What A Difference A Year Makes In The Life Of Cryptocurrency

in LeoFinance2 months ago (edited)

As we celebrate the holidays, it is amazing to think about where things were just a year ago.

At this time last year, there were some rumors about Justin Sun buying Steemit Inc. However, at that point, they were just that, rumors. Of course, before the first month of 2020 ended, things were completely different.

This led to the forking of Steem by the end of the first quarter; the introduction of Hive.

However, there is a lot more that took place which is setting us up very nicely for 2021.


It is safe to say that cryptocurrency, or at least Bitcoin, was validated this past year. Not that it needed it but billionaires and institutions jumping in lends a certain amount of credibility. Now, the loons are the ones who are Bitcoin detractors instead of supporters.

Much of the talk throughout the year centered around Central Banks Digital Currencies (CBDCs). The idea sent waves throughout the crypto community. Some feared that this would destroy Bitcoin and other decentralized systems.

We did see the first one enter testing phase with the Chinese kicking off the entry. Nevertheless, like many things with governments it is a slow process. Just this week, Japan, the world's third largest economy, said that it foresees issuing a CBDC in about 3 years. They thought it out to the point they came up with "some form" will be offered in 2023.

In a world built around speed, this is lacking. Imagine what will be accomplished by 2023 with some of the DApps and blockchains we use on a daily basis. If you are not going forward at 100 miles per hour with your hair on fire, you are standing still.

The money associated with cryptocurrency is exploding. We saw a 15x in the amount that is held in DeFi platforms, crossing $15 billion at one point. Not to be outcome, custodial funds such as BitGo and grayscale each have $16 billion assets under management. Those three combine for more than $45 billion, not a small sum to anyone outside of the U.S. Congress.

Going forward we are going to see a token for everything. People are going to build tokens upon tokens. Sites will have multiple tokens, each serving a specific purpose. Some will offer access; others governance. We are going to see whales forming all over the place.

Many claim this will be the greatest wealth transfer in the history of humanity. Actually, to be more accurate, it is the greatest wealth creation in the history of human civilization. We are going to see quadrillions of dollars operating in the world of cryptocurrency/tokenization. Some ask how can there be so much money generated when the GDP of the planet is about $90 trillion?

Who says it will only be tied to Earth?


Maybe it is not so odd that Elon Musk is starting to discuss cryptocurrency.

The point is that we are involved with something that is very big here. People are mistaken when they limit the potential of what they see. The numbers, across the board, are going to be far bigger than anyone imagined. We are going to have tens of thousands of chains, housing billions (trillions?) of tokens. Most anything you can think of will be tokenized in some fashion.

As we step forward into the virtual world, coupled with automation, we move to an entirely new level. This removes most limited, at least as they apply based upon physics. In fact, there will come a point in time when we are not just one person. Our "avatars" will be automated and have some form of intelligence. This means that we will be able to "work" in dozens of jobs each day. In the morning, we send out avatars, along with our Tesla Robotaxis, off to work, each earning us money for the efforts.

Society does not appear to be aware of the crossroads we are at. The technological capability of the planet is going to explode. There are things that will roll out in the next 15 years that will blow most people's minds.

The Renaissance is about to happen, just like what took place hundreds of years ago. What is different this time is that it will not take a century or more to unfold. It will be accomplished in a bit more than a decade.

In question is whether it will be dystopian or not. We have the ability to make the las 400 years look like the Dark Ages as we pass into the light of tomorrow. Or we have the potential to forge deeper into the darkness as humanity embraces slavery to even a greater degree.


A large part of this determination is going to come from the outlook people have. There is no doubt, that it is easy to be a naysayer. We see it all the time. However, those people are about as useful as used toilet people.

The "realists" never changed anything. Neither did the rent extractors or political gurus. They only stood in the way.

Change comes from those who see possibilities. At first, one is a lunatic. After a short time, other join in to create the "fringe". There does come a point, however, where the lunatic fringe becomes large enough that they are the norm. Then the naysayers are the nut jobs. Again, Bitcoin is rapidly proving this.

The herd mentality or group think never changed a thing. In fact, if you look at the track record, you see the level of intelligence there reaches idiot level. The brainpower of the mob is rather low.

