Cryptocurrency Doesn't Need Wall Street
Does cryptocurrency need Wall Street to succeed? Not according to Dash CEO and former Wall Street executive Ryan Taylor, who left a 15 year career as a hedge fund analyst working for a $20 billion investment firm to set up Dash.
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In an interview with CCN, Taylor spoke of his departure from Wall Street to get into crypto, and how Wall Street isn't necessary, but it would help. Taylor left Wall Street because he say the great opportunity of crypto:
This is an incredibly immature industry with enormous potential for well-run projects.
Another reason for leaving was because the:
... technology has the potential to change the world for the better by empowering some of the most disaffected people in the world with a greater degree of financial freedom. It is truly an exciting place to be working.
In creating Dash, he was working towards enabling merchants to handle payments using cryptocurrency instead of the traditional fiat currency we are all used to. Dash has had some great success in adoption so far.
Earlier this year, it was reported that New Hampshire was using Dash in over a dozen businesses. This has probably increased. In countries where the economy has taken a serious downturn, cryptocurrency has stepped in as the payment of choice. With the economic crisis in Venezuela, Dash has seen over 800 merchants accepting it for payments. Dash is also very active in the economic joke of Zimbabwe.
Taylor spoke of the two-faced message that much of Wall Street sends when something new develops. Regarding crypto, he says:
... I suspect many others are working on solutions, even while simultaneously publicly shunning cryptocurrencies.
While Wall Street has been mocking and shunning crypto, it seems to have been in favor of keeping most people out of it and holding the traditional assets, while they swoop in to get their hands on things at a lower price.
Taylor thinks crypto is doing fine without Wall Street acceptance anyways:
Crypto doesn’t need Wall Street to grow. It is getting adopted more and more every year with or without it. There are major benefits and drawbacks from its involvement, but I think netting those out, it is an overall positive thing that crypto is becoming more and more integrated with the traditional financial system.
His point is accurate, as the acceptance of the traditional financial system will enable easier payments by integrating crypto into the existing structure of society. It only adds to the utility of crypto. A lack of the interconnection between the old and new school will mean crypto will have a hard time getting adopted, but it won't stop the juggernaut.
Taylor makes an analogy with the US dollar to exemplify why the integration is greatly beneficial for crypto adoption:
Would you rather use the U.S. dollar if it were not integrated with the financial system? By turning the question around, it becomes obvious that this will help crypto adoption.
The lack of integration in the traditional financial system is one barrier to wide adoption, but there is another in the form of regulatory uncertainty that has many people on the fence or feeling negative about dipping their toes into the new water.
Right now, regulatory uncertainty is preventing a lot of businesses from jumping in to provide services or become comfortable accepting payments in digital currencies. Regulators will eventually catch up and provide businesses with the guidance they need to gain comfort with it.
Banks having already been jumping into the waters, and that means more will follow. Regulators have usually dealt with intuitions, and with banks getting involved more, that will force regulators to get involved and legitimize the cryptocurrency world that many fear.
Cryptocurrency sprung up as a grassroots movement completely devoid of the traditional financial system, and worked to compete against it and make people more free by comparison. Banks eventually caught up, somewhat hesitantly. Regulators are next behind them, it's only a matter of time. Then the big influx into crypto will happen, which will likely see a great increase in value.
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I go back and forth on the involvement of Wall Street. Some see it as confirmation that crypto and it’s technology are here to stay. I agree partially but I also will not forget how much destruction is caused by Wall Street and their criminal bankers. This is where I am very hesitant. I know they are trying to create their own and make a version that will try to replace others but I think there needs to be a clear separation between us two groups. I think that this is a financial revolution like we’ve never seen before and we would do well to not give control to the same hegemony that’s ruining the global markets right now in the traditional financial sectors.
