Did Governments and Powerful Business Leaders Invent Bitcoin?
Last week, I saw a report from the UK treasury in which they were proactively looking at ways of making 'stablecoins' more acceptable and integrating them into the current financial system, contrary to all the doom, gloom and negativity that the governor of the Bank of England normally spouts on a regular basis.
Cryptocurrency: UK Treasury to regulate some stablecoins
Governments are in total control, always have been and always will be as they have always had the financial regulation in place at the interface of FIAT and Crypto. They can simply watch and adjust their amount of perceived control at the drop of a hat. They can control, like a tap, the amount of Crypto that enters or leaves the traditional financial systems.
With the rise and rise of stable coins, we are doing no more than creating duplicates of USD. They are a wonderful way to place an actual comparable value on a token but are not exactly changing the world, merely duplicating what we already have. This in itself makes it very easy for governments to create a clear and constant picture of what's going on as the blockchains and their tokens compete for supremacy, popularity breeds use, and the lesser tokens sink away to obscurity and eventually, disappear altogether.
More and more large traditional institutions are entering the crypto space. Are they being any more rigorously regulated? It seems not and why should they be as the governments already have enough regulation in place to control them and the more institutional held crypto, the less held by the wayward minority for them to worry about.
Those who have most money have most power. Those who have most crypto have most power. This is the basis of Proof of Stake systems and is absolutely no different to how it was before crypto and therefore, how it is currently.
"Ah, but blockchains are transparent and immutable." I hear you cry, and you'd be right, but just because you can see clearly what has happened, or even what is happening, doesn't mean to say you can control it or alter the course of events. You can only see what has already happened. Past tense. By which time of course, nothing can be done!
So remembering that business controls government...
Who does Crypto and blockchain technology actually benefit?
Governments - They can legislate to control it, they can clearly see and where necessary analyse every single transaction. There is zero anonymity. They control the telecommunications networks, therefore they control crypto. They also save money as node owners are paying for the running of these networks and devs who create the blockchains are providing ready made ledgers for them to examine. There will be zero need for paper money or mints, no requirement for central banks of any kind and a massive reduction in bureaucracy as all transactions are conducted online and governments just need to monitor and generate reports to demand their taxes and dues. This zero paper money policy started years ago, crypto is accelerating its adoption.
Big Business - Business has no need to handle cash, banks are no longer necessary, peer to peer transactions are fast AND FOR PAID BY THE SENDER! No bad debts, taxation can easily be taken from the transaction and sent to the government in real time making accountants redundant and tax returns obsolete. Everything is automated and no mistakes are made. The other huge advantage is that they will have the longed for and fabled, global currency. You may be able to play around with different tokens and swap, trade and exchange them but eventually, it will come back to the whole world running on Bitcoin, maybe Ethereum will knock it off its perch, but mark my worlds. There will be just ONE global solution for what we currently call financial transactions.
You and I? - If you believe in less governmental interference in your life then NO. Crypto will have the opposite effect and allow them to see every last financial transaction you are a party to.
If you don't really care and just want to 'make money' as you are at the moment as you develop ever more complex ways to magic new crypto, then YES. You've had a huge head start on the majority of the world's population and are currently testing and perfecting the systems that the governments will use to exert even more control on you in the future. Congratulations, you all work for the governments.
Did Governments or Powerful Business Leaders Actually Invent Bitcoin and Blockchain to Increase Their Level of Control?
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