Bitcoin has had a love-hate journey that has spanned over the past 10 years. Things can change any minute, this is what the enthusiasts and all the fan writers will have you believe, standard crap. But, come to look at it a little critically and not with hate, but with a little curious and careful attention, you will notice that the crypto world is crashing, and there is no cure or remedy ready to stop it.
The housing market crash, the stock markets crash, banking, and finance industry crash, Lemman Brother’s bailout, all of the bubbles and things you can think of have been one-off instances of really bad market bubbles and then they resolve eventually by slow and steady improvement, knowing how to fix things, and trying to fix things. That was some different volatility, and bitcoin’s is altogether a different game.
It has to do with the extinction of crypto and altcoins and things that were much in vogue just 12 short months ago. The death of Ethereum is a real question, the validity of Bitcoin as a digital asset is very much a debate when it keeps falling and rising like an unsteady nations balance of payments.
Can we hate it because it is volatile? Do we hate computers for all the work that is not saved, do we hate our cameras when the memory card is accidentally erased? Do we hate our stuff at all? Oh yes, us self loathing people, we hate it all. We hate ourselves, we hate our surroundings, we hate that we love people, we love to hate people, we love to hate hating people and then we love hating ourselves. So would it be a surprise if we hate all the good stuff like blockchain too? Perhaps.
Bitcoin has been so spoiled by infighting and gridlock and a few wallets owning too much of it, it has been forever spoiled. Decentralization was a spontaneous whim, but the world and the tech weren’t/isn’t ready. Perhaps, like all the great things, blockchain has been too ahead of its time, especially in this dog eat dog world which in a way has rejected iTunes in the shape of Napster, MSN because it wasn’t good enough and Snapchat is still at a loss. Perhaps, its time will come.
The youthful immaturity of its founders is probably part of the problem. ”Buterin is famous for calling ethereum a smartphone from 1999 that can play Snake.” A sense of humor perhaps means that the death is not that close, but if ethereum does not scale, things will go south faster than they ever rose.