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Is Individual Crypto Going the Way of the Dodo?

This is The Block. It's 2022. The world we know is still here. Nuclear war with North Korea never hap

The Block

May 31 · Issue #47 · View online
Weekly curated #cryptocurrency news and commentary.

This is The Block. It’s 2022. The world we know is still here. Nuclear war with North Korea never happened. China is still ascendant. The U.S. still dominant but fading. Europe is… well, Europe. Africa has come a long way, but still has a long way more to go. South America is robust, though still troubled.
And cryptocurrency has gone nowhere.
That’s not to say people don’t use it, or trade it. They do, but it’s a mere fraction of the total population. Less than 1%, in fact. No killer apps emerged to steal the stage and win the hearts of secret libertarians embedded in the deepest strata of society. No practical use for crypto ended up being found–not really. All that 2017/2018 stuff was flash and glitter, the promise of a balloon filled with air, slowly deflating over time.
What if crypto’s fate is to slowly move out of the hands of individuals and into the corporate realm?
It’s clear that blockchain technology has a purpose, and its use in corporate environments, while yet fully untapped, bears unmistakable promise. Corporate ledger keeping, shareholder transparency, cross-currency payments, account auditing on the fly…. all these possibilities and more are clearly good fits for enterprise-level applications.
It’s possible that the future of crypto is not in the hands of individuals wishing to wrest control of their financial future from the banks, but in corporations who wish to capitalize on the trustless system created by the blockchain to engineer PAAS or AAAS.
It’s also possible the future of crypto is co-opted by the government itself. One can imagine FedCoin (not that hard, it’s being imagined now), but plenty of other government applications exist. Imagine taxation being completely automated, with blockchain and smart contracts and dApps performing flawlessly, trustlessly, in the background. Or imagine government spending oversight. Every transaction monitored and publicly available. A pipe dream, perhaps.
But in this speculative future, perhaps crypto in the hands of individuals makes as much sense as me owning a bulldozer. It may seem cool and even edgy to wonder what it’s like to decouple from society’s traditional financial engines, but what is the point if everyone else has stuck with the status quo. Why bother owning crypto if the only person using it… is me?

Food for Thought
Things Americans are allowed to legally purchase:
- state sold lottery tickets
- diet pills
- timeshares
- casino gambling
- payday loans
- rent to own furniture

Hedge funds & venture capital funds which are reserved exclusively for Congress members & other rich people.
Did you know Bitcoin has 44 forks (and counting). That’s a lot of silverware for a supposed “gold alternative”.
Speaking of gold, Bitcoin fork/spinoff Bitcoin Gold suffered a 51% hash attack (see above), costing exchanges millions.
German law enforcement gained $14 million from an emergency sale of Bitcoin.
Investors are arguing that Bitcoin is a bellwether for the larger market.
And president and dictator for life of China Xi Jinping has endorsed blockchain technology.
Links of Note
Ripple CEO says Bitcoin is like Napster: an important flop.
What to Do If You Forgot to Report Your Crypto Trades On Last Year’s Tax Return
Ben and Jerry’s serves up a scoop of sustainability with blockchain ‘carbon credits’
Walmart Files Patent for Blockchain-Based Customer Marketplace
'Pew Pew' Goes the Blockchain
Bitcoin Could Be a Problem for U.S. Security Clearances
Alright, that’s it for this week. Thank you for reading!
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