How on earth did we go from this: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
To this:
Let me specify for our newcomer friends: In 2009 "Satoshi" released the Bitcoin Genisis block (block 0) and embedded the message "Chancellor on brink of second bailout for banks" from The Times in it. What followed is history and nowadays Bitcoin has grown into actual legal tender in several countries and accepted as payment for international trade in others.
But fast forward to 13/Mar/2023 and we now have news headlines announcing Bitcoin's price bouncing back because of bail outs involving banks. What's wrong with this picture?
Look, I know Bitcoin is publicly accessible, it of course should be and that's the whole point. But what does that mean in terms of meddling and influence from certain corners we (Satoshi) tried to get away and effectively shield ourselves from? It means that people and institutions with more money than the rest can also access it and consequently make it seem as though decentralization and a break in correlation from fiat or stocks is virtually impossible for Bitcoin. I should specify that I said "seem" because it of course isn't. Not for Bitcoin anyway, but the past couple of days should really, really be a wake up call for many altcoiners. In the 10 years I've been involved with crypto I almost never messed around with stablecoins and the few rare times I did, I tried as much as possible to opt for DAI due to it's nature. But in recent years DAI seems to have reverted it's initial position and got involved with less impressive stablecoins such as USDC, which was of course linked to SVB, which consequently of course also dragged down DAI with it as it was partially backed by USDC. Being as uninterested in stablecoins as I am I missed all these past developments and only found out after wondering why on earth Maker dropped like 30% suddenly. So yeah, RIP good ol' decentralized MKR/DAI. I couldn't care less that they rebound back to the 1 Dollar peg and Maker recovered with +20% today after the bail out plans, that dream is officially dead.
