Since the emergence of cryptocurrencies, I have followed their evolution with a mixture of curiosity and skepticism. The initial idea of a decentralized economic system that would allow direct and anonymous transactions between individuals, without the intermediation of banks or governments, sounded attractive, almost utopian.
However, over time, my skepticism has grown, to the point where I consider them little more than speculative tools, where the only winners are those who operate in the shadows, manipulating the threads of this complex network.
The supposed decentralization of cryptocurrencies is, in my opinion, a mirage. While it is true that there is no centralizing authority as such, the reality is that there are powerful players, market "whales," whose actions decisively influence the price of these virtual currencies.
A simple tweet, a news story, a rumor—any event, real or fabricated, can trigger a sudden rise or fall in the value of a cryptocurrency, generating huge profits for a few and substantial losses for many.
Someone once described it as a kind of pyramid scheme, where each participant buys at a certain price in the hope of selling it at a higher price to someone else, and so on, until the bubble bursts. And the question is: when will the bubble burst? No one knows. Meanwhile, the wheel keeps turning, fueled by greed and the promise of quick and easy profits.
We have already seen the collapse of some cryptocurrencies, entire platforms that have vanished into thin air, leaving thousands of investors empty-handed. However, hundreds of cryptocurrencies continue to circulate on the market, irrefutable proof of human ambition and the often blind belief in the possibility of getting rich effortlessly.
El Salvador's experiment with Bitcoin as legal tender is a paradigmatic example of the risks associated with cryptocurrencies. Far from the promises of financial inclusion and prosperity, the reality has been quite different: enormous losses for many citizens, economic uncertainty, and an uncertain future.
And what about the recent news, never officially confirmed, about Donald Trump's intention to create a strategic cryptocurrency reserve? Regardless of the veracity of the announcement, the truth is that the mere mention of this possibility stirred the market, generating significant fluctuations in the value of some cryptocurrencies. And someone made a killing.
Who benefited from these fluctuations? I bet they were the same "smart guys" pulling the strings behind the scenes, the same ones who profit from speculation and market volatility.
Personally, I don't trust unchecked systems. History has taught us that, in the absence of proper regulation, there will always be those who take advantage of loopholes in the system to profit at the expense of others. And cryptocurrencies, with their opacity and lack of transparency, are a perfect breeding ground for manipulation and fraud.
I don't deny that blockchain technology, the foundation on which cryptocurrencies are built, has interesting potential in other areas. But when it comes to cryptocurrencies as a currency, I remain skeptical. I consider them a mirage, an empty promise that only benefits a few, while the majority exposes themselves to significant losses.
Perhaps time will prove me right, or perhaps I'm wrong. But in the meantime, I prefer to keep my feet on the ground and trust in more stable and regulated economic systems, even if they don't promise quick and easy profits. After all, wealth built on solid foundations is much more durable than wealth that vanishes like a mirage in the desert.
That's life.
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