The Failed Narrative Of Cryptocurrency
It’s already seven years of researching, investing, and using cryptocurrencies every single day since early 2017.
What an incredible journey it has been!
Yet, this story is not about me. This one is about everyone else but me.
What you will need to know is not what I achieved, but the tools containing the knowledge you will need to acquire to achieve enlightenment in this deceptive and vile environment.
The purpose of cryptocurrency.
This story should suffice to explain why everyones ambitions will fail and why the next bull run will be much weaker than you think, and the final one that matters for a series of cryptos that will not outlast this final blow.
Dysfunctional networks with no purpose will cease to exist as they lack a purpose and a vision.
And this will begin when the next crypto bull run reaches its peak.
Here is the aspect of cryptocurrencies that often goes unmentioned.
Nothing Really Works They Way It Should Be
What is usually advertised as decentralized, it ain’t that at all.
Crypto today makes claims detached from reality.
As we enter the new era of Bitcoin ETFs (and perhaps ETH, LTC, and BCH will follow), what exactly you haven’t been told so far is that almost nothing in this market is functional.
In this 14-minute mini-documentary, we delve into the factors that deviated Bitcoin from its original premise.
Bitcoin BTC is looking forward to a future of permanent high fees and Custodial LN, a scaling solution prone to centralization with severe consequences to the users.
Ethereum is following a similar path. Although, Ethereum carries an even darker past, and one thing I’ve always agreed with the maximalists was the ETH premine.
Technically it may not be one (a premine), but at the end of the day, Ethereum has had a centralized token launch, with allocation of ETH to developers and tokens to investors via pre-sales conducted by Ethereum’s foundation.
Therefore, premined. No other term fits this description.
Ignoring the premine, Ethereum is in deep trouble since it scrapped its plans for on-chain scalability with sharding and decided to follow the easy path of sidechains. How did that work for BTC, though?
There is no realistic utility for Ethereum anymore. It can’t achieve its targets and to me, this was clear since late 2020 when I abandoned it after two years of daily supporting and using it.
Moving on to Litecoin.
Litecoin was the absolute disappointment of 2018.
Supposedly there to fix Bitcoin’s flaws and offer an alternative, its own founder dumped it as the price was rising with ridiculous excuses. Litecoin had a strong community of supporters in 2017, but 99% of them abandoned it after Charlie massively failed them.
Litecoin has never reached these levels in its community so far, making it just a Charlie Lee coin that sometimes rebuys to boost the price during bull runs, only to dump again close to the top (~$100 to $300).
Furthermore, Litecoin acts as a BTC testnet, implementing technologies the BTC Core devs prepare for Bitcoin BTC and testing to find bugs and alternatives. Therefore, Litecoin is supported by BTC maximalists, yet not as much as to make people consider it an alternative to BTC and allow it to grow as a competitor.
The support is just enough to keep Litecoin afloat without anything disruptive in its code, again no vision and no community, no purpose.
Litecoin is also merge-mined with Dogecoin. The memecoin has found renewed interest since Musk shilled it heavily on Twitter in 2021, and it almost reached even $1 in price.
In case Dogecoin had any community at all, it would have already abandoned merge-mining with Litecoin, since the merge mining limits its capabilities and destroys any further potential.
Litecoin pools are selling mined Dogecoin for Litecoin and distributing LTC to miners, which obviously is a detrimental move that supports LTC at the backs of Dogecoin.
Solana, Tron, Avalanche, and more centralized VC-funded Ethereum clones, for years have attracted volumes from Ethereum but lately solely for the airdrops.
I have asked people to carefully consider the cost of this trend as, besides the required fees, the dangers of connecting your address with obscure DeFi projects and getting drained always lurking around.
Solana, Tron, Cardano, BSC, and every other Ethereum clone is centralized.
They can survive as centralized financial hubs, but this doesn’t negate the fact they are censorable and vulnerable.
The Exception
Exceptions exist to validate the rule, and with the current decadence we witness with the flagship of cryptocurrency, Bitcoin BTC, the exceptions are the projects that work as they were supposed to, which we find today having smaller communities, but with more focus and better vision than anything else.
That’s like just two or three projects. Bitcoin Cash, maybe Monero, maybe ZCash. And that’s about all.
Still, there are positives and drawbacks in all of them.
I follow Bitcoin BCH because it carries the initial intention and presents the closest to the whitepaper version of Bitcoin, but it also has been fought fiercely throughout the years and has had its own conflicts that led to two more community splits.
Yet, Bitcoin Cash didn’t budge. It didn’t die as Blockstream executives desired. Instead, the last schism led to a properly decentralized and innovative P2P Electronic Cash system with no person in charge.
Bitcoin Core stalled the progress of Bitcoin and stagnated it while cheering for their achievement and propping up champagnes to celebrate high fees.
If I followed Bitcoin Cash, I did that solely to set things straight with my stories and videos, and offer people a way to think on their own instead of outsourcing their thought process to Blockstream shills and blindly following the laser-eyed Blockstream shepherds.
Therefore, I do support BCH and hope it reaches a top-10 position since watching scams and memes above it is an actual disgrace for this market.
Yet, those with overwhelming resources (the BTC maxis) control the flow of information. And controlling the information means they control the people.
They control the market (exchanges) and the participants, the communication channels, the crypto media, and in effect, the narrative.
Should we expect an epiphany or a schism in the fabric of the space-time continuum to occur and the greedy devs and speculators to turn honest?
Bitter people everywhere who would love to hurt even their own project if that would bring them a 10% increase in their monthly wage.
Therefore, the bankers that invaded Bitcoin since the early days, the Harvard boys and the Goldman Sachs executives reshaped the future of Bitcoin, marking the end of the second part of the whitepaper’s title “A Peer-to-Peer Electronic Cash System”.
Since that moment in 2017, when Bitcoin split into two competing versions, Bitcoin Cash carried the torch of the revolution and proceeded by adhering to the principles of the whitepaper.
And to me, this is the exception in this domain, Bitcoin Cash.
Others rally behind Monero while at the same time exhibiting BTC maximalism or the main Monero dev, Fluffy Ponny, and his connections with Blockstream and maximalists, making the Monero community seem entirely dishonest and distasteful to rational researchers.
Nope, it doesn’t add points when the main developers of any project are close to Blockstream, the force that destroyed Bitcoin’s disruptive potential.
In Conclusion
Bitcoin is, a scalable, censorship-resistant P2P Electronic Cash system, an alternative to fiat currency.
The sole reason I never left, is to fight for what is real.
This is the value proposition, not ETFs, not SoV narratives, and certainly not the privileges of the BTC whales.
We lose our way too often in the crypto field since this is what the top organizations like the funds, exchanges, and crypto news want it to be.
The purpose is to use cryptocurrency, in a P2P approach, with no trusted parties as intermediaries.
The purpose of every platform and business in this ecosystem should be to foster adoption and a transition to a parallel economy accepting cryptocurrency, not the legacy system.
Custodians, crypto cards, and centralized Lightning do not constitute progress but a massive failure of cryptocurrency to live up to its purpose, and now it has to escape this trend at all costs.
Cover Picture (background) on Piqsels
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Bitcoin is good better then cash should be the us currency best thing to happen to the market