For every action there is an equal and opposite reaction.
No matter how you slice it, Bitcoin is under extreme attack right now. Be it from "terrorist funding", drug dealing "money laundering", or daring to "waste energy" the propaganda machine is in full force right now. This is undeniable.
The FUD is ramping up.
Bitcoin goes x10 in 9 months? Better turn on those FUD machines gentlemen! Is it a trick to get weak hands to sell into institutions, or legitimate suppression? Who knows?! They are the ones playing 4D chess, and we are just the pawns watching the veiled outcomes.
It is interesting that Biden suspended everything Trump was doing, including the regulations on crypto. This gives the space more time to defend itself, and points to the theory that perhaps the new administration will be lax on the space. Although I doubt it considering what I'm seeing.
It becomes clear that they don't want to illegalize crypto. They learned their lesson from the war on drugs. The easiest way to profit on something is to allow it to exist and tax the hell out of it. Those who buy weed at the dispensaries get hit hard, and it is these regulations that push all the small time growers off the market and allow the big boys to move in without having to compete. They just have to push high volume to pay off all the regulators and maintain profitability like any other big business that gets regulated.
You heard me right. Regulations exist, not to protect us, but to profit from the market while pushing out the small time competition. What a coincidence that all small businesses are forced to close while all the "essential" businesses remain open during lockdowns. Call me crazy, but there's another lockdown coming to an America near you in Q1... a big one.
With the Biden administration taking over (I heard they issued an executive order demanding the Federal minimum wage to increase to $15/h) the Green Initiative is being pushed harder than ever. The problem? The Green Initiative thinks that Bitcoin is a problem, when it is actually leading the charge in Green Energy.
$15/h Federal Minimum Wage
This would increase the amount of money in the economy and accelerate velocity, something that is sorely needed at the moment. On the other hand, it pushes businesses underwater that can't afford to pay their workers more. So not only do the Dems want small businesses to stay closed during lockdowns, they also want to force those small businesses to pay their workers more.
Choked out much?
What could possibly go wrong? I'll tell you what: nothing can go wrong, because the plan was and still is to attack the middle class. It's very painfully obvious, and it's being done under the guise of helping the lower class. In fact, the lower class is being helped, but it's not the upper class helping them out, rather the middle is being liquidated to support the bottom on the pyramid.
I love Debt and fake money derived from it!
Unicorn Asset
The magic of Solving the Byzantine Generals Problem is that we take physical assets in the real world: Electric Energy and Computing Power, and turn those physical assets into a digital assets, anywhere on the planet. In addition, it is this very conversion of real-world assets to digital that secures the network from bad-actors. The implications of this are massive beyond measure. To simply make the claim that this consumption of energy is "wasteful" is extremely ignorant of the situation.
"Wastes energy" is obvious propaganda.
With the ability to turn electric energy directly into Magic Internet Money, we solve the age-old question of: How in the world am I supposed to justify the cost of the power plant in the middle of nowhere? I have no distribution system. My logistics are non-existent, but I think there will be growth in this area over the next decade. How do I justify this huge overhead expense?
Enter Bitcoin
Using Bitcoin any power plant can be built anywhere and all excess energy can be stored in Bitcoin. Why is this important? Because green energy produces a constant flow of power, and has massive overhead costs. If you don't use it you lose it. Therefore, self-sustaining green energy is being fostered by Bitcoin in a big way.
Who doesn't like Green Energy?
Gee, could it be the Dinosaurs at Big Oil? The most War Mongering psychopaths of all time? Could it maybe be them pumping out propaganda against Bitcoin trying to claim it's a terrible waste of energy, when in reality it is funding the Green Energy that will make them irrelevant? No, nobody's that evil. I wouldn't worry about it. Big Oil doesn't pay lobbyists that shill the political interests of Big Oil. Silly me.
What about the central banks? Do they wanna see Bitcoin succeed? The superpowers in play that want to see Bitcoin fail are massive, but at the same time you can't reject abundance technology or you'll eventually get bulldozed by it. Just ask the music industry and Blockbuster.