If, however, you find yourself on the outer edges, being treated like the crazy uncle nobody wants around, then you are probably onto something. Those of us in cryptocurrency knows this feeling intimately. Our family things we are totally nuts and do not want to hear anymore about the "internet money".

It is amazing how much difference a year can make. Perhaps the order assigning us to the insane asylum was a bit premature. Suddenly, a lot of smart people are entering cryptocurrency.

And in the process, we move away from the crazy uncle to the genius in the family. Instead of being shunned at gatherings, now everyone want to know our thoughts on things.

The exciting part about all this is that, in 12 months time, we are going to be looking a lot smarter than we do now.

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This year was amazing for crypto.

I'm still afraid of CBDCs, as I love my untraceable cash, even if it is fiat. I hope that crypto will establish as an alternative to CBDCs. I don't want the state to know everything I buy with my money. It is not for them to know the brands I use for my toilet paper for example. China controls is citizens with it for example. :)

We will have a lot of challenges in the future, but most are positive and will be towards a positive outcome.

Thanks for sharing

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The state already knows most everything we buy since most purchases around the world are digital in some form.

Plus with crypto, they are already developing tracking devices.

The biggest thing that scares me about CBDC is that it is too easy for them to go negative with interest rates.

It is one thing to know the transactions, it is even worse if they can take 2% a year from your account.

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The biggest thing that scares me about CBDC is that it is too easy for them to go negative with interest rates.

This is why liquidity needs to be private. I keep very low cash on my accounts, as money needs to travel. Of course a certain liquidity is needed, but besides this everything is spent and invested, just to avoid another future tax on my earnings.


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You need to have 1000 ENGAGE, in order to use this service.

If, however, you find yourself on the outer edges, being treated like the crazy uncle nobody wants around, then you are probably onto something.

History was not made by those who did nothing. Those who did something extraordinary, had to face opposition, or even death in medieval times.

Being the first has its price and advantages as well.

Change is the only constant in life and who's not ready to change is left behind.

This is a field still in its kindergarten phase, so change is all we get, along with opportunity.

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The centralization of money has really led nowhere other than to usurp more power from not only the people but from the states/countries. There is a reason for the desire for some countries to exit the Euro. There was a reason individual states or companies could no longer print money or company script. Crypto could and likely will become the norm in the future.

So we should go to the mars not to the moon😊
The moon will be the first stage, but the main stage will be the mars!!!

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World progress is not standing still.
Cryptocurrency is definitely the future, but unfortunately not all people have realized this yet, but there is a time for everything...

That is the opportunity that people who are involved with crypto have before them.

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Those who haven't realized yet, will get it later and then they will think why didn't we started earlier. Technology is changing world at so much pace that for normal people they tend to overlook things by saying its the same but but it's not. Either we adopt it or be left behind.

its amazing if we look at the recent past (less than 20 years ago) i was born in 2001 and omg its freaking mind blowing to think that i started this tech path with a nokia 1100 playing snake and now all of us are in a constant marathon with new techs being created each day. I feel sad for old school investors like warren buffet (who i admire) because they cant really understand all of this BOOM. its like a bomb, yeah. This tech will be the cradle in which the new generations will rise.

Great topic of today! :) thanks for giving us a space to talk about this stuff

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I do find it amazing how we hate change yet it is inevitable and happening all the time around us. The last 12 months has changed many of us as we had to move and very happy we did as look where we are now in comfortable surroundings with tribes and other things happening. This is just the beginning and will only gather pace now. I believe new users will find this place soon enough as what is being offered here right now is not being mirrored in other places and we are the benchmark.

Completely agree. I also think that the possibilities as well as the way of learning about these new things will attract more people as soon as they learn about this place. Therefore I am a big fan of the STEM community and hope they manage to attract student groups from the universities as well as other academic societies not only to discus their topic of interests here, but also get exposed to crypto and the ideas behind it.

There are a lot of possibilities.

What I like about STEM is that technology is a part of all of our lives so we all should be paying attention. No need to be high tech but rather discuss how it applies to our daily lives.

