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"The Times 03 / Jan / 2009 Chancellor on the edge of the second bank bailout"
This ten-year title became synonymous with cryptocurrency after the pseudonym programmer and creator of Bitcoin, Satoshi Nakamoto, hid it in the first Bitcoin block ever extracted – the Genesis block. The title alludes to the then UK Chancellor Alistair Darling, who considers a second bailout for banks after the 2008 financial crisis left the economy in tatters.
Ten years later, we find ourselves on the edge of a similar situation. Rather than an economic collapse caused by a subprime mortgage real estate bubble, markets around the world are falling due to various issues: the ongoing US-China trade war, the decline in technology stocks, the Fed's rising rates and Iranian oil sanctions.
Now, however, the economic landscape is very different. Cryptocurrency has not only provided the average citizens with a deposit of alternative value, but above all the awareness that together we can regain control of our finances. This was Nakamoto's intention when he included Times title within the Genesis block – to highlight a financial system that takes from the poor and serves only the rich. The hidden message was a call to arms to combat corruption and greed in the banking sector.
So we managed to bring out the revelations of Nakamoto?
In many ways, the fact that the Bitcoin network still exists is a success in itself. I am sure that Nakamoto, whoever he or she is or was not, had no idea that their little experiment would grow into the melting pot of economic reinvention and the revolutionary dissent it has.
However, many problems remain unresolved. The industry is inundated with disagreements, infighting, hack, theft, fraud accusations, questionable decentralization and ever-increasing threat of regulation or government seizure. 2018 saw the cryptocurrency bubble burst for the fifth time, eliminating more than 85 percent of the market value over the next 12 months. As before, many have claimed that it was the definitive death for industry, but we are already witnessing a market reversal and the year has just begun.
Bitcoin, in particular – the 300-screw-crazed cat – fought everything and kept his head out of the water, for the most part. As it moves towards its second decade of existence, it remains plagued by slow transaction times, lack of scalability and an uncertain future regarding mining profitability. Some believe that these problems can be solved through various forks, patches or updates while others see that Bitcoin is eventually replaced by a more advanced cryptocurrency.
Whatever the result, when we enter 2019 one thing is certain – the cryptocurrencies are here to stay.
