Cryptoil - Will it happen to us?

Oil is not a modern product and has been utilised by many in many different ways over the last 4000 odd years since the Babylonians used it to for construction. However, since those days, things have changed significantly in volume and the associated rewards that it brings.

The ancients would get oil from tar pits and oil springs that were in their area but the modern methods have created an industry. One of the world's largest and most powerful to have ever existed. 

In the 1800's desire for oil increased significantly and there was massive amounts of money to be made if one could secure viable land for wells and refinement. For many of the early oil barons, they were trailblazers out in new lands trying to strike it rich.

In time however, the trailblazing cowboys settled down into a refined, structured and highly regulated industry that would fiercely protect itself from competition. Once the rich had their money, they weren't going to let go of their control easily.

 Can you imagine if your great, great, great grandparents had got into the oil industry and had wells and refineries in the 1800's? What would your family's economic position be today? Would you be here at Steemit fighting for decentralised currencies and a break away from the governments that protect your industry?

My question is about us as a community: Are we any different? After all, it is called mining.

There are many new cryptocurrency millionaires and possible billionaires. They were the ones that got in on the ground floor, invested early and are now sitting prettier each day. Good for them and I too (although very late to the game, but earlier than about 7 billion other people) am trying to get my little well up and running, honing my tools and refining what goes in and comes out so that it will hopefully survive for the boom, the moon, the sun, the fun.

But, will we take the same path as money before us where once we are in a stable position, consolidation takes place, small wells join conglomerates which turn into a few powerful companies that dictate terms?

At one point, will those with massive amounts of blockchained wealth push to centralise and regulate the cryptocurrency industry to both protect them from challenge and manipulate markets for their own gain?

It is possible, isn't it? 

I don't think this will happen quickly but in comparison to other types of walking world mining industries, I predict much, much faster. Gold mines, diamond mines, silver mines and many others are all highly regulated and the controlling groups are very small indeed in comparison to the power they wield. But, they all started off as independent miners.

I am a cryptocurrency beginner and do not believe I am anywhere near qualified to speak about the future of the industry but I do see some parallels with past trailblazing industries that eventually pushed for protection from governments. Oil, cars, cigarettes, alcohol, pharmaceutical...

Over the last few months from what I have read, the governments are slowly giving up their observer mantle and picking up their fight trunks. The banks are of course working hand in hand. The avoidance of these two globally colluding groups are part of the reason cryptocurrency was created and why it has attracted so many trailblazers and anti-establishment types.

It is not just the investment opportunity, it is the freedom to do what one wants with the gains. But it is a catch-22 as once the gains are significant enough, protection and security are sought and the biggest protection racket is run by the friends we have tried to avoid eye contact with as we pass them on the digital streets.

So, will we do better than history expects or in a hundred years from now, will we be funding wars and burying technology that threatens our coin?

Taraz
[ a Steemit original ]