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RE: The Crypto market is getting thrashed, here's why...

in #bitcoin5 years ago

This battle is primarily between the existing banking system and the Libra Consortium whose wealth from silicon valley is rivaling the central banks. They applied for banking licenses in the last decade and now all these tech giants are coming for the established banks. Government is but a slave between these two powers and will do the bidding of whoever can buy out and capture the most lobbyists.

As Andreas Antonopoulos recently said, "just as AOL introduced us to the wrong kind of internet, Libra will introduce us to the wrong kind of crypto". I think it's only a matter of time before the army of lawyers on the silicon valley side win. As for looking for help from the US government, their net worth is actually negative and the annual budget is only 20% of what the Libra Consortium will have with full membership. Debtors such as the US government cannot be masters; they are slaves between two masters (the banking class and silicon valley).

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Interesting take. So your take that it will eventually gain approval is similar to mine? Though, we may have to wait a while now...

It's a bit simplistic to say that the side that can come up with the most money will win, but that's not news. Politics has worked that way for millennia. The vote is a placebo for the public.

Haha, well said. I agree. Even if they are able to stop Facebook, I think eventually something similar backed by big companies will get through. It just may not happen by Q1 of 2020 like Facebook was planning to do...

My gut tells me to watch for big news in early 2020 regarding this (probably March).

Historical patterns say we should have a big move in bitcoin and the rest of the crypto markets in early 2020, perhaps this could be one of the catalysts as well.

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