Recently, the current events that are considered valuable by the cryptocurrency community. This includes the release of the Bakkt common trading infrastructure and the approval of Bitcoin ETFs.
He explains that these events, which are commonly seen as being future impulsive for market growth, are specifically reliant on government and institutional approval of the crypto industry.
Palmer then urges that industry advocates take a step back and realize that reliance on external approval from these types of groups is counter to what cryptocurrency stands for, stating that:
“While many cryptocurrency enthusiasts express blind enthusiasm at the notion of positive price impact associated with this money flowing in, it’s important to take a step back and analyze what this phase of the cryptocurrency life cycle actually represents, and how far it lands the movement from its original goals.”
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In Palmer’s view, there were originally three pillars that defined cryptocurrencies, including being censorship resistant, conducting trustless transactions, and providing users with a verifiable history.
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This leads to his critique on the market’s reliance on bank-like exchanges that are the epitome of a centralized institution, which detract from the decentralization of Bitcoin’s network.
— Checkers & Rally's (@CheckersRallys) November 28, 2018
On this point, he also importantly notes that a centralized entity can control the public’s access to cryptocurrencies, as they can ban or block users however they so desire.