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Crypto was a great idea, until my greed ruined it

Crypto was a great idea, until my greed ruined it

All Cryptocurrencies

by COINS NEWS 13 Views

I stopped caring about "power to the people" aspect of crypto when it become obvious power always consolidates in the hands of the few, and those few take from the many. 95% of investors don't care at all about the libertarian aspects of it, and the leaders take advantage of the other 5% to push their narrative.

Blockstream and the mining pools basically control BTC, Vitalik and Co forked ETH to recover their investors funds and wield massive influence, Charlie Lee is jumping on whatever train he wants, Roger Ver is literally referred to as "Crypto Jesus" due to the influence he has, Coinbase and the exchanges facilitate insider trading and destroy people with fees, the whole Bitfinex/Tether situation etc. The list goes on.

BTC is no longer a trustless peer to peer currency system, it's now claimed as a store of value. If the BTC community leaders don't even follow Satoshis vision or care about decentralization why should I?

I've transitioned into caring about the money. I don't believe the traditional banking system is going anywhere any time soon, and even if it does the crypto billionaires will just take their place and begin the cycle of exploitation all over again. Exchanges act like banks with absurd fees and price manipulation is rampant all over the space by early investors. The new cryptorich and exchanges already manipulate us and take advantage of us as much as the traditional banking system does, with none of the safeguards

What would happen if the banks closed all fiat gateways? Sure, there are ways around it but realistically it would be a huge blow. If it's truly that big of a threat, they can lobby for regulation as well.

I know decentralization is also about security, making sure no trust is involved, that networks are secure from attack. By BTC maximalists own admission the network can be spammed into uselessness, they claim spam drove the tx fees up to $50 and times into hours/days. That's not a traditional attack, but it makes it practically useless. So now we have to trust people not to make the network useless, and even then it's now a store of value somehow, despite being wildly volatile? Not only that, all it would take is 2 or 3 large mining pools to team up for a 51% attack before anyone knew what was happening.

How is any of that a trustless peer to peer digital currency? 95% of crypto investors have become a community of lambo chasing moon bois,. NEO is controlled by a handful of Chinese nodes, btc.com has 33% of the hash rate, many ICOs are holding back 20-50% for adoption incentives and funding, and basically every ERC20 was essentially premined and 100% owned and sold by a company,.

If you think the movers and shakers of the other cryptocurrencies aren't massively profiting off of them then people are delusional.

If cryptocurrency did not have the potential to make money would you be involved? You can say "Well, it can be both", but realistically for 95% of you it's all about the gains. Cryptocurrency has developed into a parody of what it once was, the original vision is basically irrelevant at this point.

/rant

submitted by /u/jonbristow
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