Can we trust Crypto?
After all BTC recently celebrated a 10 year anniversary (and somebody moved lots of Bitcoin from a very early wallet just this week.)
For me it's strictly a qualified "Yes". ;)
So below find 10 points of crypto interest, grouped in three categories, Gotychas(3), Benefits(3), MIA Features(4)
When we have all 10 in hand, life will be good.
That said, right now, in these very turbulent times (and the building 'flight from fiat') we all need a little help, crypto investors and crypto geeks alike :)
Be aware, or be square.
First the Top 3 Gotchyas: Crypto's 'Big Three' Achilles Heels
1 Ability to Withdraw Money, see Scott's excellent post for more on this mandatory item
A Show Stopper....
The Fed speaking to Banker Insiders about Depression 2.0 bank run
A Possible way forward for investors? (Burn the fiat system into the ground and start using crypto..)
Use a DEX for price info only, trade Person 2 Person via your wallets and, trade/settle through a Smart Contract, mounted on a permissionless public distributed ledger like Ethereum 2.0 (when it shows up, cuz we need the TPS without the PoS hassle, so please get PoW to scale..) If Ethereum PoW 2.0 can't scale with PoW then, IOTA already does with PoW, which will be even better when IOTA delivers Smart Contracts within the next year or so.
Will Bitcoin Have Smart Contracts? RSK seems to think so. Here is more info on their stack, again for the technically inclined.. buidling SCs which use a token called RBTC matched one for one with BTC.
2 Mobile to Desktop Wallet Sync? Good luck with that, the work around is tip yourself from mobile to your desktop wallet.
Another Show Stopper
"Cuz it's good to be in sync, no?"
On 'the balance", I found this article on thebalance.com quite useful, which you can read here, centred around Bitcoin. You will need to dig into find the info on syncing up with hardware wallets supporting BTC, success is in the details and rewards those that read the documentation, closely. :)
3 Forget your Seed to your wallet? Well you are just screwed, no recovery from this type of forgetfulness
Happens to the best of us...
A "Standard" Panic which goes with the crypto territory these days.
IMO it doesn't have to be that way, if we could just trust cloud services.. operating decent password management
Really the current Seed phrase approach to managing access to crypto wallets is much like a case of "the shoemaker's kids have no shoes".
Why can't the crypto developer "giant lake of talent" get this part right?
Well they are getting it right in some camps, I found this with a simple, first fold Google Search of ""Alternative to Seed phrases" --> Geokeys based on Hashcat , Circa March 2020...
for the technically inclined go here to learn more on github about the geokeys implementation of Hashcat. It's Open Source.
Second the Top 3 Benefits: Top Three useful Cryptocurrency Use Cases, in my book...
4 Hard Store of Value: Bitcoin - #BTC Harder than anything else, controlled shrinking inflation, a good long term hedge against fiat money printing
Not much to say here, the other cryptocurrencies owe their existence to Bitcoin and Satoshi.
5 Smart Contracts: Ethereum - #ETH Showed us the way with Smart Contracts and Solidity Scripting of same . (too bad TPS is MIA)
Thank you for showing us the way, now hurry 'the frack up' and get Ethereum 2.0 shipped! ;)
6 Crypto Tips for Publishing & Viewing Content- #BAT and #Publish0x lead the way here, Earn Crypto while Brave Browsing,
Get Crypto for Publishing content AND, Tip Free Crypto drops for Reading Content. Publish0x is THE platform by which cryptocurrencies can put their "Airdrops" to good use, supporting publishers and readers about crypto and other topics. BAT is truly a value add cryptocurrency . Basic Attention token, now exchangeable directly in to Euro, US Dollars clearly demonstrates Brave Browser co. has "set the bar high" for others to follow and, in IMO, is the gold standard "value add" token out there supporting permissioned advertising. (I decide what my eyeballs get to see and what I have clicked on, and decide whether I share my personal information, all good). Yes #DAI and #Loopring also get a shout out.
Third the Top 4 "Need to Have", MIA "Missing in Action", all of them,
7 Transparency- Don't make me hunt to find out who is behind the Crypto offer.
Generally the Industry gets a "C" w/ 7000+ Listings out there
Why? Primarily because many of these projects and their ICOs are operating behind a veil of secrecy and privacy so,
the big bad govt won't tax the hell out of them and regulate their innovation to death
It's a battle just starting I predict, will grow into one of EPIC proportions in th next few years during the Economic & Global Currency Reset
8 Buy Anything with Crypto - ie- Bitcoin Lightning Network? @ Scale? There is work to do here, ETA is likely 3 to 5 years away
Expect this type of capability to break out like a bad case of acne, in the weirdest geographies and boutique markets, organically and,
don't fall for Govt Digital Currencies (easier to print at the keyboard)
9 Transparent Voting and Govt on the Blockchain: Bring your pitchforks & torches to get this one started in your country.
#AGORA is a consideration here. I don't personally have an interest in AGORA, I just like the business model.
Getting governments to pay for transparency is another story, they should pay at the insistence of the voter and the tax payer, one day.
10 Transparent Trusted Price Discovery on Crypto Exchanges, Central and Distributed, for Crypto, Futures & Assets
I have harped about this one on a previous blog or two.
Suffice it to say, when the crypto market finally evolves to embrace this notion of transparent price discovery 'across the board', then,
and only then, will crypto have divorced itself from fiat and central "Marxist" style banking, to finally enable capitalism 'sans cronies'.
The Dismount- On a broken leg, this post only. :)
I hope these checklist items offer some useful points of navigation to help investors morph what appears to be crypto chaos into crypto clarity, in their mind's eye.
It's Wild times, so get prepared by getting educated fast on all of the above.
TK over and out.
ps - e*pi = the perfect * , 'sans Betz Law' :)