208
Being relatively new to the platform, I'd like to start by conveying my sincere thanks to authors and commentators on PUBLISH0X for their broad range of thoughtful, helpful and timely articles on crypto and the world around us.
Crypto might just be binary code, the oft-mentioned ones and zeros, however it's clear that contributors here and elsewhere assert that it's much more than that, and the sheer numbers associated with it, whether that be the accumulated financial value of coins, tokens and assets or the almost exponential growth of NFT as the desire for pixelated art continues, this 21st century phenomenon isn't going away any time soon.
Of the many thought-provoking articles that have caught my attention, two have been rolling around in my mind. One is based on opportunity, the other, more loosely, based on freedom and risk.
Although I may be tuning in late to the series, I have been considering the straightforward and optimistic approach of Austras in their article, “I use Publish 0x to become a cryptollionaire"[1], with the intention to use their Publish0x rewards to reach one million US dollars.
At first glance I thought this was a ridiculous and unattainable proposition as most of the articles on Publish0x seem to only reward their authors a few cents, perhaps a few dollars. Nevertheless, the more I thought about the notion of creatively stretching and managing those few cents using innovative and generative crypto asset manipulation, the more I thought that it was quite simply an incredible idea and that as all journeys begin with one little step, I should step alongside to learn and be open to the possibilities. It’s clear I need a crash course in the finer point of using DeFi effectively.
If that article presents the opportunity, then the other article by Thunderboltkid points in the direction of risk, and if you didn’t catch it, take some time to (re)read it, as it presents a well-researched, nuanced, prescient perspective on the issues facing crypto and what aspects need to be kept in mind if we are to ensure that freedom is indeed cojoined with crypto:
“CRYPTO TKO ISSUE #015 Kraken Power: The RIT + PAXOS Borg vs ‘The Atomic’ Option“[2]
There’s so much information there, especially as you go deeper into the article, however as a long-term client of Kraken, I could not get passed the inclination that, with their new investor on board, the level of discernible risk has increased and my perception of their trustworthiness has reduced significantly.
I kept telling myself that I was over-reacting and that much of what I had read about their new investor was surely wrong, but morality comes from the gut and my gut kept telling me it was only a matter of time before I had to exit Kraken as an exchange provider.
The more I thought about this - and having joined Kraken as a refugee from MtGox in 2013 - the more I realized that other than initially liaising with the bankruptcy administrator to ‘help’ those whose funds has been stolen when the Japanese exchange was hacked, Kraken seemingly haven’t lifted a finger to further assist those caught up in the infamous exchange hack. Reflecting on this and the now eight years that has gone by, even before the new investor came on-board, there was very little assistance or client care extended to customers who still have coins in limbo while we watch the trustee, representatives of larger investors and other interested parties duke it out at a snail’s pace, seemingly aiming to delay any repayment to smaller individual MtGox participants as long as (in)humanly possible.
Therefore, the ‘idea’ of regulation, that somehow investors are ‘protected’ by whatever laws happen to be on the books at any given moment, are only as strong as the parties involved, and as Thunderboltkid quite artfully expresses this complexity, “...you are defined by the company you keep, the money you use and the services you employ..."[3].
Balancing the unquestionable opportunity with the known, unknown and unknowable risks that crypto presents is a moving target, it's one thing to say you'll walk the walk, but without the ideas and information presented by the contributors here, it would be far more difficult.
The crypto landscape moves fast and there's always more to know, so again I would like to express my appreciation and thanks to all at Publish0x who take the time to share their thoughts here, it really is very helpful and very much appreciated.
Go well, fellow cryptoheads, go well.
[1] https://www.publish0x.com/journey-through-shitcoins/i-use-publish0x-to-become-a-cryptollionaire-week-3-xzngzzg
[3] Ibid. Fourth last paragraph, sentence abbreviated.
