Here Comes the Old Guard
Wall Street types taking over crypto? Should we panic?
Well, maybe. There is increasing activity from the traditional finance and corporate spheres. Activity that might be of some concern depending on how it plays out.
Here we see another Goldman Sachs executive jumping ship and chasing after crypto:
https://www.cnbc.com/2018/04/09/another-goldman-exec-dumps-wall-street-for-crypto-world.html
And another "old school" executive taking up a spot at Coinbase:
This is good in that the power of blockchain and crypto is finally being recognized. The opportunities missed by the existing finance and tech communities stung. Now there is a tsunami of interest in the space that goes much deeper than chasing the next hot ICO. When it's George Soros, The Rockefellers and The Rothschilds entering the market (often after saying it was all a scam) it's because they see big money. They don't play with cheap toys. And they play for keeps.
Is this the beginning of the real war in crypto? Is the strong undercurrent of economic freedom that can be realized with highly decentralized systems under assault? Too soon to say. But as the big money interests push large amounts of capital into the ecosystem it WILL change. That's how it works. In the end the money defines the markets. So there is a lot of work to do. If decentralized systems can be created that are more stable and more profitable than traditional business models, then the big money will start to flow into that aspect of the crypto-verse. It can no longer be ideology, it has to work in the real world. Projects like Steemit are good examples of where tokenization and decentralization can be viable models. We need more of these and they have to scale.
2018 is going to be a pivotal year in crypto. Buckle up. It's going to be a hell of a ride.
I also think that 2018 will be the year when projects for new types of taxes will emerge. Since cryptos with DEXes and Localbitcoin types will make it easier and easier to avoid current taxes.
Apps that help avoid taxes? I bet we will see them. But it will be an arms race because tax authorities will try to shut them down as quickly as they pop up.
I meant decentralized exchanges (DEX) and websites like LocalBitcoins. Its hard to put down a website alone (like ever reappearing torrent websites) and should be impossible to shutdown a DEX.
Quite right. That's the joy of decentralisation, it can't just be shut down. You would have to kill every node (or almost every node). All it takes is one country willing to run 3 or 4 nodes, and the project continues.
I am worried that people didn't suspect this. I'll be writing a post on a closely related topic in a couple of hours.
Maybe people are in denial? When the total market cap hit 800 billion, the elites sat up and took notice. That much money attracts a lot of attention.
I would agree with denial. I did actually mention that in my post of last night: https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-4-weapons-of-the-war-on-crypto
Nice article! I definitely agree with that last line. As more and more cryptocurrencies are finish development, and they reach institutional investment from Wall Street, 2018 is going to be a great year for crypto.
I can’t wait to read more of this great content!
I’m definitely upvoting and following you!
We can't stop Wall Street. My hope is that is that innovation isn't strangled during the transition.
Hi, great post, worth a follow.
Thanks!