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Hello readers, it's been a while since I last wrote. Real world obligations you know.
Among the events that were unfolding with Evergrande, with tether, with El Salvador and US regulations, you know by now, me being me, was taking advantage of those macro elements. Along the way, I was knee deep in Cardano. From cNFTs (NFTs on Cardano) to the launch of smart contracts.
In the midst of all this, I also noticed Solana getting a lot of momentum. I won't get into why I think Solana isn't the best protocol from a "crypto currency" perspective. But I will give it credit from a blockchain perspective. Having all that ownership in the hands of a few, enough to the point of just shutting down the entire network for a few hours, gives it credibility in traditional finance. So in terms of profits, yes I think it can be profitable if chasing FIAT is your ultimate goal.
Speaking of fiat....
I've always said, selling your crypto for fiat is akin to sentencing yourself or your offspring to a life of servitude. You may get a house or boat now, but when these blockchains start hosting financial services, identities (coming to a chain near you!) and start voting via "DAOs" or consensus mechanisms for regulations (not just protocol upgrades), you've just handed over all your power to the same institutions you're blaming for the current financial climate.
Watch the youtube video by Coin Burue for an explanation, fast forward to 11 minutes mark to really understand what can happen. (Link at the bottom of this post).
TLDR- A real bank can simply buy the majority of crypto, today, and pass any proposal it wants because of DAOs and / or consensus mechanisms. At the moment, the entirety of the crypto markets TVL is less than 3 Trilion. That means today, if a few banks worked together, and really wanted to, collectively, they can buy all the crypto in existence. Then pass measures for whatever they wanted. Such as minting new coins, burning coins, shutting down the network?
They would end up exactly in the same fucking place they are now, with even more power and control.
Now look, I can't always be pointing out doomsday scenarios for everybody because, if we are apes who want to eat a banana today vs having some seeds left over to plant, then fuck it. it is what it is. But I am going to leave you with a question that I hope you can take some time to really consider seriously.
Why are some cryptos divisible up to 12+ decimals places?
We went from earning whole amounts of BTC using one computer to barely fractions of a BTC using a entire warehouse. As of today, getting ONE BTC is well above the median average income, for most developed countries, including the US.
If you haven't purchased a full BTC by now, and unless disaster strikes in terms of pricing, chances are you never will.
But if BTC does become a global currency, then you'll be working 15+ hours to earn..... wait for it..... .05 BTC per year if each BTC = $1,000,000 And lets be real, that's a conservative number if it does go global.
If we divide that by 52 weeks, you'll be earning 0.00096153846 BTC per week.
Does that start to make sense now? and that' s only 12 decimal places. Mark my words, there will be motions passed to fractionalize even more. (Side note: even NFTs are being fractionalized as synthetic assets RIGHT now, more on this in separate article).
And yes I know BTC is divisible "only" up to 8 decimals places, so for BTC example it would .00096153 per week.
Of course this principle applies to all cryptos. Not just BTC. A lot of people compare BTC to aol, but dynamics of internet still remain, long after AOL went extinct.
So yes, for every cent you take in terms of FIAT today, (depending on how fast fiat implodes, or you spend it) is how many YEARS you or your children are going to have to work to make it back.
The next time you think the term HODL is some meme of someone so traumatized, who can only refer to one thing (fucked up on so many levels btw) remember, it actually points to those who want to have a voice someday. And mark my words, in the next 10 years, everything from your birth certificate to your salary will be on-chain. Your reputation on-chain. And those who hold the most coins of said chain, will have the most power over how our lives will be dictated.
Dystopian fears aside, I will have a full breakdown of why I think ADA is the least controlling of all these chains, and why it will be at the forefront of the digital identity. What kind of value it will add to your life if you play your cards right.
In the mean time I encourage my fellow cryptonauts, to tow the line and stop thinking fiat. Start thinking about the future, and what holding these coins can mean, the difference between getting a loan for a new business or being denied. The difference between getting a visa to a different country and being denied. The difference between being a person or being a statistic.
Your , H0DLing, on & off again crypto blogger,
P.S.- I read a book called "The new digital age" By Eric Schdmit and and Richard Cohen.
READ THIS BOOK IF YOU WANT TO HAVE A FULL UNDERSTANDING FOR HOW CRYPTO IS ALREADY MOVING TOWARDS THE FUTURE OUTLINED IN THIS BOOK. (Link at the bottom of this post)
https://www.livemint.com/companies/news/give-amazon-and-facebook-a-seat-at-the-united-nations-11633244907926.html
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
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