Yeah, they are crap shitters, but people trust those criminals, so it will just make crypto boom. We can go slower without their help, adoption will overtake them so they don't want to wait anyways :P
The way I see it, there are two approaches to go about creating a financial system. What we currently have is a "top down" system in which someone says "This is your money, now use it." And if we want to buy a loaf of bread, we're pretty much locked into that.
Cryptos are more like a "bottoms up" system. Sure, there's a "someone" who devises a framework, but beyond that, a currency is either adopted and thrives, or rejected and dies. The challenge, then, becomes to sell the idea that your currency is something secure and functional.
We don't need Wall Street, because that assumption harks back to the traditional idea that finance is "owned" by investors rather than users. Not that end users can't be investors, too.
One of the things I am finding increasingly appealing about Steem is the number of "retail" projects we have here... whether it's attempts to create an internal economic market (like @steembay) or something like @steemmonsters, which has the potential for widespread adoption outside Steemit.
Well said sir, well said.
Yup. The users need to keep the power, not the gambling number dark magicians of investing.
They are already integrating on a small scale thanks to the Robinhood trading app. Once the regulations are fully in place those who day trade better watch out. There will be a massive pump probably much greater than we saw last winter (which I believe was institution money to leave people holding the bag with overinflated crypto). That bubble will pop, but will be a great time for normal investors to cash out some great profits while expanding their portfolio.
Yup, once ppl feel safer, there will be a huge influx, bigger than before indeed.
Wall Street is the heart of finance though, if we want cryptocurrencies to be a key component in global finance, it needs to be adopted by the traditional financial institutions
I disagree here; the citizens of the world will in my opinion bring it to that point. We have done this much without the traditional financiers, what’s to stop us from taking it further? When the masses of people do something it guides the hand of others.
There are many opportunities for people to get frauded of their money but that’s where I think the private sector can excel; there can be groups that are very popular for beginner crypto buyers to go for information. Perhaps Steemit can lead that charge is an intriguing notion; helping people by guiding them to decent investments for beginners while staying wary of the ICO situations that people can get scammed from.
Yup, all it takes is a quantity of people to make something stick, not the financial elite. If ppl adopt it, it will go mainstream without the trad. financial sector. Maybe Steemit can do that indeed ;)
Not if we don' t use the dollar...
Traditional financial institution need razing to the ground .
They ARE the problem.
I want crypto to be ‘decentralised’ outside of traditional banking methods, but, what I can’t seem to understand is why 90% (guess and possible exaggeration) of the market follows bitcoin trend. Everything just follows eachother on the trend like it is all one market. I know that they have small fluctuations etc and other alt coins shoot up from time to time but generally it’s all following bitcoin/eachother trendline.
I can’t see how (example) XRP follows btc when it had its own case use, and steem is another example. Surely steem price is affected by the users, the platform..?
This recent crash is pretty huge and seems to be continuing, but, I feel that something else is going on otherwise the market would be more booming than ever. Cryptos are so much more popular now than ever, even over the part 3 months much more investments into crypto, shouldn’t this be boosting the markets rather than crashing them?
Maybe a Wall Street involvement could help stabilise and grow.? Or maybe I’m insane for saying that as I feel I am, because I want crypto to be outside of world banks, outside of normal control and outside of the ‘governments’ hands!
However, with these types of fluctuations it will be very hard to ever become a legit useable currency or for huge businesses really wanting to make the switch from fiat?
Could be failure of expected ETF or regulation, ppl selling thinking it wont go anywhere. Could be selling pressure from huge holders to drive price down and then buy up low... who knows why... Regulation is supposed to help bring some stability...
I wonder how much they already have invested this...
(is bitcoin JP morgan?lol)
I think they weren't fools, and got in, and are manipulating markets to drive prices lower and reject it to the public so that ppl dont get into it and that allows them to buy it up more and more. They can't be so dumb as to think it will all pass and turn to dust...
...my thought's, exactly mate... They are pschyo's.... not stupid...
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You write well, @krnel!