I thought that this article was pretty funny, which I saw this morning, but didn't have a chance to read it, let alone comment here on it. Pretty much it is a hodegpodge of random statements that try to explain what caused the "crash" in Bitcoin over the weekend and it is about as coherent as a Kingscrown post - the only thing missing is hidden referrals behind every link, although I didn't check them all.
The thing is though, that everyone has an agenda nd no matter what that might be, the first thing they are going to look after is, themselves. At least on average. What I thought was quite interesting in it was the last lines,
However, it was dealt a blow last week when Turkey’s central bank decided to ban the use of cryptocurrencies for payments from the end of April, citing concerns about a lack of “supervision mechanisms” and “central authority regulation” for digital assets.
Looking good, supervised and centrally-regulated asset.
Turkey: "We want none of this value in our country!"
It really is inevitable, isn't it? I am not saying just about Bitcoin, but as decentralized currencies begin to take hold in the imagination and sentiment of the general public, as individuals start to understand the real value of currency ownership, when we as a global community start backing each other as personal banks managed under smart contracts and earning what the middlemen have been extracting from us for years - things are going to move rapidly.
What happens when the centralized currencies lose purchasing power against the decentralized? Well, those who earn "money" from their activity no longer want to take the devaluing asset as payment, whether they be individuals, employees, business, banks or governments. It is going to get uncomfortable very fast, and the governments that are going to "ban" because they co not have oversight (ownership) over the currency, are going to effectively cut themselves out of having any say in their country.
Yes, money is power, but that "money" has to have value in order to be powerful and when what is "held" is a useless, valueless, unwanted piece of paper - the only value it has is as kindling to start the fire. When the average person, who has been automated out of traditional employment markets and into the gig economy, an economy where they have access to global resources and are able to earn borderless value streams, starts to become their own bank - it will be those centralized points of control that become the economic beggars, lobbying to the people in order to get some value thrown their way in order to keep control.
I have a question for you.
If your government asked you for 40% of your crypto assets in order to fund a war that they want to wage with a country that doesn't concern your daily life in any way, do you happily transfer it into their wallet?
Crypto is a threat to national security because a nation is reliant on being able to have access to the wealth of its citizens and the economic activity that is created there. However, with the way the globalized economies are designed and the loopholes the same governments keep creating for businesses to avoid paying taxes, less wealth is reaching the hands of the governments and they have to keep increasing the extraction from citizens by any means possible, even if it means destroying the very currencies they rely on.
While a lot of people think that this kind of economic disruption is impossible and centralized financial power will always be the rule, it is precisely that kind of thinking that supports and prolongs it, ultimately giving it more time and energy to implode, as the supervising powers use their regulatory tools in increasingly destabilizing conditions for which their tools are inadequate or harmful.
There is some kind of inevitability to this and we can see from every centralized force to have ever ruled, that they all have one thing in common - they all failed. Fight it if you will, but in the long-term, we are all either going to be part of the solution, or part of the problem. Depending on what side of the escalator we stand will determine which - as one inclines, the other declines.
Taraz
[ Gen1: Hive ]