Financial Warfare: The Coming Battles
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Right now, the cryptocurrency armies are marching towards a battle.
With Bitcoin acting as the lead element, we are less than 24 hours from the opening shots fired in the coming battles over the future of cryptocurrencies in a financial world tightly controlled by central banks and the laws and regulations defending them.
At 2200 GMT on this day, the 10th of December 2017, futures markets will officially open at the Chicago Board Options Exchange and institutional finance will undoubtedly open a volley of fire into the market price of Bitcoin in order to prove to the whole world what they all already know -- Bitcoin and other cryptocurrencies aren't really backed by anything and its a Ponzi scheme in need of being destroyed in order to protect everyone from being scammed.
If you're reading this on Steemit, chances are you know what the Crypto Armies are thinking: Now is our chance.
Those of us who have been involved in this space for a number of years (or months, depending on how quickly you learn) should see this as an opportunity to absorb the assault. The proposition of Bitcoin, and any cryptocurrency running on a decentralized blockchain, is a peer-to-peer exchange of value with no need for trusted third parties. Truly, the Internet of Money, as Andreas Antonopolous has famously coined.
However, I'm beginning to wonder if Bitcoin can truly absorb the volley many know is coming.
But right now, the equivalent of $12 is the recommended fee for a simple Bitcoin transaction and there's no guarantee it will be confirmed in the next block... or the block after that... or after that. The Bitcoin blockchain is rapidly becoming unrecognizable from when I first started using it.
Exchanging funds in person is painful because you spend half your time staring at a block explorer hoping your transaction gets confirmed in the next block so you can both go about your business, know that you each got what you wanted. Meanwhile, both parties are thinking "I wonder which bureaucrat I need to report this transaction to in order to avoid being prosecuted?"
KYC/AML laws effectively cut off all avenues of approach, leaving average people limited to Coinbase. Everyone has seen what happens when Coinbase goes down for even 15 minutes.
Right now, Institutionally Funded Bears like Jamie Dimon of JP Morgan are salivating at the thought of a thousands of dollars per BTC being bled out of the exchange rate in order to be handsomely rewarded in USD when their put options settle, if for no other reason than to prove their point. This will be a chance for revenge in the eyes of some.
These are the stark realities the crypto community needs to face and come to terms with, and quickly. Those who are standing on the sides, wondering what to think are reading rather objective analyses like this and wondering if the term 'Tulip' may be appropriate. Psychological warfare is a powerful tool.
Knowing your weaknesses is crucial, as is knowing your strengths. The Crypto Armies still have a powerful ally on their sides -- Vires in Numeris.
Despite the seemingly insurmountable challenges facing the community from the beginning, up to the point where someone decided a pizza was worth approximately 10,000 BTC, Truth in Numbers stands as a beacon that shines on anyone who spends enough time to understand what is really going on behind the crypto-curtains.
There is a future in this.
The technology behind Bitcoin isn't JUST a blockchain... its a growing network of individuals who want to truly own their assets and know with certainty who is creating more, when, why, and how much is being created.
Understanding cryptocurrencies requires, at minimum, base knowledge in cryptography, computer science, economics, psychology, and business. It changes your mentality on personal security when you become your own bank. It makes whatever shackles you have on you jingle just a bit louder.
This is the danger the Institutional Finance Bears face, even if they don't realize it.
Bitcoin is going to be the 'first through the door' in this coming war. It may survive, or it may be crushed under the weight of future market traders putting every ounce of capital into making the charts bleed red. I suspect there are a few regulatory tricks from lobbying up their sleeves as well. Expect a one-two combo punch.
But what happens after those first rounds are fired is always an unknown. Strategists can wargame and plan all day long, which is wise, but its impossible to know what the battlefield will look like afterwards.
This was a great sentence combination. It gave me chills. "It changes your mentality on personal security when you become your own bank. It makes whatever shackles you have on you jingle just a bit louder."
Exactly what stood out to me as well when reading, among other excellent literary devices.
