Been a week since I last posted!
Feels odd.
Been dealing with several random emergencies and just taking a break from crypto during this seemingly boring era after record breaking all time highs. These things happen. It's funny because I helped out a friend with a broken water heater, and then a day later my own water heater melted down as well. Ah, the smell of burnt plastic and chemicals in the morning. Very cool.
What's even funnier is that this friend that I helped is a crypto-curious no-coiner... and I found out that Bitcoin had dropped to $59k that day from him... a no-coiner... which I thought was kind of comical considering how often we're all looking at the charts. Could that have been the double bottom I was waiting for? Sure... but also it's way too early and we have to make it through September so that's annoying and potentially anxiety inducing depending on exposure and risk. Meh whatever it's only a couple of months we'll be fine.
CBDCs oh NO!
I've been seeing a lot of fuss about CBDCs again. I truly wonder what causes these bouts of, "LOOK OUT FOR CBDC THEY'RE COMING"... because it certainly has nothing to do with any type of evidence or signal that they are coming. CBDCs are a dead-on-arrival product with zero market fit. They are a product for nobody. Nobody in crypto wants them; nobody outside of crypto wants them. The only people that know how they work or how to use them really really don't want them. They are rebranded enterprise blockchains which have already completely and utterly failed even after having billions pumped into them. We should collectively stop worrying about the Boogie-Man. We spend too much energy on things that don't exist, and if they did there's nothing we can do about it.
But what if the governments all work together in unison to create a streamlined product?
lol?
The entire premise of CBDC is that they will be forced on everyone collectively even though nobody wants them. They are going to force Grandma to learn tech. They are going to ban every other option. The retail banking sector is going to roll over and die without any kind of fight. It's all going to happen within a couple years. None of this is feasible on any level. The narrative for CBDC doesn't exist, and in places like USA multiple laws would have to simultaneously be created and rolled back in order for them to even be legal.
Said it before and I'll say it again: the environment required for CBDC is so toxic and terrible we'll be more worried about friends and family starving to death or martial law before CBDC even has the proper habitat to pop into existence... and even if that case it's probably a fail because the current centralized banking infrastructure is superior to CBDC. Tell me what a CBDC can do that FedNow can't do. None of the alarmists give any kind of answer other than something something tracking something something absolute control. Zero non-vague real answers.
Looking at things like UTXOs and other design choices of Bitcoin... everything about Bitcoin was chosen because of the fact it's decentralized. Reverse engineering that tech back into a centralized database is just a really terrible database with more risk and less reward than the current system we have now. It's not happening. Find something else to worry about. I will allow it.
Let's see what else...
Honestly I have no idea. Need to get back into the groove and dust off this rust that's already accumulated after a week of not posting. Guess I'll just kill it here and write something short for once just to jump bank into the game.
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