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RE: Wealth Redistribution via Cryptocurrencies
Good article with good reasoning... But you know the saying, first they ignore you, then they ridicule you, then they fight you, then you win' (or something similar) by Ghandi I believe. We've seen the first two, but the fighting didn't really get started yet. I expect some major crackdowns on crypto in the coming years, and success or failure will be determined by how well we all push back. Indeed crypto currencies are a possible method to turn our sick and dysfunctional economies around, by truly rewarding people instead of corporations, but the real fight has still to begin. We better prepare! :-)
That said, I think people have the power to win... So let's win! :-)
Thanks for taking the time to write this @moneyinfant !!
No, the third stage hasn't hardly begun other than some high profile individuals (Jamie Dimon, Joseph Stiglitz, Warren Buffet - among others) spreading FUD and disinformation. Asian countries are further along, with the fighting already begun across much of Asia. European bankers and governments seem to be trying to ignore crypto as if it will go away (or maybe we just don't get the news regarding European responses here in the U.S.). The U.S. is "investigating". Offering futures is a possible good step forward, but it also opens the door to regulations, although we could expect those to be similar to existing regulations in the equity, futures and forex markets. The problem is too many in positions of power are dependent on these "sick and dysfunctional economies". That's the scary part, but I think there are many who are ready to fight AND prepared to win.
The FUD by Dimon etc I consider ridicule. Fight would mean trying to make things illegal because 'terrosism', moving to confiscate assets based on bogus claims, trying to get inside to blow up price discovery, etc. We'll see. Never underestimate your enemy, especially if they are TPTB. They operate with near to impunity and will do ANYthing to preserve their power. Still ultimately I believe the power of motivated people can win that fight. And I see lots of motivated people in the crypto world :-)
The FUD is like shots across the bow...not meant to damage, just to scare the sheeple. I consider the release of information on accounts to the IRS by Coinbase FAR more serious. As a U.S. citizen the IRS is by far the most frightening governmental organization at this juncture. The good thing about crypto is that there is no way to confiscate if you don't give up your private keys. But the exchanges will be a way inside for government agencies. Those who keep their crypto assets on exchanges COULD see them confiscated. It's too early to see what other steps might be taken, but you're right when you say they operate with near to impunity.
Yes, I totally agree! I'm happy to see more and more people really think and think hard! I'm from europe myself and moved to south america almost 12 years ago, because I noticed the 'fishing nets' were being pulled in, to cash in more and more on the people. In a way I look forward to the real fight starting. Government needs to pull back to only it's logical functioning: creating an equal playing field to ensure maximum opportunity for people. We're very far away from that these days!
I never really considered the IRS until we moved to Thailand in 2011. Then I came to realize that I was required to pay taxes on my income, even though I wasn't living in the U.S. Of course I could refuse, but then I could also be refused a passport. My wife is Thai and kids have Thai citizenship and passport as well, though they're clear of that, but I'm not quite old enough to say "screw it" and just let them take my passport and live illegally without a passport or visa in another country. So I continue to play nice, but crypto has given me another way to level the playing field and I'm pretty excited. Government has far exceeded its mandate here in the U.S. and needs to be reined in or perhaps we will need to see a cleansing revolution. It's ironic that the U.S. was established because of...among other things...taxation and now 200-some years later the U.S. is one of the worst abusers of the taxation system. Sorry. end rant