Operation Chokepoint: Could it make some crypto even more valuable?
By now, you should have known about the Silvergate suspension: https://www.reuters.com/markets/currencies/silvergate-suspends-crypto-payments-network-shares-fall-after-hours-2023-03-04/
I heard some called it Operation Chokepoint, as it chokes the on-ramp and off-ramp for crypto.
If there is some kind of collective operation to curtail the growth of cryptocurrencies, say, by attacking the on-ramp and off-ramp services, would it be good for crypto?
I believe there is a chance it could be good for some crypto.
When it is harder to get fiat on-ramp to crypto, whatever is left in crypto should become more valuable.
This is provided that there is a strong use case for the particular crypto, of course.
Picture this:
Let's suppose we have BTC, ETH, USDT, HBD, HIVE, plus other tokens in the entire ecosystem, and limited on-ramp and off-ramp are resulted, i.e., whatever is in the system don't flow out or flow in as freely.
As the technology matures, some of the projects are getting real use cases to the point that people REALLY need it, such as Hive for its various purposes.
That is actually when we can ignore the impact of on-ramp from fiat to push up the prices. Rather, it will become a competition between projects within the ecosystem. Plainly speaking, more would trade their useless tokens for tokens they can use.
Even better, some people may start to accept these crypto tokens for providing their services, such as what we know about the acceptance of Hive and HBD in Sucre. More OTC could happen at the ground level when exchanges are not accessible.
If these play out, this Operation Chokepoint could actually make some crypto even more valuable!
Of course, you know which crypto I am talking about.
It's Hive!
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @thatkidsblack, @graciousvic, @deflacion, @jacoalberts, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!
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HBD got to be a bit more stable and we got this.
I think so too! !PIZZA
Will all these restrictions and suspensions my believe on Crypto is increasing not decreasing.
Yeah they are trying everything in their power to kill crypto, but I doubt it will be an successful event... And if it's successful enough I'll be starting to use rubbles because I doubt the Russians would be choking it off 😂
Good point there!
I see stablecoins being adopted more in commerce for their, well stable value and other assets being more investment engines. As someone who has an e-commerce project, we’ll multiple with @hivelist and @blocktunes, it can be hard to accept the volatile assets especially when you have dollar based costs on the other side.
Thanks for sharing your thoughts, and the upvotes. I shall follow your work more closely.
There will always be an on ramp to find. Some games allow you to use Fiat to purchase nfts or digital assets that can be turned into NFTs. These can then be turned into Crypto fairly easily.
Of course many 3rd world countries allow converting fiat so moving there could be worth while for crypto enthusiasts. It all depends how far the major countries such as USA, China, etc want to fall by fighting against crypto.
Naturally I doubt things will get that bad, it will merely be chaotic as regulations go into effect.
As for off ramps well I can pay for HBO, Hulu and several others using Crypto no off ramp needed.
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Wow! Nice input there. That’s very reassuring.
I don't think it's that great for us to see the on-ramps or off-ramps get targeted. Either way, it's not like crypto will disappear at all due to this but I do think it will make development in crypto slower. With such a barrier going in, there will be less people willing to travel through that hurdle.
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Thanks once more @cryptothesis for this informative post and about the small more or less ignored tokens that might have their value growing if they cant be sold or exchanged to Fiat or else. It seems that we are in the hole of a wave that won't last long before sea-level and upper. Best+!