Reflecting on Crypto: Are We Heading in the Right Direction?

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The crypto world has been booming lately, catching the eye of many young investors. With so much money flying around and new digital coins and tokens popping up left and right, it's hard not to get swept up in the excitement. But let's pause for a moment and ask ourselves: are we doing the right thing here?

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Think about how we criticize China for how it controls its people, using things like social scoring to keep tabs on everyone. Now, consider some of the stuff happening in our own industry. Could it eventually lead to the same kind of control over our lives?

 

Sure, over the past decade, crypto and blockchain have brought us some amazing innovations, speeding us into the future like never before. But not everything is as rosy as it seems, especially for an old-school libertarian like me.

 

For years, social media companies have been hoovering up our personal info, and we know they're happy to hand it over to governments or businesses when asked.

Most folks in our industry know how to protect themselves, but plenty of others, especially older folks, are clueless about privacy risks. They see Facebook as just a place to chat with friends, not realizing how their data might be used against them.

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The real worry here is government control. We've seen how China does it, and we don't want that kind of intrusion into our lives. But the more we push for digital currencies, digital IDs, and tokenizing everything, the closer we get to giving governments the tools they need to keep tabs on us.

Now, I'm not saying we should stop innovating or making money. But we need to think about the bigger picture. The products we create today could end up in the hands of governments tomorrow, used to restrict our freedoms in ways we never imagined.

 

Take Bitcoin, for example. I love the idea behind it—a decentralized currency that gives power back to the people. But some of the stuff that's sprung up around it, like futures and ETFs, feels like a step in the wrong direction.

 

I get the difference between centralized and decentralized blockchains, but things change. Promises made today might not hold up tomorrow, especially when governments start throwing their weight around and changing the laws.

 

As someone who's been around the block a few times, I remember a time before computers ruled everything and our data was our own. We felt safer back then, with more freedom to do what we wanted with our money.

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But now, I worry about what the future holds. Will governments start using our social scores to control what we can and can't do with our money? It might not happen in my lifetime, but it's something younger folks need to think about.

 

I ask you, what will be the future for investors and speculators in a world where governments can control what you do you your money? Our markets could just disappear.

So, let's not get too caught up in the hype. We need to think about the kind of world we're creating with crypto and blockchain. It's not just about making money—it's about protecting our freedoms for generations to come.

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