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Exactly, Medical, engineering, Arts and another knowledge should be shared. We have very few audience right now but it's a long way there. Sooner or later, things will develop. May be we can start STEM by doing education stuff we do to make it new normal for people to join.

Humans want to stick with the status quo. It seems something biological in us.

This year showed that change happens whether we want it or not. The only thing we can do is prepare for it as best we an and adapt as it comes along.

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Great article, what a time to be alive!

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Justin Sun was evil but perhaps also the savior, unbeknownst to him, of what Hive is today. Perhaps, if Steem were still here, we would still be debating what is the right thing or the right path.

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The result could be that the community is much stronger, creating a more decentralized system, and pushing forward growth at a bigger pace than would have happened on Steem.

It is incredible to think that it could have set things on fire in a way none of us imagined.

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Peter like Peter Schiff is using their influence to well paint am unsteady picture of bitcoin but then this year 2020 has eststablished a certain kind of dominance for bitcoin and crypto in general and well 2021 will keep being massive as well. It's a slower process of growth and everyday we experience true decentralisation Just like hive did off steem.

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People who listen to the like of Schiff end up missing out on grand opportunities to make a lot of money.

He keeps banging the same drum regardless of the market. The problem with doing that is markets change consistently. A great investment today is bad tomorrow.

Look at the stock market, it might not be a great time to jump in. Down the road, it could be the ideal time.

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It feels like he's being paid to tweet about how untrustworthy bitcoin is and well, he himself would be missing out on the biggest revolution, he might be secretly buying BTC by the way, we can't tell, im sure he's seeing the market and he's endlessly being proven wrong.

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He is a gold bug although I am not sure it is out of ideology. He makes 6% on gold sales off his sites so he has a vested interest in promoting it.

This means any other investment opportunity like stocks, crypto, or emu eggs are blasted by Schiff.

It is buy gold (from him) and nothing else.

He said $5,000 gold in 2011...we are still a long way from there.

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$5000 for gold in 2011? hahah that is quite laughable, good is a very good store of value but then to see it have massive gains in a short run is not really synonymous with it. What is going to drive those massive gains?
Unlike crypto. We get he's a gold guy but then no one will say they're just going to be stuck with gold, 30 years ago most of the technologies we have now were impossible.

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His premise is the fiat printing will kill fiat and thus people will have nowhere to turn but to gold.

The problem is money printing is not ending up inflation like he said. Thus, gold's biggest case, as an inflation hedge is cut off.

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I don't doubt his premise but then people cant easily turn to gold before they do to crypto because gold is majorly for rich people which isn't same for crypto. He's biased in his assertions though.

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I think 2020 started to reverse that viewpoint.

Crypto, well Bitcoin, doesnt have the "stigma" is use to. There are some powerful people who started to enter the field. This will trigger more following.

Few want to be the first but once the dam is broken, we will see the floodgates open.

I think we will see some huge names entering in 2021.

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A really nice read. Following the path of crypto for almost 10 years, I totally find myself in the pictures you paint here. People call you stupid until they change their mind and call you genius. Both is far from the truth, but that is the way people are dealing with new technologies they (think they) can’t understand (or are too lazy to get their brains work with). Kids and people that never stopped learning are the best discussion-partners I meet, and their questions are the ones that are sometimes hardest to answer.

The path of crypto shows the path of technology and how exponential it is.

Look at the development and progress from 2009-2013. Compared to what happened in the last year, it is nothing.

The progress we made in the past 3 years will be a drop in the bucket compared to what takes place in the next 3 years.

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What an unreal 12 months when you think of all that's happened and the events listed here! Despite all the pandemic and strife that's caused, those who have been in crypto are seeing and experiencing a future world that still seems so crazy to many but I'll happily take that crazy uncle tag line, I know I'm a genius anyway haha!

The next 12 months are going to be equally crazy, can't wait to see how it pans out!

Cheers and Merry Christmas!

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Yeah it makes me wish I had a time machine to fast forward to 12 months from now.

Exponential growth is amazing.

A year ago, can you imagine if someone posted that there would be $15 billion locked in DeFi in 2020...what the reaction would be?

