From an innovative tool designed to combat the State’s monetary monopoly, to a buzzword for unscrupulous speculators and scammers.
The unfulfilled hopes for crypto parallel the disappointment I have felt with the internet overall. Who would have imagined that it would become the ultimate tool for government surveillance of the population and for corporate domination of discourse? Cryptocurrency may now become the gateway to UBI and allow governments to have unprecedented granular control of the distribution of resources.
Crypto is best as a prepping tool, but it has failed to solve any real problems in the current economic system. When a crisis hits, it can be useful, but it doesn't revolutionize the whole economic system to make it truly better.
One reason is because the crypto folks are focusing only on the money-side of a transaction. Now you can send valuable tokens to other people, peer-to-peer, without third parties. But what about the other side of the transaction? If you want to buy and sell good and services, there must be a way to deal with that side, too.
This is why the cryptoscene is full of scammers. They can be sure that when the transaction is made, they will receive their money. But it's very easy to not keep their promises of goods and services or other form of value to the other party. They can just take the money and run. Nobody will help the victim.
Crypto economy is like a third-world country. You cannot really trust anyone, so you have to be very careful who you deal with. And even then you can lose a lot of money. That's why we are not seeing any productive business coming out from crypto. It's all just gambling. People are hoping to get rich by acquiring tokens which will go up in price. Nobody is producing new goods and services which would make the whole society wealthier.
Catherine Austin Fitts says that BTC etc nowadays basically serves as a prototype for Central Bank Digital Currency, a rather sobering thought.
The banks seem to be lining up behind XRP. There's also all sorts of talk of Central Bank Digital coins. The cost of transaction for Bitcoin is not in the $1 or so it might cost for the transaction but in the time that it takes to process. And its volatility means that you can lose or win if you offer to buy or sell in the time it takes to process the sale/buy (normally into fiat).
That reference to bail outs, maybe it's not so 'libertarian' and more CBDC.
How easy is for the gov. to buy the very crypto gods, to start cracking down crypto?
A major problem with this is the uman animal itself. The abstract/theoretical concept might be awesome but when it starts to be used... bye bye awesomeness!
The simple fact that we are using fiat money and the monetary system machinery to buy/sell BTC says it all... another failed project.