As the United States witnessed one of the biggest bank failures in history, Bitcoin was innovating and seeing its network grow.
This is an opinion piece by Carlos Cardenas, an institutional account manager who has worked at traditional banks and cryptocurrency exchanges.
Author Nasim Taleb published an interview titled: “Bitcoin is a fool detector” In it he restates his contention that Bitcoin cannot serve as a currency or store of value, suggesting that it will “collapse”. mosquito?
Indeed, Bitcoin has suffered a catastrophic decline in value over the past decade. 58% Last year, but overall, it was 1,576% average annual return from 2010 to 2021. finished Bitcoin evolution, We have seen a thriving global network of miners occur again and again 1 million active addressesThanks to Bitcoin, we can now see an emerging crypto economy that includes other cryptocurrencies and digital assets (utility tokens and NFTs). Valued at over $1 trillionThrough all the innovations and negative events associated with Bitcoin (bans, confiscations, scams, scams, etc.), Bitcoin and its user base have adapted and pervaded.
Meanwhile, recent bankruptcies of financial institutions SVB, silvergate bank and signature bank It has once again highlighted the vulnerability of the legacy financial system. For as long as we have lived, we have witnessed the systematic destruction of wealth through declining land prices and inflation fueled by the traditional financial system, villains and poor policymaking.
If you remember 2008, 1999, or 1987, or are paying attention today, you’ve been aware of all these problems for a while, but it wasn’t until Satoshi Nakamoto created Bitcoin that the actual I knew there was no alternative.
Bitcoin’s power isn’t in its price (although I wish I had bought it in 2011). The power of Bitcoin is its democratized format for free trade in a convoluted world, programmatic money supply, and relatively low barriers to entry for adoption. You can participate in the network by running nodes, mining, or simply buying and selling.Today, thanks toorder theoryto write digital files to “satoshi, free from censorship, achieve immutability, and have a truly decentralized file storage system. This opens up many opportunities for communication, artists, and collectors.” Open and pave the way for a better Bitcoin infrastructure, this is antifragility: adaptability, resilience and evolution in a system exposed to shocks.
14 years ago, Bitcoin genesis block 3 January 2009 The Times shared the message, “Prime Minister is at risk of bank’s second bailout.”Today we are facing radioactive fallout from the Earth Collapse of the second largest bank in US history. This tells us that while we have not learned our lessons, there is still time for current and future generations to adopt Bitcoin technology and build a healthier and more efficient financial system. .
Despite the recent financial turmoil, Bitcoin has remained intact and has proven its utility to be more than a portfolio investment, but a truly modern version of the financial system.
This is a guest post by Carlos Cardenas. Opinions expressed are entirely his own and do not necessarily reflect those of his BTC Inc or Bitcoin Magazine.