Today is a lesson in the myth of crypto as an alternative market

"A pessimist buys gold and a gun. An optimist bitcoin and a laptop"

In the more cultist circles of the cryptoverse there is the false narrative that crypto will save the world. That it will bring democracy and financial freedom. Like some anarchists wet dream of a stateless utopia

While I do agree that blockchain technology has had an impact on governance and financial markets. Possibly even eventually utilised in a direct democracy. I'm not delusional enough to believe that BTC and NFTs will bring women's rights to the Middle East and food to Somalia

Before I get comments on crypto projects such as the BTC Water Trust. Those don't utilise blockchain but use it as a financial instrument to facilitate revenue for project funding.

Crypto is unfortunately an extension of the current prevailing capitalist hegemony. As such it benefits and suffers from all the illnesses of traditional markets. Highlighted by the various scams that have pledged the space since BTC was worth a $1

Today highlighted that beautiful. We had the public becoming aware of an external threat to the Western Capitalist hegemony and it was Crypto that lead the red charge. People fled to bonds and precious metals. While it was "risk off" in stocks and alternative investments

Furthermore inflation is increasing globally and the risk of World War Terminus in both Ukraine and Taiwan is becoming terrifyingly plausible. If BTC is supposedly the safe harbour of the disenfranchised and outcast it should have pumped not dumped

Crypto isn't an alternative market. It is an extension of traditional markets and as such it will ultimately be limited by those that control that market. The more institutional investors and governments come into this space the more it will be regulated directly and indirectly

Ultimately we will look into the farm house and won't be able to differentiate the pigs from the humans