Yet that is exactly what happened in spite of most of the crypto world still in the bear (or flat).

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If you are not going forward at 100 miles per hour with your hair on fire, you are standing still.

So much this! Change is coming whether you like it or not. Advancements in technology guarantee change will happen. The question is are you prepared for the changes. So many people around me IRL want things to remain the same or worse yet go back to when "times were better". Better for who is usually my question to them.

For my part I just try to keep up with the changes and learn all I can about new ideas and projects. Reading Hive and Leo Finance posts have been instrumental in expanding my knowledge. Around 2004 I felt something was wrong and started to ask a lot of questions and rebel against my cultural conditioning. Lots of changes have been made in my life since then. Finding Steem/Hive and learning more about cryptocurrency in 2018, has finally led me to something I believe can help change the world for the better. I just hope my oldmans mind can stay young and keep up with the changes. :)

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So many people around me IRL want things to remain the same or worse yet go back to when "times were better". Better for who is usually my question to them.

Isnt this the truth?

People who want the "good ole days" do not realize it wasn't that good for many people. People dropped dead of heart attacks at 55 with regularity. Little Suzie was bleeding from her vagina and nobody said anything. A woman was constantly "walking into doors", ending up with black eyes, and again, nobody said anything. Cars were chunks of steel traveling at high speed and killing people.

The truth is atrocities were taking place all the time, we just werent aware of them. Genocide could take place in countries and the next country over was not even aware of it. It was a lot easier to put our heads in the sand and ignore what was taking place.

Funny how the people who yearn for the good ole days lament for it using technology that did not exist back then.

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Other than the Hive price not moving up, there isn't much to complain about here. Hive is a great project and the price will eventually represent the potential.

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That is how we see it and aim to do our part to get it flowing.

SPIvest locked up a decent amount of Hive as HP. All the Hive that LBI takes in ends up powered up and delegated to leo.voter.

It all helps to make Hive a bit scarcer.

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Hmmm, you are right. There comes a time when we were looked at as lunatics simply because we were talking about internet money, some say it wouldn't last for long that soon crypto might crash and leave us hanging but I don't see that happening anytime soon instead the whole world would come to know and accept whatever innovations are taking place now and indeed we stand to be the geniuses

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This vision is one that I very well have thought of and its nice to see I'm not crazy lol but yea a token for everything is a world I see my son and his kids living in. The possibilities it creates is amazing. We will be the fore runners of this revolution, tap in now so we can become the whales and create splashes that our loved ones can soak in lol great article and happy holidays! \m/ 2023 o.O man I cant wait!!

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to the moon! or should i say to Mars!!

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Change comes from those who see possibilities.

That is true. cryptocurrency enables everyone to change their life. With traditional banking service, only few people can acces world financial market and funding. crypto spheres have changed anything. Unbanked people can get financially supported from world commmunities. Now more people see more opportunities in crypto

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Everything can change in an even shorter period of time. But it is incredible to see what this year-long journey has already given us.

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That is the pace of digital technology.

The LBI project is an example. In less than 3 weeks, we made incredible strides.

Imagine where we will be in 3 months or 3 years.

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Technology has the most rapid growth rate and indeed one year ago we wouldn't have imagined how far we'd go. Only if the price would reflect that as well, but time will solve that aspect as well. I think 2021 will be a tremendous year for Hive and the communities that decided to have established here and Leo Finance will be leading the way while others will follow.

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And in the process, we move away from the crazy uncle to the genius in the family.

More of the crazy kid who has given up on future and live like a looser. But these are part of the price we pay to become truly financially secure so that we can have a more spiritually fulfilling life later instead of always thinking about everyday rat race.

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Technology is pacing really fast and it is exponential, from the explosion of computers to internet to AI to Cryptography, a lot has happened in a decade or two and a lot more than that is going own. We will be observing changes and revolutions faster than decades and those who don't adopt will be left alone. Change is the only constant and we must accept it. Changing our ways of living and interpreting things in a different way is gonna make us lead others.


More info why you see this.

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it is very good to see attitudes changing about cryptocurrency - openness to considering it as a feasible option, if not wholehearted acceptance. I'm still getting shunned by family, though!