Could the U.S.A. become a 3rd world country if it fails to embrace Bitcoin & other cryptocurrencies?
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Recent developments in the U.S. show that it is having trouble embracing the decentralized aspect of cryptocurrencies. It may have started back when New York required special licensing and regulation which drove many cryptocurrency related businesses to other states. Recent headlines show that businesses that moved to Washington state are now under increased regulatory pressures and many such as Shapeshift are moving elsewhere.
Assuming the Federal Government doesn't go on a massive witch-hunt, this could be a great opportunity for certain other states that are willing to embrace not only blockchain technology but also the values that helped it grow: Decentralized individual empowering anonymous freedom. Who are we kidding? the old money interests who influence policy will never go out without a fight and that fight may try to strip away even more freedoms than even the Patriot Act took away. Their tactics may even be disguised as other cryptocurrencies where they control the levers.
What does this most likely mean? From where i'm sitting it means that if the U.S. doesn't embrace this technology which includes Bitcoin and other freedom enhancing cryptocurrencies, not simply creating their own Blockchain based Dollar, then the innovators, their assets, and their intellect will go elsewhere. I don't mean the U.S. should merely tolerate it, they need to nurture it and even court it. We live in a very interconnected world and people and businesses have choices.
They say that everyone who marches towards the future is opposed by 100 men defending the past. March on!
Great post...I gave you a follow for it.
I think you can make the case that any country, including the US, that doesnt embrace technology in general is going to head towards reduced status. Tech is driving the world and few seem to realize it. Business as usual is done. Those who are agile and worldwide are the ones succeeding. The nation-state idea is a passe concept anyway.
To your particular point, yes it will. The US has so many powerful institutions that protect their interests that it ends up going in the wrong direction. Trump is in the process of doing what he can to protect the fossil fuel and cable industries...two animals on the path towards death. Yet, they have the money to buy influence and that is what they do. Crypto is a threat to the banking system which is the most powerful organization in the world. The central banks arent just going to cede control. The advantage third world countries have is no central banks trying to impoverish the nation (well other than the ones outside the countries which do that throw their loan programs).
The only protect is for people to enrich themselves through the investment in crypto and getting involved with a place like this which will pay one to create content and a community.
Great. Thanks for sharing. I'm starting to follow you.
Agreed. Capital flight is real, it happens and very likely will in the US unless things change quickly. If the wall street old money types have any sort of long term on their horizon, they would see it would be in their benefit to allow and adopt these technologies.
Oh I think Wall Street sees the benefit..... I just heard today that Goldman Sachs submitted a patent for a token exchange and got denied several times until they just removed the prior art and then apparently they received the patent.... talk about corruption.
lol yeah, i have hard time they will do well if they use the same thinking in this new paradigm.
Welcome to a crypto world!
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