This is truly laughable. It is why this isn't even a real contest. As long as we keep kicking the development into overdrive, there is nothing for the government to do. The wheels move very slowly.
As I stated before, our present governance system is completely impotent in the digital age. The Biden Administration is a shining example of this.
Before getting into the Executive Order, we have to start that government consent is not required. Cryptocurrency was born out of the idea of going around the system. It was not meant to interact with it.
This is akin to the idea of streaming integrating into the video DVD rental market. There is no way those two were going to coexist. That is what technology does: it obliterates what is out of date.
18 Months Is An Eternity
Evidently the President is going to issue an Executive Order mandating a study of the rollout of a US-issued central bank digital currency. Of course, as most of us know by now, the term "central bank" is misleading since this is all about political and government control. Politicians are frothing at the mouth to have control over monetary policy. Of course, their track record with fiscal policy should concern everyone.
What is a joke about this is not the Order itself. Studies are mandated all the time. The laughable part is the time line that is expected.
The agency will reportedly plan to issue a report to the U.S. President on distributed ledger technology within 180 days, with an update expected on its environmental impact in 545 days.
So the first report is due in 6 months with an update about the environmental impact due a year later? That means this Executive Order will require 18 months just to get a report as to whether this is a feasible idea. Bear in mind, this is not the implementation, just a couple studies to produce the report.
And they say the wheels of justice move slow. The government, it seems, moves a lot slower.
In the technology world, 18 months is an eternity.
Developers Do Not Study
We see the world of blockchain and cryptocurrency expanding rapidly. It seems each day, there is a newsworthy event that pushes things forward. There appears to be an acceleration to what is taking place. In short, the compounding of our development is growing exponentially.
This makes sense since there is more code out there, people involved, and upgrades to existing applications and infrastructure. What it also means is that we are likely to see much greater progress in the next 12 months.
The reason for this is developers do not study and issue reports. They simply start hacking away at code and bringing to life applications and programs. Once they are to an acceptable level, they unleash them into the wild and see what happens.
How many applications will be released between now and when the President signs this Executive Order? While they are dilly-dallying around, we have people all over the world bringing projects to life.
It is not even a fair fight.
Exposing A Much Larger Issue
This is all part of a much larger issue. The government, as presently constituted is completely incapable of operating in the digital world. While it evolved over the last couple decades, the reality is they cannot even stop the illegal file sharing of music or films. Without a centralized entity to go after, they are completely inept.
It is something that makes sense when you consider it. Our present form of governance, the Nation-State, was formed when we operated solely in a physical world. That is no longer the case. Hence, a great deal of what they were set up for is no longer valid, or will not be in a decade.
Even the essence of banking no longer exists. Banks were formed as an alternative to keeping money under a mattress. This is something that is no longer the case. As we know, a digital wallet replaces 90% of what people use a bank for. Here we see how the idea of that institution is completely outdated.
Once we understand this about government, we can then turn out attention to what will replace it. While that is still many decades down the road, we are seeing the foundation being laid today. The simple fact is governments cannot deal with open source software that operates on peer-to-peer system. The decentralization of data that is at the core of Web 3.0 is fatal to governments and entities that excelled by controlling it.
Then we have an added problem from the government's perspective. Cryptocurrency made money native to the Internet. This means that the gap in the original protocols was fixed. Now, commerce is as native as the sharing of information. Data is data regardless of what it represents.
So the governments will go about studying while the private sector keeps producing. This is going to keep pushing the governments of the world further behind. Another hindrance, at least in the United States, is most of the political representatives with any authority at the Federal level are Boomers. This is not the generation that understands what is taking place.
We are dealing with a number of paradigm shifts and governments are trying to remain relevant. This is something that is not going to end well for them.
History shows when technology knocks in your door, it is over.
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