The Inevitable Crypto Ban
As time goes on, my trust in cryptocurrency declines.
Not because I want to lose trust in them, nor because I believe they are useless/unimportant in the future. Rather, it’s because I don’t see any scenario where the power players leave them up un-regulated and un-centralized.
They are coming for crypto. If not now, then they will when it is convenient for them to do so. I don’t think crypto can withstand that target mark forever.
By all means: make your money off of crypto and do what you want with it. This isn’t an investing article. Rather, it’s an article about centralization and the fact that our leaders will not stop until it all falls or they own everything. We know this. So why do we think crypto can avoid it? It’s incredibly high-risk.
I even think it’s relatively clear how they will do it.
Either the government or their other centralized power centers (think: Big Tech) will simply push out some central crypto. This will be regulated by them.
If one is regulated, the others have to either be regulated or banned to make it fair. And don’t think they can’t: They banned physical gold at one point, they can far more easily ban a digital good. Just make it not able to be used legally while theirs can. Boom. Done.
I think crypto will keep spreading for a bit. Until there is enough widespread adoption to make it legitimate and easier to use. Then, they’ll bring out the central ones (or secure a coin that can be centralized by them). They’ll make this the official coin and either regulate, tax, or ban the use of the other ones. Rendering them unusable or not worth it.
Then, they have their crypto, they have their centralization of it, and they no longer have a decentralized problem-child in the way.
Quite honestly, if I were them, that’s what I’d do. It’s not like anyone could stop it. And it’s smart, too. Use other people to spread the nodes and tech necessary to build it up before profiting from locking it down.
For guys on our side, use it while you can. Build off of it what you can. But the lesson to take away is that we cannot place all of our trust in it. The future is uncertain. Diversify as much as you can to stay afloat and ready for whatever comes from the next stages.
Crypto is a threat to them. They know it and we know it. This means it won’t just be left alone in the future. They will come after it. The only question is when, exactly how, and if any decentralized coins could survive the onslaught.
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There will always be ways around it in the end.
If all else fails, make some good friend in El Salvador, send them some US dollars so they can convert it to Bitcoin for you and send it back to you.
I hold on to a lot of crypto (multiple ones), and will not take them out until the fiat system collapses.
If everyone would do that rather than get so scared that they start pulling everything out, this fiat system collapse would come way sooner.
This collapse is already happening (that’s why suddenly every single disease has seized to exist and we all can only possibly get covid somehow), but we can speed it up with crypto.
Yes they will try to regulate harder to prevent that (good luck with that), yes they will come up with ways to punish you over that (that’s why you go to privacy coins, not Bitcoin or Doge), yes it will hurt us all harder in the short term, but there’s only this much until it’ll become impossible and they’ll have no other choice than to surrender, and all the rest of us can enjoy true freedom for at least 40 years (because once enough of the population forgets about history, bad times will repeat unfortunately).
I appreciate your optimism. I too hold on to some coins, but doubt their usefulness in the future. What privacy coins do you use/recommend?
I have Monero, Pirate Chain, Dero, Aeon, and Wownero.
However, I think that Monero and Dero are going to be the only serious privacy coins going forward.
Monero is like the privacy version of Bitcoin, and Dero is like the privacy version of Etherium to put in perspective.
Pirate Chain is very heavily shilled, but in my experience it’s more a pump and dump coin.
So it’s something you put in during bull runs to make quick fortunes, and pull out as soon as the bears are starting to show up.
Thanks for the info. I will look into these.
Cryptocurrency. like fiat currency or currency backed up by physical assets, is a superior substitute for barter. It cannot be 100% banned, any more than barter can be 100% banned, because of the excessive costs of enforcement. Government can only restrict the extent to which it is used.