Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
It’s been an ugly 2022 for crypto and financial markets in general.
We’ve seen exploits, hacks, and rugpulls. Hell we’ve seen not one but TWO Top 10 coins collapse.
The year is barely half over!!!
Feel free to cry on my virtual shoulder.
But I don’t want to turn this into a coping session.
Recently I sent an international wire transfer to a European professional for due diligence services rendered.
The transaction took WEEKS.
It’s not like the movies or TV shows where money appears on a screen instantly.
I will never complain about how slow a Bitcoin or Ethereum transaction again.
Well maybe just a little. It’s all a matter of perspective.
It’s a good thing it wasn’t urgent or some life or death situation.
It’s 2022!!!
If I took a boat, I could probably get the money there faster.
Not only that I felt like a circus animal jumping through hoops just to send MY MONEY.
Now to be fair the bank webpage to input the transaction details wasn’t too bad for TradFi.
The next step was mildly irritating. Hours later a bank employee called me to verify the transaction details and conducted a mini-interview to ensure I wanted to send the transaction.
I asked why it takes so long to send an international wire transfer. She could only give me a partially satisfying answer. I can understand the time difference and that there could be a day lost for the foreign exchange.
However WEEKS?
Once again if there just happened to be some holidays involved, that would be understandable. Our countries are not involved in any war. I’m scratching my head as to who or what is causing the delay.
Even during the LUNA/UST disaster I was able to recover some of my capital. I know there were a few days where the Terra blockchain was shut down but they were able to get it back up.
Could you imagine if there was another banking crisis?
“Sorry sir our systems are currently down”
Now this doesn’t mean that there isn’t room for improvement in crypto. Most user interfaces could use some polish. There are still scalability issues.
I’ve been critical of Ethereum in the past but despite my complaints it just WORKS.
Even when Ethereum was congested at least my money went to it’s intended destination on the same day.
Ethereum along with Bitcoin may not be as flashy as they were 5 years ago BUT they get the job done. They’re decentralized, secure, and PERMISSIONLESS. I can send my BTC or ETH to whomever I want and wherever I want.
Sometimes we get so caught up with distracting Ponzi-ish APRs or overhyped animal pictures that we forgot how the industry started.
It’s quite sad that we need a brutal bear market to bring us back to our core crypto values.
LONG LIVE CRYPTO!
Obviously none of this is formal financial or tax advice. You need to find qualified professionals in your jurisdiction.
Be sharp, stay hungry let’s get that money!
