Why are we here?
Why do we believe in crypto?
What does it give us that FIAT currencies and banks cannot?
Back To Basics
In 2009, when Bitcoin was first created, there was a message written in the code of the genesis (first) block. “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
A headline from the Times, a UK newspaper, stored forever, clearly signalling the reason behind the birth of crypto.
Self-sovereignty. The ownership of our own money. The ability to hold and transact, without having to rely on so-called “trusted parties”, who time and time again fail us.
It’s easy to forget this. Until something goes wrong.
This time, betrayed by the poster boy of crypto, it can feel that crypto itself failed. But clearly, that isn’t true.
It’s the same every time. A centralised, “trusted” actor mismanages or acts maliciously, causing repercussions for us, the bag holder. A constant and vicious cycle throughout history. One that until recently has been extremely difficult to escape from or break.
Let’s use this time to take stock, strip back to basics, and consider why this solidifies our mission. Incompetent or malicious, it doesn’t matter, what matters is that we shouldn’t trust power-hungry individuals with our financial freedom.
We know this is true when it comes to governments. They cause mass market crashes, fumble global pandemics, mishandle economic policy, and erode our value to pay off the debt this creates. That’s why having value stored entirely out of their control is so important.
Where a grey line has previously been drawn is the crypto native actors. The Celsius, BlockFi and FTXs of the world. As this article makes clear, the mission of crypto is a noble one. That can cause a smokescreen though, giving bad actors a veil to hide behind.
The most important thing to take from this terrible situation is that “trust”, whether in the traditional world or crypto, is a wildly inappropriate means of financial security.
Why Are We Here?
The blindingly clear need to go back to basics, to why we are all here in the first place; to have control and ownership of the value we worked hard to create; is the silver lining to this cloud. It’s an easy thing to lose track of when you’re seeing JPEG monkeys sell for more than a house, but every now and then an event occurs that realigns the community with its values.
Of course, it’s true that many people are in crypto because they’ve seen number go up, and they want to get rich.
To be completely honest, that is how it begins for everyone, myself included.
It’s events like this that turn profit seekers into true believers. The need for control of your own money, not just from governments, but from banks, FinTech companies, crypto exchanges, and centralised actors across the board has never been clearer.
This is not to say you can’t interact with centralised actors. It is to say the dangers need to be understood, and you should never have everything risked on one platform.
Having control of your own finance, removing the need for trust, and putting yourself in charge isn’t a simple task. It requires education, skill, and at times, trial and error; on both an individual and industry level.
That is what our mission, as Cryptonary, is. To educate, guide, and build together, with the rest of the crypto community, towards a fairer and more equitable future.
To tie this all together, I want to make something extremely clear. FTX was an extreme example, with a malicious actor and outrageous lies and deceit. We’ve seen this repeatedly in traditional markets, with banks engaging in a more extreme and systemic version of the same fraud.
This hasn’t stopped since, it’s better and less obvious, but the financial crisis was a result of the system it’s built on, not individual bad actors. For as long as we allow someone else to hold, print, devalue and control our financial freedom, this will continue happening, in crypto and traditional finance alike.
Welcome to the revolution.
Our research team spotted the threat early on, releasing an urgent notice to all members via Discord and email that they should withdraw their funds from FTX. We are grateful that most of our community managed to get out prior to the pausing of withdrawals.
For those that didn’t, we understand how difficult this time is, and whilst the mission has never been clearer, that isn’t all that comforting when you’re down bad.
Our DMs are always open, if you are struggling, please don’t hesitate to reach out.
Big love, team Cryptonary.