Glad you liked it... broken clocks can be right sometimes etc etc :)
Hi there, @blakemiles84 There is much value in your post. We are from The Curator. (A post style magazine on Steemit) We do curating for informative, creative, entertaining, yet undervalued posts. We love your fantastic post. And we feel that it is undervalued. We would like to share it in our magazine. But first, we would like to ask for your permission to add your post to our next issue, With a picture from your post. That we will use as a thumbnail, We will share a portion of the post gifts. With the posts that we share in the upcoming issue. If you agree to this. Please let us know below this comment. At your earliest convenience.
Thank you. PostHuntress, @the-curator
And keep on Steeming your informative posts.
Apologies for the slow response. This is a great idea and I'm honored. Please do!
Thanks!
Thanks for the post @blakemiles84 I think we are living in an interesting time, do doubt there will be some storms to weather, my big question and alot of what I have to do for work in the real world involves the question >Meanwhile, both parties are thinking "I wonder which bureaucrat I need to report this transaction to in order to avoid being prosecuted?" I want to find the best way for us to be able to bring cryptocurrencies into the mainstream but I don't think it will happen without the right tax laws, I'd love to get your opinion on this too if you have the chance.
news is driving the fundamental adoption of cryptos by talking about bitcoin. the more they talk about it, the more people will take the bait and actually research what the hell it is. of that amount, a good number (of the more technically competent ones) will have the same paradigm shift we all had and jump on board. of that amount, a good number will stumble onto things like steemit, or other user friendly cryptos and begin using based on their own desires and demands.
on the flipside, i think a number of people will learn about crypto from seeing places like steemit and getting involved, almost from the inside out (as opposed to my previous 'user flow').
then you have the whole unbanked population that don't even have time for stuff like blogging that could jump on board as time moves along and increase the velocity of capital and content through steemit and other platforms.
taxes will adopt to crypto, not the other way around, imo. its simply moving too fast for regulators to keep an active handle on it without forcing marginal operations from slipping out of the clenched fist of bureaucracy. i'm not personally advocating that, because i have a firm desire to stay out of prison, but its simply the end result of any prohibitive regulation.
great question.
Personally, I'm tired of people having short-term memory of where Bitcoin was 3 months ago, vs the highs it reaches.
There is no such thing as a bubble when you stare at it each day.
Those of us (like myself) that have watched it over multiple years know when it's value is going super crazy (much like I wrote about in my last blog post)
...so you asked...
Yes I do. I'm waiting and expecting for Bitcoin to hit $25,000 USD come March or April 2018 and it will get there.
slow response, but I hope you didn't interpret what I wrote to be negative in any way. just wanted to get a snapshot of the current mood in the ecosystem. over the past 8 days, I haven't been surprised by the direction of anything.
Thanks for reading and being on my side :)
I am happy to know that the army to which we belong, every day has more faithful believers and promise to stand firm.
although the uncomfortable part is seeing the chain of blocks complete. a few minutes that seem like an eternity.
On the other hand, JPM the enemy seems to play a game with two uniforms. $$$ vs BTC
I just got into this community (both Steemit & cryptocurrwncy in general), although I've had my eye on bitcoin for several years now. I've definitely taken note of the potentially glorious future this concept can bring us, and, of course the "otherside" sees how much of a threat it can be to the current paradigm of finance.
I have high hopes for this community. I think majority of the population has been fed up long enough; and we will be standing, ready to fight back with every last breath we have.
Here is to a hard fought victory that will be waiting for us in the upcoming days!
Welcome to steemit. And yes. It will be glorious one day!
I see it as an opportunity to see what coin will survive one day. I dont think bitcoin will dominate the market. It makes no sense except buying new cryptos that are more effective like dash or ripple. Or even iota (if it can really hold up to its promise and work well enough)
So it will be very interesting to see what happens .
Welcome to steemit. And yes. It will be glorious one day!
I see it as an opportunity to see what coin will survive one day. I dont think bitcoin will dominate the market. It makes no sense except buying new cryptos that are more effective like dash or ripple. Or even iota (if it can really hold up to its promise and work well enough)
So it will be very interesting to see what happens .
while the war is going on, steem seemed to be in a very attractive price now, get more of steem before it shoots up !
we have seen sbd shot up and it will be time for steem to rise up next
Bitcoin is gng nuts ....and with it the whole market...Nowadays.....the rise in BTC has prompted investors to reconsider their decision of investing in the centralised currency
https://steemit.com/water/@tjunaidi/guava-tree-water-red-fruit
Bagus....