Oh, the Wild West! John Wayne is the Man with No Name. Billy the Kid. Jesse James.
The frontier has a way of capturing everyone’s imagination – young and old. Cowboys, outlaws and gold-seekers are all part of the frontier. Land of harsh cruelty and opportunity. Unforgiving but irresistible.
The Bitcoin frontier was once so vast. Early days of Bitcoin were full of scams. “criminals” Underground markets. First, the underground of internet took it up. The internet was a foreign, obscure world. The counterculture thrived, with no rules or regulations. There is no government protecting you against yourself. No KYC, no AML – only your name, your PGP key, gribbleThe Web-Of-Trust. There were fortunes made and lost. Beautiful chaos, where the Bitcoin Blockchain is the only authority. Anarchy in its purest form.
Along the way, entrepreneurs & VCs intervened and the siren song of mass adoption invited the lawmen into our territories. In ten years, the prospects of a world in which the individual is at the centre seem bleak. In the last decade, markets were institutionalized. Businesses are regulated. And consumers have now become empowered. “protected”. Dogma has replaced anti-establishment. Tradition & sovereignty were traded for religion, lured by the prospect of gold and dollars. The dream of a secret economy is no longer a reality.
It is only when you look to the east that a whole new world opens up.
Wild Wild East
Mark Twain: “I don’t have a speck of faith in anyone who doesn’t even possess a few minor vices.” Mark Twain
As I boarded the flight for Hong Kong, last week it was fascinating to reflect on my journey.
Some people will say that the Chinese Bitcoin empire began to fade after the block size war of 2017. The golden child of Bitmain and its close associates, suffered an embarrassment at the hands of Bitcoin users. Others never fully recovered. The traumatic experience is not for everyone. blanket industry ban A few years after, the last nail was driven into its coffin. The exchange collapsed, and the miners were forced to leave. The shadow realms became home to a region that was once the juggernaut of the ecosystem.
This dynamic forced many actors on the market into awkward situations. While NgU maximumists were being lured into KYC marketplaces in the West, Chinese Bitcoin users needed to rely on unregulated crypto platforms. There were two major forks in the Bitcoin network that set the stage for years to come.
Bitcoin Asia was the perfect place to see this outcome, whether it be positive or negative. There was vaporware everywhere. Most of the ideas were either scams or would eventually fail in a way that made them difficult to distinguish from one. Many were ridiculous ideas. Was missing? The traditional fiat operators and centralized exchange booths. New frontiers!
The usual suspects have already started to accuse and shame everyone involved.
In the last decade, a great deal of effort was expended to purify Bitcoin. The venture capitalists, Western entrepreneurs and the fiat-based establishment were welcomed with open arms. But this annoying Chinese market has made them uncomfortable. They have crossed their ideological borders. They are challenging NgU’s common tropes. Foreigners who do not adhere to the current doctrine are declared nuisances.
It is as if they have lost the game of narrative, their control has slipped away and now, are scared.
Yin and Yang
What is our most ardent law? Growth. Growth.
Me personally, I am choosing to embrace chaos. The return of the eastern prodigal brothers at a time where the regulatory noose tightens around our necks is welcome. Perhaps a good dose of chaos is just what’s needed to combat the diseased compliance.
Although I cannot predict the future, I do know when a change is coming. It’s a time of uncertainty, but excitement is palpable about the new technology era that Bitcoin could bring. This is the first time in over a decade that I’ve seen such fervent interest from around the globe. To assume nothing positive can be achieved is cynical.
It is important to note that the word “you” means “you”. “Bitcoin L2” This category is so large and so popular that people are beginning to think this whole thing is a scam.
They are almost all scams.
What about moving to? “nobody tries to build on Bitcoin” The following are some of the ways to get in touch with us: “most of these new Bitcoin projects are scams” It is amazing how much better it has become.
Bitcoin is Back
— Zack Voell (@zackvoell) May 13, 2024
In the same way, there is a desire to invest Bitcoin capital. work It is unprecedented. Bitcoin natives may be laughed at by some, but they are a real possibility. financial The markets have awoken an aging giant, and it is impossible to put him back into the bottle. It’s not a lie to say that this stampede of speculation will bring its fair share in lies, deception and fraud. Bitcoin wasn’t immune.
There is no doubt that we have passed the point where there is no turning back. As we imagined Bitcoin culture in the past, it is now obsolete. The vision was doomed to fail. Too vain, and too narrow. The pendulum had gone too far.
Like many complex systems Bitcoin is a system of balance. Good and evil. East and West. The yin yang.
Pushing against forces that are driving this cycle seems futile, or even misguided, as we begin this new one. Bitcoin does not change, nor are there any attempts to do so. It is better to use this energy in a productive way than try and fight the changes.
风向转变时,有人筑墙,有人造风车
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Source: bitcoinmagazine.com