You may be looking at the latest news about Bitcoin’s drastic price drops and thinking something that has been on some people’s minds since the beginning, which is: Bitcoins are a hoax, it was only matter of time until this fad was over, and so on and so on.
While we always maintained it was only a matter of temporary lows and that in time Bitcoins would come back stronger than ever, there are skeptics who will have you believe that this is beginning of the end.
Why that’s not true
True, during the week the price of Bitcoin has suffered, but today it is actually doing better, and overall Bitcoin is showing signs of being on the rise. The world isn’t ready completely to change so drastically so quickly and few authorities are prohibiting Bitcoin-related activities, which impacts its price negatively. Still, as the price of major cryptocurrency is in decline, there are signs that long-term there is a future in this niche. A Chinese luxury car dealer, for example, has created a lot of waves recently on the net by enabling Bitcoin payment for arguably the best cars around.
The “When Lambo?” meme is becoming are becoming a reality. Vroom-vrroom! Fasten your seatbelts, the crypto-based future is here, just like we said.
The article on the matter, very well-named “Silence of The Lambos?”, has been reprinted so many times already, the chances are that you have seen it even if you’ve been living alone in the desert on an uninhabited island your whole life. Even if you did, probably a bottle would float by you at some point with a picture that read:
The McLaren P1 and Ferrari 488, F12 and F430 are all up for grabs for Bitcoin, Bitcoin Cash and Ether despite the ban.
Giving power back to the people
This Amir Taaki would be certainly glad to hear since one was the one who promoted original values of empowerment, freedom, and digital democracy, which Bitcoins were really invented to uphold. It seems that people’s will is not as easy to hold down as the government thinks.
In case you’re not familiar (and we definitely recommend getting familiar) with Taaki’s remarkable take on the world where the original values of Bitcoin have been replaced by greed, we have covered them as much as we could in one of our recent articles. Amir Taaki’s contribution at Breaking Bitcoin, condensed, sounds like this:
“We now find ourselves in a strange static dreamworld while dark forces are returning to threaten to penetrate our reality and all of the dreams of the techno-utopiasts play the role in creating this fake virtual world in which human beings driven by desires, devoid of all sense of higher purpose become slaves to algorithms and vast computer intelligences.
What is interesting about this story is the significance it has for Bitcoin. A project which is created for the purpose of creating a decentralized peer-to-peer money that cannot be controlled by governments and central banks but which now finds itself monopolized by large mining cartels. A lack of vision to guide the project forwards and increasing irrelevance in a world facing a global breakup of power.
Lastly, I want to explain my project to revitalize the free technology movement to formulate a wider vision to restore back the potential of the technology to transform human society and train the next generation of revolutionary hackers dedicated to the cause of using the technology to support the cause of freedom.”
The fact that people are taking back the power is definitely a good sign for the crypto community: while it seems that the governments (at least some governments) across the world are clamping down on cryptocurrency, no doubt because it has the potential of replacing banks, it seems that small and medium businesses are quite enthusiastic about cryptocurrency and blockchain.
In China, most aspects of crypto-trading have been met with criticism from the government – and not only in terms of being frowned upon, but there has also been some action. China’s efforts to eradicate Bitcoin completely have definitely contributed to its lessening popularity among traders. China’s Financial News has stated:
“To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.”
They go on to say, however, on the effects:
“After the clean-up and remediation, the trading volume of virtual currency denominated in RMB dropped from over 90% of global trading volume to less than 1% at one time, greatly reducing the risk level.”
People’s and businesses’ response to the crackdown has been predictable: even though China’s government has banned crypto, the exchanges just shrugged and went on trading (for example, Binance just moved to Tokyo), apparently not even really noticing the devastating blow that the government has inflicted on them.
We have long been telling about Bitcoin’s bouncebackability, and we hate to be the we-told-you-so kind of guys, but it is looking like our words are coming true: the genie is out of the battle, and holding down Bitcoin these days is much much like trying to squeeze water to death.
Bejing-based Cathay Capital’s CEO, Ace Young, noted on the changes:
“It’s positive news for Japan and Singapore because demand for participating in trading is not diminishing and traders have got to go somewhere.”
Another powerful corporation, LianLian, which handles billions as it negotiates transactions between clients and colossal companies like eBay and Amazon, is joining forces with Ripple with plans of a future based on Bitcoins, says CEO Arthur Zhu:
“With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”
While the price fluctuations may be seeming scary at first if you’re not aware of the big picture, we are seeing evidence that the world is getting ready to integrate crypto-currency into its practices long-term and Bitcoin is here to stay even though it may not seem like it at times. We are sure the bear’s recent successes in this market will soon be replaced with a massive bullish win.
The When Lambo? meme courtesy of the internets.
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