All hell was let loose yesterday as we woke up with stories upon stories from Elon Musk, $BTC, $FEG and Chinese investors pulling out because of what I call misplacement of priority. Don’t get me wrong with my last statement. My reason for saying that is because the world should have grown beyond sentiment when it comes to cryptocurrency and anything that has to do with it. Just because a developers comment does not go well with your societal views do not me that the project is not worth the investment move. Does it mean that if Vitalik Buterin does not talk well about my country I will now pull out of $ETH, won’t that look funny? It is a well-known theory that a businessman looks at profit first before making any move to invest in any business. This is the time for us to look at the business from a global point of view if not we may wake up one day and find out that one man somewhere has taken over the entire sphere.
I understand that one of the important aspects of cryptocurrency is its decentralized form which enables everyone to have a level playing ground but with what happened yesterday, everyone will bear witness to the fact that all may not be well if nothing is done to stop any reoccurrence of yesterday’s event (FUD) which was caused by few individuals. The pertinent question to ask is; how can we stop this kind of FUD from happening?
The Role of Government of the World
I strongly believe that if the government of the world does not look inward to know what goes on in the crypto sphere by making policies that can mitigate against autonomy, the crypto sphere may find its path into a full-blown autocratic system or better still it may take us back to the Feudal system of government, where the landowners are the lords. Imagine if a man can cause such a significant rise and fall in the prize of a given token, then it means that if nothing is done, such a man can become a lord over others and in time modernized slavery may come back to the limelight. The government of the world should come together in a bid to make biding policies that can mitigate total control of the crypto sphere by a few. We may not understand this but I believe that with the growing trend, we may find ourselves in a time where the decentralized market will be controlled by a few which for me is no longer the essence for the creation of cryptocurrency.
Lack of Adequate Security on Investments
With the event of yesterday, a lot of people were forced to either sell at loss or gain even if they did not want to do so. What does this tell us? This means that the volatility of the crypto market can be caused by few individuals who may decide to tweet or make a social media post that can cause unwanted FUD in the market they can do this at any point in time without given prior warning to investors. If this is the case then, developers can rug pull their project any time they want leaving investors in the pool of their tears. If the local currency (fiat) could have a standard security network that makes it almost impossible for anyone or a group of persons to devalue its worth then, the crypto sphere with its mechanised system of data storage can do even better. The event of yesterday calls for more carefulness on the side of investors to avoid a heart attack when such a thing happens again.
Enough of the FUD story even though it would have caused me a lot of damages if not that I decide to be a bit patient.
Hurry My Fiancée’s Birthday is Today
As of yesterday afternoon, I was already perturbed because I had already promised her that I was going to send some money to her, for her to go have some fun with her friends since I was not going to be available due to circumstances beyond my control. By the time I saw the red that swept over the market yesterday, my heart skipped and I began to wonder what would happen if the market does not pick up by today. I could imagine myself feeling to fulfil the promise I made to her especially on this very important day of her life. What that means is that she will always remember it each time another birthday approaches. I prayed all through the night, hoping that things will come up a bit even if not up to 100%. The reason why it affected me so much was that I stopped saving money in the local banks because our local currency (naira) has been falling in price. This means that if I keep it in the bank, by the time I make any withdrawal, the money would have lost its initial worth.
When I woke up in the morning today, I quickly rushed over to check the market. As I checked and saw a few greens here and there, I was a bit happy even though some are still below. After waiting for some time in the morning, I had to make the sale just to send her $250 so that she can get the things necessary for her birthday. I was so happy when she called me to confirm that she has received the money. I could sense her happiness because she understands that I could have told her to hold on if it wasn’t for her birthday. I am so happy that the FUD we all witnessed was not able to deny my Fiancée the celebration she deserves.
The Celebrant
I understand that a lot of people will be clamouring to see who she is, well I will try to let the cat of the back even though I do not want so much publicity but then, I think she deserves it because she has truly shown me, love, both in good times and in bad. Please I want to use this medium to announce to you all my read.cash family that today is my Fiancée’s birthday.
Please, I beg you a word of prayer is all that I ask of you. Just say a word of prayer for her and I believe that God will answer your prayers.
Just take a look at her, isn’t she beautiful?
Don't mind get baby face, she is 24 years today.
Her name is Kirsten Chisom Shine but I would prefer you call her Shine because she lights up everywhere she enters. Her heart is as beautiful and pure as her Face. Don’t doubt me because it’s true. Her laughter is so contagious that it can affect you in a way that you can never imagine. Above all, she is just a pure breed, very rear and so loving. Please don’t forget to say a prayer for her.
I love you all and stay safe covid19 is real.
Lead image was edited by me with pixlr.
