What is going on in crypto at the moment?

By Patch | Things of note and other interesting stuff | 19 Jun 2022

So there are a lot of small things that are going on that in themself would only warrant a post or two. But it is starting to look a lot different if you are adding things up. In case you do not know me personally, I am not really known as a perpetual optimist. I call myself a realist, but my friends tend to use another word instead.

Too many small things add up

If you have been following the news for the last week or so. There have been a few headlines that by themself was nothing more than small speedbumps. The first one I noticed was the Solana bug that cause a 4 hour stop in the Blockchain.

But after that, there have been things like Binance stopping payments on the Bitcoin Blockchain. KuCoin had problems that lasted a few days where they weren't paying out the daily bonus to holders of the KuCoin. And now there appears to be some crap over with Hive, where the witness there is acting up. And it is at least affecting some parts. And has been for two days or so. And is still not fixed.

What is going on, is it usually this many things going wrong in the crypto space? As I am pretty new to the world of crypto I don't really have that long experience. But on the other hand, I am not involved with that many crypto projects either. So if the few I am involved with are acting up like this. It looks like there are something else going on.

And I am not even bringing up things like Celsius and other crap that is imploding all over the place. It is at least one thing the Bear market is good for, and that is getting rid of all the shit coins and shit projects. And I am truly sorry if you have lost money on them. That's now what I am trying to get at. There is a saying that when you are starting your business if you can start it and make it when the times are tough. Then you surely will prosper when the times are good. Not sure if that is only in Sweden tho. But it translates pretty ok.

While that may be the cause for some of the bigger failures. I do not think it has anything to do with these other things that appear to on the surface be more of an annoyance them a three to survival.

But back to the many small things. I can but help to get the feeling that there are too many small things that suddenly fail out of nowhere. They work fine the one day and the next they just stop working. And it usually takes a few days to get it back up going again. Is it the same freelance coder working on a lot of projects simultaneously? Or might there just be something else going on?

8b895bf64c26f2d7ec2895af5864adb6cca08c892a284d60b605c9daf0c8eb3e.jpg

Are there some nefarious things going on?

Just speculating, can it be some Russian hackers trying to destabilize the western economy? So far Russia has made a ton of money due to the high oil and gas price. So if they can destabilize the western economy they might get an advantage when it comes to trying to end the war in Ucrin on their terms. Or is it perhaps China making a powerplay, trying to show the world how bad Crypto is by bringing it all down?

Well, it is all speculation, but you know what they say. A conspiracy is a conspiracy until it isn't anymore. What are your thoughts on this, am I overreacting, or are things messing up like this all the time? I am also sure I have missed a lot of other things that have gone wrong without me finding out to knowing about them. Well, let me know if you think I am complete of base, or if you also think there is something more to it.

If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead. You can find my other posts here and here.

I have also just started a new series of weekly posts, that will go live every Friday. You can catch the sixth step here: