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RE: Ex CFTC Chair: "Trump Administration Popped the Bitcoin Bubble in 2017" by matthias-green

View this thread on steempeak.com

Viewing a response to: @jrcornel/ex-cftc-chair-trump-administration-popped-the-bitcoin-bubble-in-2017

· @matthias-green ·
$0.03
I think most will come to regret that BTC got involved with traditional trading platforms, exchanges and such. The whole point of crypto, at least in my opinion, was to break the back of government controlled fiat currency and let the people have a currency that was decentralized and uncontrolled by bankers and their government lap dogs. But, the lure of quick and easier money by letting the traditional machinery sink their claws in, it won't be long before they completely control crypto too...
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@jrcornel ·
I am not sure there was any "letting the traditional machinery sink their claws in"... I mean how could 'the people' have prevented it?
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@matthias-green ·
$0.03
I agree that being decentralized, there is no real mechanism that could prevent cryptos from being absorbed into the existing system. But there were and are crypto influencers who, more for their personal benefit than for the benefit of all I think, who pushed for these types of inclusions, wanting cryptos to be another traded commodity. I understand it and I get why they would. It seems it may be a damned if you do, damned if you don't, no win scenario. But if crypto is going to change things, if it is going to escape the control of the powered elite, how can that happen if it comes under the control of the powered elite? I've seen for years how Market Makers, day traders and market manipulators have controlled the other financial exchanges, and I fear crypto will become just another tool to fleece the small player. I just think we will regret it in the end, wanting cryptos to become popular and more used by making them tradeable commodities through established systems, but robbing them of their power to change or replace those systems because the become absorbed into them and assimilated. Does that make sense?
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@jrcornel · (edited)
To be honest, I don't think it will change things like many had originally hoped. I think that governments will not allow it to happen. I think that bitcoin will be 'allowed' to co-exist with the current financial system as an alternative investment that mostly works as a store of value. As soon as we start talking about replacing government controlled fiat, I think we are going to face an extremely difficult uphill battle. One that may not be winnable, at least anytime soon. I wish it were different, but that is how I see things playing out personally. Which is why I am not a big fan of the cryptocurrencies that are trying to compete with/replace fiat. Most likely fiat will just be digitalized.
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