Banks, corporates and governments are issuing their own cryptos. Their corrupt economic ideals embodied in math. But just like fiat, the tools for Quantitative Easing, capital controls and tax will be baked in. For blockchain tech is neutral, open to all, including our enemies.
Unfortunately, these corporate entities are packing some heavy ammunition and they’re prepared to play dirty. For a start, there are a lot of people with traditional views. They are very comfortable with custodial solutions. Of course, this is a false sense of security, but it's real in their eyes.
There are also a lot of people that actually like chargebacks and third-party arbitration / insurance. Of course, many small business don't like chargebacks, but for some it's the price for getting customers to spend.
The banks also love to share and sell their customer information. It's very empowering for them.
I believe public blockchains will ultimately reign supreme but first the public at large must witness the implosion of corporate cryptos. This, in turn, will knock the confidence in all cryptos. I’m sorry to say, the path to financial freedom has obstacles.
There is something we can do, however, to speed things along. We can make a personal commitment to ditch our credit / debit cards and revert back to cold hard cash. It’s not an easy choice, it will feel like a step backwards. We must forfeit convenience to claim our financial privacy and sovereignty. For these are the essential pillars of crypto.
For many of us, moving completely to cash is not an option. Likewise, any drastic change in lifestyle is likely to draw the attention of tax authorities. We must, therefore, ease our way back to the cash economy. We can, for example, draw on our debit cards for small day to day transactions, while saving our cash for larger face to face activities.
We can take this a step further by not taking our mobile phone to the shop. The radios in our cellphone, including bluetooh and wifi, are tantamount to fingerprints. Everywhere, meta data, big data, profiling us. Artificial Intelligence and the curation of data to prejudice our lives.
We can tell others about the power of cash, but charity starts at home. It all starts here, with you. Do you have the moral conviction to protect your privacy?