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🇸🇬 Singapore welcomed crypto firms. Then it vowed to crack down. The mixed messages are risking its ‘crypto hub’ future
A thread on what this means for '#crypto' as a whole🧵
1/- I lived in Singapore for a couple years (before Covid hit).
Loved every minute of my time there.
They provided me with the perfect ecosystem for my startup and served as a great international hub where business opportunities often came to YOU, instead of you going to them.
2/- However, after spending more and more time in the blockchain space, I realized that many governments and even "experts" usually made bold claims without genuinely understanding the technology they were supporting. Especially those who wanted to become "crypto-friendly."
3/- This is no one person's fault.
It's a symptom of the entire industry.
Therefore, this latest news (below) comes as no surprise. As more and more people understand what's at stake, they may realize there's a lot of smoke and mirrors but very little substance (for now).
4/- When you dig deeper, you realize that Bitcoin's original promise as a "peer-to-peer electronic cash system" means things like #micropayments (paying for things online for less than a cent) is what was truly innovative. Everything else being marketed as "new" is just cosmetic.
5/-
#NFTs? Most are still being used just for membership access.
#DAOs? Most are general partnerships trying to solve people problems.
#DeFi? Most are becoming more centralized than traditional platforms.
6/- With this 🇸🇬 news, I expect more governments to backpedal and retract any supporting statements about #crypto. If not entirely, then with more limits.
But this is a GOOD thing.
It means that the rise in demand is significant enough that there's a need for regulation.
7/- Next up (or soon to come): freezing, seizing, and returning #blockchain-based funds for users.
People may not like it, but various signs indicate this inevitable outcome.