to doomsday.
Crypto executives and industry associations circle the wagons and claim they are under attack – a prime example of chutzpah. This, in case you didn't know, means nerve in Yiddish, actually unstable bile. A classic example of chutzpah is a man who kills both his parents and then begs a judge for mercy because he is an orphan.
Regulation and compliance are essential for cryptocurrencies to remain a player in the global financial system. Otherwise, hordes of angry and disaffected government regulators and regulators won't go away.
some groups