The Old Man’s Views Satoshi Lives!
I am rushing to get ready for a flight to the UK. Hopefully, it will take off before Boris bans all incoming flights.
As most of you are preparing for another Covid Christmas, I’ll try and keep it short so that you can get to the shops or down the pub as soon as possible.
The recent drop in cryptocurrency values
It was just a matter of time. I was hoping for a rally towards the end of the year, but that seems less likely now. It is not out of the question but less likely.
Those suffering from FOMO have gained a good lesson the last two weeks, never invest based on fear. And the new guys to the business, who have heard about the virtue of HODL’ing, should realise this only applies to a few products, and it very much depends on the entry.
At the end of this year, the crypto world is vastly different to where we were at the beginning of the year.
It is not just concerning prices and products, but also government interest.
With the growth in this sector, there is no way governments would continue to ignore it because they need to meddle, and they need to raise tax revenue.
The US hearing on cryptocurrencies came across as a net positive for the industry, and those representing the various exchanges sold crypto very well.
I don’t know what rules will come in in the USA, but it does appear a new regulatory body is needed as the SEC isn’t up to the job.
I have been against increased political interference in this industry for 2-reasons.
Firstly, as we witnessed from the hearing, politicians do not have the knowledge or capacity to make laws to further the development of the industry.
And, the idea of governments being able to collect more data on peoples financial transactions and activities also makes me very uncomfortable.
It would appear, as long as the crypto industry is promoted as being dollar-positive and US platforms are happy to pass on any information demanded to the relevant authorities, the initial rules may not be as harsh as some expected.
However, I can’t help but think Satoshi would be spinning in his grave if he saw the product he created to protect us from a broken financial system, now coming under the control and influence of politicians and bankers.
It was almost laughable when the woke politicians asked about the racial and sexual make-up of leading crypto companies, and we can only pray that such nonsense is kept out of any future rules and regulations.
I am sorry, but most of us expect a seismic collapse in the global economy next year, which will affect everybody. When this happens, all this woke nonsense will mean little.
As western nations, we have amassed severe amounts of debt. Yet, our governments are still wasting much of our future earnings on the woke agenda, unaffordable grand infrastructure projects, and buying young voters with the costly Green New Deal.
Our politicians can repeat their Build Back Better slogan as much as they want. It’s just a slogan.
I’m looking at what Klaus Schwab said in his book, the Great Reset, “You will have nothing, but you will be happy”.
Government policies will guarantee at least half of this statement is correct, and it’s not the second half!
Moreover, we must not forget, “When government fears the people, there is liberty. When the people fear the government, there is tyranny.”
It’s about time we all started to fight back.
One massive plus in this industry is its full of incredibly bright and innovative young people. De-Fi and NFTs are a testament to this.
That said, I do hope, at the end of the day, liberty-loving communities will get together and create more products in line with Satoshi Nakamoto’s ideology, instead of the get-rich-quick products that seem to have overtaken the business in the past few years.
Geo politically, we are going through a period of massive change, with a weakening western world and a Chinese superpower and a more assertive Russia.
This change will continue, and no one knows what the world will look like in 10-years time. But I wouldn’t place my money on us having more freedom or democratic control.
Once our governments introduce Central Bank Digital Currencies, which some at the US hearing mentioned, Political elites will have greater control over the population.
For me, even as an Old Man, this isn’t very comforting.
Data collection has been a massive plus for people who want to sell products and promote ideas. But we mustn’t ignore what is happening in China, where the state uses such data to monitor everything a citizen does. Then classifies each citizen according to their compliance with the government’s wishes.
Is it any wonder that so many people are excited about living in the Metaverse? It may well be a better place to live than the real world.
That’s it. I’m off to the airport.
I have my passport, covid passport, PCR test results, passenger locator form for the UK, and proof that I will take a test on arrival.
I have changed my Euros for sterling to buy some Christmas presents, and that’s been written down, in case they think I am money laundering. And, of course, I have my masks.
Now I have all I need, or what the government say I need, to spend Christmas with my old mum!
Have a great Christmas.
Until next time,
Good Luck and Good trading.
The Old Man’s Views
appeared first on JP Fund Services.
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