How Crypto Community Lost It

Bitcoin was supposed to be a new money. Digital, decentralised, unfakeable… Uncontrolled and unregulated by any government or bank. Yet somehow, the very same people who cheered over the idea of being out of the system have chicken out and allowed the government to control their digital assets.

From 2009 till 2017, Bitcoin was merely a digital money. Miners were mining it and spending it as they got it. It was utilizing its purpose: to be a digital cash. Also, as a fully decentralised network, it eliminated the need for banks and other third parties. It was peer-to-peer. The people were their own bank.

Then, in the winter of 2017, the boom happened. Price jumped to 20k, lot of people got rich thus attracting a lot of “investors and traders”. Other projects started getting traction too. Every week there were 100s of ICO’s, new projects and whatnots… Investor and trader wannabes were buying everything thinking that every crypto is new BTC that will go zero to 20k in 8 years.

When there are individuals wanting to get rich quick, there are also scammers wanting to get their piece of pie. Naturally, there was a lot of scams. A free market means you have to think for yourself and, as we know now, majority of people is not ready for it. After they lost some money, they turned to governments crying for help and regulations started dripping.

Freshly rich, crypto community wanted to get more rich and in the process forgot what was the original idea of cryptocurrencies; to be a mean of payment uncontrolled and ungoverned by banks. Hoping that mass adoption is just around the corner, they quietly watched how BTC becomes a store of value, and how crypto exchanges delist privacy oriented coins like Monero and implement KYC policy taking away our anonymity bit by bit.

Today, you can’t even send crypto from exchange without disclosing to whom you’re sending it. Heavy taxation that’s going to happen will hit crypto community like a shovel. Not to mention the possibility of ruling cryptocurrencies illegal and confiscating them, cause you know, they don’t want us to own anything.