Wall Street Junkies don’t get blockchain
Today I was watching an interview regarding a fund manager creating a crypto ETF. In the interview he was discussing various trends in the crypto space. As my eyes begin to gloss over I realized that this guy does not get it. Frankly, some of these individuals are still trying to keep the top/down economic system intact.
Well, not going to happen. Many were laughing at Dogecoin just a few years ago. Some still don’t understand why it’s trading at such high levels. Others are saying to avoid it altogether.
This is not going to be a Dogecoin post. Rather, it is a post to prove a point. Money itself has changed. A decade ago Central Banks around the world crossed a line.
They basically took from the future and made the well connected whole. And many are still living with these policies today. Yet, now we get a choice to decide what money is. Or rather who controls it’s issuance.
The issuance of money itself is a very powerful tool. If manipulated the consequences can be dire. Look around the world for proof of this. It’s a very slippery slope that has hurt countless people.
Wall Street lately has been getting in on the action. Countless products are being created to basically syphon value from clueless investors. The objective is to create gambling products so fund managers can get their bonuses. Yet, many of these managers just don’t get it.
They are subscribing to old rules that no longer apply. Obsolescence has already occurred in the area of Wall Street finance. The people will soon wake up to the con. And trust me they aren’t the peoples friends.
If 2008-2009 will tell you anything about these people is that they are cunning. And they will bet on anything that has a pulse. When they lose we lose. And when they win we still lose.
Blockchain is not the legacy system. Hopefully people will start to realize this truth. Fiat on and off ramps do not create causality. Frankly, I never did like the fact that crypto was being priced in dollars.
When Bitcoin was created many on Wall Street scoffed at the idea. It was brutally attacked and is something that I will never forget. Many of these zombie institutions are still around to this day. Some of these con men still hold high positions of power.
Yet, moving forward it still makes me chuckle when I hear fund managers discuss crypto. These same knuckle heads eight years ago were actually laughing at the concept. Now they get interviewed daily like they created blockchain. Tsk Tsk young grasshoppers.
Many of them still know nothing. They also don’t realize in a few years how unpopular their profession is about to become. The people don’t like thieves. Nor do they like it when they are lied to.
My advice is to not trust but verify. Blockchain has already made many of the Wall Street mechanisms obsolete. We are the new Wall Street.
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