I knew it was just a matter of time before Governments would start mining crypto currencies. Russia just announced a $100 Million Dollar mining operation called Russian Miner Coin, or RMC. Remember, President Putin met with Vitalik Buterin (creator of Ethereum) for a private meeting back in June. Is there any question as to whether or not Bitcoin and crypto's are here to stay? The Venezuelan Government is confiscating crypto mining equipment and mining it themselves (not to benefit the people however). China is backing the largest minor of Bitcoin as well. Dubai has a national mining operation and many more, like the small country of Malta.
When you have Governments sponsoring the mining of Bitcoin and other crypto's you know big money is at stake. At high Government levels, people know that the Fiat monetary system is doomed. This is why everyone is jockeying to position themselves to get a piece of the Bitcoin/crypto pie. When this Fiat system final goes down, no one will ever trust a monetary system that uses a third party validation. Anytime you have a third party validate system, there is room for corruption. The temptation is too great. The block chain eliminates any third party validation and removes the potential corruption and manipulation.
The longer it takes Governments and individuals to study and adopt crypto currencies, the more they will fall behind. On the other hand, the sooner someone adopts crypto currencies and learns about the block chain the farther ahead they will be over the rest of the population. People stuck in the mind set of our old dinosaur monetary system and refuse to learn of the new FinTech will loose everything. Do not be married to the old status quo and fear what is new. Now is not the time to "bury your head in the sand".
