⭐ Merited by The Sceptical Chymist (5)
Hey everyone! Just wanted to hear your thoughts on this glaring question.
Remember when crypto wasn't just about chasing new all-time highs, the latest NFT craze, or meme coins? Back then, it was about decentralization, financial freedom, and putting power back in the hands of the people. The vision was bold—a system immune to censorship, government control, and the failures of fiat currency. But now, it feels like that original vision is getting lost in the noise of speculation and hype. Have we strayed too far from what crypto was meant to be?
In the rush for quick profits, many are forgetting the true potential of blockchain technology.
I believe to get a good sense of where we are headed, transaction volume offers a real measure of utility, market fit, and adoption. When you look at the top five cryptocurrencies by transaction volume, three out of five are centralized stablecoins. Their utility far outstrips that of Bitcoin, but at what cost? These stablecoins are centralized, making them highly prone to surveillance and seizure. But there’s an even bigger issue: these companies hold treasury securities as reserves, making them significant contributors to the fiat system. They’re the 18th largest holder of U.S. debt—on par with entire nations. This goes against everything crypto originally stood for; these stablecoins are essentially FIAT in crypto form, the very thing Bitcoin was meant to disrupt.
And don’t even get me started on central bank digital currencies (CBDCs).
So, here’s the big question: If people are so eager to adopt centralized stablecoins, what’s the point of crypto? Why not just stick with fiat and the traditional financial system? Has crypto really lost its way?
Bitcoin and blockchain started with a mission to upend the traditional financial system, offering a form of money free from manipulation and censorship. Maybe it’s time to revisit the core principles that made crypto revolutionary. Rather than chasing the latest speculative trend, we should be looking at models that realign with the original vision of crypto—individual liberty, decentralization, financial sovereignty, and resistance to censorship.
To date, The Classical Gold Standard remains the closest thing we as a civilization had in terms of a sound monetary framework. It was a system that brought stability, predictability, and a tangible anchor for currencies. However, due to the same pressures that continue to undermine Bitcoin and the broader crypto space, the gold standard was eventually abandoned. We cannot let history repeat itself.
This is where frameworks like ShiftCTRL come in, which, by modeling after the classical gold standard and using Bitcoin as a reserve, provide a stable and decentralized alternative to the flawed fiat system. Could this be the way to realign crypto with its original purpose?
What do you think? Are we ready to steer the crypto ship back on course and focus on long-term stability and freedom? Would love to hear your thoughts about this!
Remember when crypto wasn't just about chasing new all-time highs, the latest NFT craze, or meme coins? Back then, it was about decentralization, financial freedom, and putting power back in the hands of the people. The vision was bold—a system immune to censorship, government control, and the failures of fiat currency. But now, it feels like that original vision is getting lost in the noise of speculation and hype. Have we strayed too far from what crypto was meant to be?
In the rush for quick profits, many are forgetting the true potential of blockchain technology.
I believe to get a good sense of where we are headed, transaction volume offers a real measure of utility, market fit, and adoption. When you look at the top five cryptocurrencies by transaction volume, three out of five are centralized stablecoins. Their utility far outstrips that of Bitcoin, but at what cost? These stablecoins are centralized, making them highly prone to surveillance and seizure. But there’s an even bigger issue: these companies hold treasury securities as reserves, making them significant contributors to the fiat system. They’re the 18th largest holder of U.S. debt—on par with entire nations. This goes against everything crypto originally stood for; these stablecoins are essentially FIAT in crypto form, the very thing Bitcoin was meant to disrupt.
And don’t even get me started on central bank digital currencies (CBDCs).
So, here’s the big question: If people are so eager to adopt centralized stablecoins, what’s the point of crypto? Why not just stick with fiat and the traditional financial system? Has crypto really lost its way?
Bitcoin and blockchain started with a mission to upend the traditional financial system, offering a form of money free from manipulation and censorship. Maybe it’s time to revisit the core principles that made crypto revolutionary. Rather than chasing the latest speculative trend, we should be looking at models that realign with the original vision of crypto—individual liberty, decentralization, financial sovereignty, and resistance to censorship.
To date, The Classical Gold Standard remains the closest thing we as a civilization had in terms of a sound monetary framework. It was a system that brought stability, predictability, and a tangible anchor for currencies. However, due to the same pressures that continue to undermine Bitcoin and the broader crypto space, the gold standard was eventually abandoned. We cannot let history repeat itself.
This is where frameworks like ShiftCTRL come in, which, by modeling after the classical gold standard and using Bitcoin as a reserve, provide a stable and decentralized alternative to the flawed fiat system. Could this be the way to realign crypto with its original purpose?
What do you think? Are we ready to steer the crypto ship back on course and focus on long-term stability and freedom? Would love to hear your thoughts about this!
Interesting points highlighted here, relevant to the evolution of cryptocurrencies and the various differences it has picked up from its original concept. Indeed, the original vision for cryptocurrency lay in decentralization, financial freedom, and reliance on the traditional financial system. Now, considering mainstream stablecoins to be highly centralized, and ongoing discussions regarding central bank currencies, all these Digital Currencies, CBDCs surely bring relaxation to those basic principles.
While offering higher returns and higher trading volumes, it is a centralized stablecoin. Centrally issued and centrally managed, it does, in practice, seem to epitomize a form of cryptocurrency closer to fiat currency, even though it is built on blockchain technology. Centralization and integration into the traditional financial system may come at the cost of abandoning the very promise of decentralization and resistance to accountability.
The idea is that it returns to the very roots of crypto, such as individuality, decentralization, and financial independence-all pretty interesting. We reflect on how we can balance those principles and research models which would complement a vision for a dynamic financial system. Model examples include ShiftCTRL, where classic principles of sustainability and governance meet in the integration with Bitcoin as a reserve, but not limited to having great promise for the future.
What that ultimately means is that in order to get back to the transformation goals of crypto space, it does take a joint effort whereby long-term stability and freedom are truly more important than short-term speculation. In so doing beyond just short-term speculation, that will enable you to support innovation that is in line with the original crypto vision while bearing in mind the lessons of history.
I believe crypto still accumulate for the power for the rise back after it was slept for over years. So crypto is not lost its way and it is waiting for the right time to be more popular than before. Crypto still about decentralization, financial freedom, and putting power back in the hands of the people. And vision is not getting lost in the noise of speculation and hype but still need time to reach more popular so more people will see how crypto can be useful for them. When the time is comes, we will see crypto will be back to the right path and that will amaze people who doesn't believe crypto and they will put on their eye into crypto and then join with other people to start to use crypto. Until that time, we can only patience and wait while prepare ourselves for the coming.
Thank you for being so optimistic with the future of crypto, and that gives hope the vision for decentralization and financial freedom is still reachable. Even with the present speculation and protests, that fact remains true. Probably, cryptocurrency is in some accumulation phase, and a spike upwards will prove its worth to all at the right timing.
Patience, as you said, is important because the true potentials of cryptocurrencies can then be better understood. This is due to an increased understanding and embracing of its benefits by more people. The core principles still relate to governance and financial independence. As technology starts to further develop and get widespread adoption, it becomes clear there can be recovery based on the same key concepts.
In the meantime, it is best to be informed and prepared for any opportunities that may arise. Support for projects and innovations that showcase the original vision of crypto paves the way for its wide acceptance of benefits and leveraging in the future.
What specific areas of development or what do you feel will be the trend to hasten this process and get back crypto on its mission?