As One Gate Closes, Another Gate Closes and So Goes Private Cryptos

We have stated time and again that cryptocurrencies need not be attacked. People can believe whatever they wish and put their funds into whatever nonsense they choose. If you haven’t taken your profits from your digital illusions now may be the time to consider doing so. It seems as time goes by more and more avenues are closing gates, attacking payment systems and stripping cryptos of any forum to be used outside the small circle of people that hold them.

Is the bubble bursting? Who cares. It doesn’t matter as the only people that are going to lose are the ones screaming HODL – the absolute zenith of investment idiocy. I can hear some people say, what about “sit tight and be right”. Well, that has a much calmer, sweeter flavor on the tongue than “hold on for dear life” which sounds desperate and taste like dirt, or another brown substance that I can only imagine wouldn’t taste very sweet.

Another gate is set to close in April 2018 making the circle of cryptocurrency acceptance smaller. We anticipate this trend to continue especially after Australia, just a few weeks ago, shut down the entire country to using bitcoin reversing their decision earlier in 2017 to recognize bitcoin as an actual currency.

The news on Stripe, the authoritative pay processor ditching Bitcoin-based transactions seems to raise quite a few questions – both over the failed bitcoin expectations and which digital currencies are actually promising.

Stripe, the company which helps over 100,000 businesses successfully perform online financial transactions, is to round off its nearly four-year support for Bitcoin payments.

The move came amid remarks that incredibly high price volatility that the bitcoin has shown recently hampers transactions, makes them too slow and for a big commission fee. Separately, Stripe said Bitcoin users now saw the virtual currency largely as an “asset” to be bought and sold, rather than something a means of exchange.

“By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the ‘wrong’ amount,” Stripe’s product manager Tom Karlo said in his blog.

Bitcoin transaction fees had also risen “a great deal” resulting in a decrease in demand from Stripe’s customers to accept Bitcoin payments, he said. He added that an average fee is tens of US dollars, which is nearly as costly as a bank wire.

The Stripe payment processor was the first to lend support for Bitcoin back in 2014 and has been with it all through its rises and falls for the past 4 years.

There’s no way to present this Stripe news as good news. We are basically telling all early adopter merchants that they did it the “wrong way” and now have to retool to add lightning network.

But they’re not. They’re not moving to Bitcoin cash (or other) either. They’re leaving

— alex van de sande (@avsa) January 24, 2018

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Janis Joplin said it best – Get it While You Can! as the windows of opportunity are closing at an ever increasing pace.