The upward trend of digital currencies in early 2021 has made many market participants forget the unpleasant memories of 2018 and 2019. Of course, this upward trend did not continue in 2021 and this year ended with price fluctuations that affected many people; But if we look at the historical chart of the prices of currencies such as bitcoin and compare it with previous years, we will see that the bitcoin market as a whole has been bullish.
The price of bitcoin at the end of 2017 was about $ 15,000; Until this digital currency ended 2021 with a price of about 47 thousand dollars. This means that bitcoin has grown by about 300% in these 4 years. The same goes for instruments like Atrium and Cardano. Some altcoins grew faster than bitcoins and saw more significant price increases.
However, the conditions for 2021 were not the same for all currencies. The Prussian Quinn was one of the few currencies that did not take advantage of this opportunity. ZiKash is miles from its record high of $ 5,941 in 2016 and is currently trading at around $ 120. Monroe also reached a new high of $ 513 in 2021, but rose only about 20% from its previous peak of $ 2018 ($ 430) and is now trading at $ 170, down 67%. Meanwhile, Monroe and Zee Cash are two examples of the most famous quinces on the market.
Hasib Qureshi, a venture capitalist and digital currency activist, discusses the reasons for Coins’ failure in his own article in an article published on the Quin Desk website. In this article, he lists 4 factors and presents them as the reason for the failure of the Quincy Prius. You can read the rest of the article by this author.
Most people like to keep their money a secret; But there are few people who are willing to make their payments with the help of Prius Coins. Most people think of bitcoin, the atrium, or perhaps stable coins when they think of private digital currencies. There are very few who really want to make their financial transactions in a currency whose only defining feature is its confidentiality.
That’s why atrium-based privacy systems (like Tornado Cache) are more popular with Prius Quinns users. These systems take privacy where the real users are. They apply the privacy they want in the context of smart contract chains and popular currencies such as Atrium, USB and Dai. Now compare such systems with Monroe, whose portfolios and liquidity are so weak that many users regret it.
Another reason for the success of Atrium-based privacy systems is that instead of charging privacy to all users, they distribute the burden among the users who really care. This leads us to the second reason for the failure of the Quincy Prius.
The history of the “hypertext transfer protocol” or “HTTPS”, which is used today to access almost all websites, teaches us that people choose privacy only when it is easy and accessible to them.
In the past, links to all websites were plain text. HTTPS was so slow at the time that it was only used on credit card and bank data websites. The HTTPS communication protocol became widely used and became standard for websites when its computational costs were reduced to such an extent that websites could perform it regardless of user preferences.
The same thing happened with messaging apps. WhatsApp is currently the largest service in the world that uses end-to-end encryption. The company in 2016 (2016), without consulting its users and seeking their opinion, and in complete silence, implemented universal encryption in this application.
These two changes (the use of HTTPS and the use of global encryption in WhatsApp) were the biggest steps taken so far to increase Internet privacy; But none of them informed consumers of the decision to include more privacy.
Compare this to using Monroe and ZeeCash for day-to-day transactions, both of which are technically complex and costly to consumers in exchange for protecting their privacy.
It is this difficult and complex situation that leads us to the third defeat of the prosperous Quinn.
The fact that people are not interested in privacy is an unpleasant fact behind the failure of the Quincy Privy.
See people’s obvious priorities. They use social networks that publicly sell data to third parties. They use Venmo and openly distribute their payment information worldwide. Or instead of using WhatsApp, Telegram and Signal to send their messages, which are free and easily accessible, they use SMS, which is stored as explicit text and can be easily prosecuted by law enforcement.
The easiest way to justify these events is to connect with the ignorance of consumers; But this justification is not in line with the existing facts. Think social networking companies: Despite the huge scandals of these companies (from Cambridge Analytica to last year’s Twitter hack), the use of these networks is still at its highest level.
In general, we face two groups of people: the first group are those who are not interested in the nature of the privacy issue, and privacy is important to them only insofar as their friends and acquaintances cannot know what they are. right. Blockchains such as Bitcoin and Atrium are suitable for this group of people.
The second group are people who are fully aware of the issue of confidentiality and want their privacy controls to be strong enough to protect them from third parties in the profession.
Technologies like Monroe, when used properly, are powerful enough to protect the privacy of these individuals against corrupt companies, governments and attackers; But it all comes at a huge price.
Finally, it is possible that the latter is willing to pay such a fee; But, of course, privacy is not important enough for the first group to be willing to pay the price. So until the price of privacy is drastically reduced, we should not expect to see a revolution in HTTPS style in the world of digital currencies.
This brings us to the importance of proper legislation.
Violent queens have always been a major target of prosecution. When lawmakers are accused of doing nothing in the field of digital currencies, the simplest accusation available is the mysterious coin.
In the area of supervision, we have seen a number of actions by the governments of South Korea, Japan and the United Kingdom to remove coins. The US government is also constantly trying to narrow the field for them.
Digital currency lobbies have become larger. They now have a huge range of retailers and many bitcoins and Atrium companies added to their portfolio; But very few of these institutions are willing to defend Quinn’s rights.
Instead of harming the industry as a whole, they would rather sacrifice their wealth. An example of this is that in order to survive a bear attack, you don’t have to overtake the bear, you just have to overtake the person behind you.
I appreciate organizations such as the Coin Center and the Electronic Frontier Foundation, which have taken bold steps to protect the civil liberties of American citizens by developing privacy technologies; But I’m worried that when it comes to the Quincy Prius, they’ll have a war lost in advance.
Until then, lawmakers are expected to continue to sacrifice the Quincy Prius and their adoption and liquidity will suffer as a result. My prediction is that in the coming years, painless privacy solutions that integrate with Difference and Stable Coins will take the lead in privacy and have the greatest growth in this area.
Prius Quinn, despite a tumultuous start, could not consolidate his position. They performed disappointingly in terms of acceptance, number of users and volume of transactions, and even in areas such as Darknet, where the use of cryptocurrencies is expected to become more widespread, bitcoin is still the dominant currency.
As mentioned in this article, there are several reasons for the failure of these digital currencies; From the fact that people are not very interested in privacy to the difficulty of maintaining confidentiality and the high price that these currencies impose on their consumers.
However, the persistent opposition of governments to Quincy’s prosperity may be the main reason for their failure. Of course, there are still politicians who see bitcoin (whose transactions are completely transparent and accessible) as a tool for money laundering and criminal activity, not to mention the prudence of coins that seek to alienate consumers through their covert and encrypted transactions. . And especially to protect government overseers.
The question that can be asked in the end is that amid the turmoil of NFT, Defy, Metavari and Meem Coins, is there a place for Coins to dominate the world of digital currencies in the coming years?
The publication Why Quinn professionals didn’t grow up properly? appeared first for currency.