April 29, 2022
The title says it, we believe in the power of Blockchain technology to harness the voluminous bytes of data floating around in the cyberspace, but it is with the various cryptocurrencies that we have a problem with.
Let us explain: It is not the idea of a cryptocurrency and it is not even for the fact that they were primarily used for criminal activities and hiding illicit transactions from the banking system, while it should alarm people who are not living through the indignities of international travel, all caused by terrorists, it is more than just keeping money out of the hands of criminals and terrorists.
The thing about cryptocurrency is that it was built on anonymity and transferring money outside of the traditional banking system and eyes of government regulators. That is just the point. Any idea or thought of trying to police it will work for a year, tops, before a new platform and new system of new batch of tokens bypass any and all forms of regulatory strictures.
The point we are making here is that every day consumers are not and cannot be guaranteed protection against something that was built to not function within the rules. When things are like that, they are built on mounds of sand and not on a solid foundation and destined to fall.
While bitcoin has had its ups and downs over the past few years, it has still remained in the public’s attention as a utility of exchange for goods and services.
When will the cryptocurrency bubble pop is beyond our grasp, but as governments allow it to develop at pace, who is to say it will pop within the next five years. But to cryptocurrency’s credit, it has now moved beyond the far beyond the realm of Ponzi and is backed by some ledger that gives it credibility and value, which is the Blockchain and that is where the value is in all of this for us.
The Blockchain and the data behind the blockchain is the real value. The real backbone. Once we keep harnessing the data and storage of information, we will always have something of value we can transform into something more valuable that we can trade.
So, we would still prefer to watch and see how the crypto-hype train runs for now. But good luck to anyone involved or looking to get involved in it.