All of these variables are being taken into consideration constantly by those who try to control the lumbering beast of a system we have. It's easy to think that the people in charge are incompetent and out of touch, but truly their interests are simply not the interests of their constituents. They are quite good at what they do. And quite good at playing dumb when they need to be.
Gold Bugs!
Speaking of playing dumb...
The idea that Bitcoin is scarce as there's only 21 million is nonsense. One #Bitcoin merely represents an arbitrary quantity of 100 million Satoshis. So, it's the total number of Satoshis that must be considered. With a supply of 2.1 quadrillion Satoshis are anything but scarce!
Seriously go look at Peter Schiff's Twitter. Five Tweets in the last 22 hours with the #bitcoin tag, all verifiable FUD spewing. Most impressive that he has to talk this much trash on an asset he pretends is zero threat to gold. Keep telling yourself that, bud.
Terrorists?
Fighting Domestic Terrorism and implementing the Patriot Act 2.0 seem like they are top priorities for the establishment right about now. How well does Bitcoin fit in to these agendas? Do we really have to ask? Bitcoin is being blamed.
This is the advantage of the corporate sharks entering Bitcoin. The more we get the firepower we have against the FUD.
I hate to be a broken record, but funding terrorism and drug dealing is USDs job. Perhaps USD is just jealous at the moment and fighting back? You never know, but I remember the last time they tried to roll out this propaganda during the Silk Road days it had a lot more bite.
Now that we have people like Michael Saylor saying "buy Bitcoin, dummies!" it's hard to take them seriously when they say shit like, "it's only for terrorists and mafia". That doesn't have nearly the same sting to it as it used to, so they move on to the whole "we have to save the planet" argument. Bitcoin wastes energy...
The Dinosaurs are out in full force.
Conclusion
An equal and opposite reaction is brewing.
Will be interesting to see how it plays out.
Let the ping-pong bounce.
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15$ an hour of work, how good that would look in my country.
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The only way to make a new Bretton Woods and solve the huge financial crisis that is incoming is through the blockchain technology, is delusional to think again in a gold pattern as was before but could be backed by crypto if they decide to do it.
They attack what they fear and taxes won't solve the problem (for them) outside, just in USA, that would be a disadvantage for americans and an incentive for people to build their crypto related bussinesses in other countries with friendlier normatives.
IDK what will do this administration but I think that they will be conservative in their steps to aboard the solution.
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I'm impressed by the amount of controversy that Bitcoin can cause, haha!
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I agree with your statement. Wasn't it Prescott Bush who made a fortune from insider trading and then helped make it illegal after he was done? We see behaviors similar to what you've mentioned with the big social media companies stomping out the competition too.
Great article. Thank you.
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even if bitcoin would run on the dirtiest fuel imaginable, compared to all the of the other sources of pollution and CO2 out there it would be like a satoshi in a whale's wallet :P
They preach open markets but they hate open markets. It's always they hate everything, they can't control.
Digital assets are the future. Even the present.
Even the dollar is not backed by anything and its only value is virtual.
Gold securities today have nothing to do with real gold.
You are making a very good point.
Unlike you I don't think the new administration will succeed with a down affect.
70 million that feels the establishment ripped them off are more powerfull than when before those 70million believed the circus is honest.
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Reminder that Bilderberg group elite bank AXA owns bitcoin dev team... its been establishment controlled since then. Search axa investment bitcoin and u will see. Still openly admitted on their own website. Bitcoin is a scam since then.
"Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012."
https://www.axavp.com/avp/blockstream/
Their entire business model is "Extending bitcoins with Sidechains". You have to pay to use their sidechains. By owning blockstream dev group, the dev group that makes all the changes to BTC code they are able to keep the blocks to 1MB. THUS creating demand for sidechains because of fees on BTC chain are expensive. They literally bought out the bitcoin dev team, just to throttle the technology, then make money from "their solution" when they made the problem in the first place!
https://www.axa.com/en/magazine/axa-strategic-ventures-blockchain
bilderbergmeetings.co.uk/chairman/
https://www.bilderbergmeetings.org/press/press-release/participants
https://www.axa.com/