Is the Wild West as Wild as They Say?
“What’s needed is rules to create stability, certainty and clarity to protect retail investors.” –Dr. Roland Amoussou
If the above quote is true, it means we’re living in a time of instability, uncertainty and ambiguity. In the area of life that deals with money, this could not be more true. I am not sure if the great reset is happening now or if it is an event that is sure to come in the near future. What I do know is that this is a time of fear and doubt about what is to come. This time also presents us with financial freedom far beyond out wildest dreams.
The west, for many represented true freedom. It was a chance to begin anew and to forge yourself into whatever or whomever you chose to be. What made the wild west so wild, was the lawlessness and the lack of regulation.
It was a time in US history and indeed in world history, when there was no centralized authority figure. Without a functioning state or a central authority, the people there went back to their lower nature. That is to say, they preyed upon one another. That is the story, at least.
The market for crypto currency, in total, is quickly approaching $3 trillion. As the world moves away from fiat, paper money and closer to digitized assets, the average investor has access to wealth that seems like it was conjured up by a genie. Another promising thing about crypto markets is that different coins are regularly being made and their value is ever-increasing against other, national currencies that we commonly use.
One major issue with crypto markets is called volatility. According to Investopedia, this happens when the value of something you own goes up or down, drastically, within a short period. This is definitely the case with bitcoin and large scale assets of its type. I have just a few hundred dollars tied up in crypto currencies at the moment. For investors who have billions of dollars tied up in this crypto asset, they can and have lost true fortunes, over night.
Crypto markets are now being compared to the wild west because, as it was then, we don’t see any regulation. There is no violence involved with crypto markets but people and companies are being robbed and ransomed left and right. What is worse is, it looks like governments are helpless to prevent these attacks and robberies.
The sums of money being stolen are unbelievable. The highest figure I’ve heard up to now is $300 Million. Looking at numbers like this, it occurs to me that this market offers the highest, most lucrative rewards ever imagined. It also involves the risk of losing exorbitant wealth, unless you are careful.
What does it mean to be careful and how can you protect yourself? It helps to have a crypto currency hardware wallet and the most popular one I know of the the Ledger device. Having the right technology in play is simply not enough.
The quote above is true. What we need is a system of regulation in place that dictates what is and is not possible, regarding blockchain technology. This would definitely eliminate the risk of being robbed or extorted but this presents another inherent problem. With enormous risk comes enormous reward. This is just me but crypto markets are booming because they remain unregulated.
In my observation of these new, burgeoning technologies, I cannot help but to feel that the move forward into the future is partly driven by fear. However miniscule, there is always a risk that something dangerous can befall anyone at any time.
There is a chance I could be killed if I go off to war and there is also a chance I could be killed sitting in my living room. Being led by fear is never a good thing and is sure to lead to disaster. We know that there was violence in times like the old west. There were also people in the old west who impacted each other’s lives in a positive way. We need to focus more on those stories.
The words above are the opinion of Blackasiamagazine.com and its associates.