I've had an interesting 4 years in Bitcoin. Along the way there have been a lot of ups and downs. There's never any shortage of drama, whether it be Mt Gox, China "banning" Bitcoin, Mike Hearn's whiny rage-quit, fake Satoshis, or the nightmare that has been the scaling debate. It's been a veritable circus, and I haven't even touched on the rest of the crypto-ecosystem.
It's easy to get worked up, emotional, and downright irrational as you get wrapped up in all the debates. There are so many loud voices proclaiming that "THE END IS NIGH!" Every new development is apparently going to be the death of Bitcoin. Every new crypto is going to fully replace Bitcoin because of "improvement X" or "network effect Y". If you spend your time exclusively on twitter or perhaps r/btc one couldn't be blamed for thinking that this whole thing is on the verge of collapse.
And yet... Bitcoin soldiers on. Are there hurdles being faced? Absolutely... but as I sit here with Bitcoin once again being propelled near new all time highs, I am completely devoid of surprise. Given its track record thus far, I have not yet seen a reason to assume differently. The trials and tribulations of the ecosystem since Bitcoin's inception have been absolutely massive. With each tiny victory Bitcoin becomes more resilient, more battle-ready, more immune to what people throw at it.
Yes, some of the challenges down the road may be bigger than anything faced before, but the fact that Bitcoin has survived and even thrived for this long - gives me confidence. In fact with each passing day we SHOULD have more confidence. In a world trying to kill it, Bitcoin remains. To paraphrase the worlds of the great Ian Malcom: "Bitcoin... finds a way."
It seems to me that most bitcoiners and crypo enthusiasts are so focused on the exchange rate that they are completely oblivious as to what is taking place around them.
The exchanges are essentially under gov. control now and any exchange that isn't compliant will be ostracized in the very near future. Just look at what happened to Bitfinex.
Many major exchanges like Bittrex already demand lots of information before new/existing accounts can deposit/withdraw and make trades. That was not the case just a few months ago!
Cryptos are not destroying the old system, they are being absorbed into it!
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The exchange thing is true, and on-ramps are going to continue to be a problem... BUT once you're in the ecosystem it will start to be seamless. Cross-chain atomic swaps are going to be amazing. Two people using different cryptocurrencies being able to transact with each other with no centralized entity. Each one would spend and receive the coin of their choice with no need for an exchange in between... just a decentralized network of nodes.
At that point I think we'll see crypto absorb the old system.
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I hope you're right about the last part, but I'm skeptical. The thing that bothers me is this: bitcoin was invented to replace fiat, but as it currently stands, it's completely dependent on it!
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May I add that I've walked along the path of advocating decentralised crypto running alongside fiat.
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You could say the same about many new technologies. The internet was invented to communicate over long distances and replace things like phone lines, but in the beginning was completely reliant on the infrastructure developed by the phone companies. Eventually they built their own infrastructure and the phone companies started using it themselves.
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You left out the fact that the same phone/media companies now own the infrastructure that everyone else is using. If bitcoin goes the same way as the internet, it will be a complete disaster as the same large corporations/banks will become the dominant players.
For the crypto experiment to succeed, bitcoin has to displace the fiat system while simultaneously remaining completely decentralized.
Every other path leads back to the fiat overlords.
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Very true. Let's hope we can learn from mistakes of the past!
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I am looking at my bittrex account right now and grinning at seeing $4471.08! 🤑
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Hodl my friend. Hodl til the end. :)
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#HODL crew :)
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We always make too much of challenges when standing in front of the hurdle, after we've passed a few, we look back and realize each was not such a big deal. We get over them because as a community, we're all over it each time. The debate and passion get's the best of us but also keeps us alive and thriving. Head's up, on your toes, never let-down your guard!
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Well said, my friend. I think the coming years will be nothing short of exhilarating.
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I too have seen the past 4 years through with doubts approaching from all fronts Ben.
I bet you searched and searched the internet back in the early days, hoping to find anything at all on this new entity within finance. My oh my has it changed eh? The flood of stories, articles, infrastructure-building news is now too much to keep up with.
I wonder how you first came about it. For me it was on The Keiser Report - Max Keiser. But I think the real convincing voice had and still has to be Andreas.
It was never 'speculation' that kept my faith, it was an investment in what I believed to be one of the biggest and most powerful movements to make a change for good throughout the whole flippin' world.
This party's just starting!
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Sounds like we have a similar path through BTC :) Mentions on RT news, the Keiser Report, and a healthy diet of Andreas are what got me through the early years. I also found a kickass series called "How I learned to stop worrying and love crypto". Don't get me wrong, things have worried me... but confidence has only build over time. Stoked for the party to continue :)
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Always amazes me how stressed we get over things that we have little control over often times and they just work out on their own. I wonder in 10 years from now will we be looking back and saying “what a crazy ride that was.”
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I definitely agree with you here. In 2027 this will all be a distant memory. Hopefully by then it will seem like not a big deal at all.
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When someone tells me Bitcoin is dead....
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LOL
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