Not everyone is happy about Bitcoin's decentralised monetary system
Source: pixabay
The course of action to unidentified foreign objects seems to revolve around taking it down and later re-invent a version of its own.
A few days back, an article reported that federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into "shutting down" bitcoin by her boss at the U.S. attorney’s office in 2012.
"They said 'we have this perfect assignment for you'–there’s this thing called bitcoin and we need to investigate it," Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.
Source: Forbes
The unregulated, decentralised monetary asset, refers to Bitcoin, back in its early days from 2010 to 2012. Bitcoin cryptocurrency stems from a government-free source, which meant that its inflation rate was fixed by its original source code. Compared to national currencies such as the US dollar or UK pounds, fiat inflation rates are controlled by the central bank and/or the government.
While strong governments see cryptocurrency as a threat that destabilises their economy, weaker economies benefit from the borderless currency. Companies and start-ups took this opportunity to boost and expand their businesses. The Bitcoin economy could boost Africa trade more than 33 percent due to new initiatives by African Continental Free Trade Area (AfCFTA). See africanews.
Tech giant Facebook who plans to release its own cryptocurrency, libra, is faced with strong opposition from nations fearing that it could 'undermine their national currencies':
"A lot of people have had questions and concerns [over libra], and we're committed to making sure that we work through all of those before moving forward," Zuckerberg added.
Source: Forbes
Alipay to ban Bitcoin-related transactions
Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin (BTC) and other cryptocurrencies:
“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services,” Alipay tweeted.
Source: cointelegraph
The People’s Bank of China denied claims that the country is ready to launch its own Central Bank Digital Currency (CBDC).
While cryptocurrencies have evolved from decentralised monetary systems to company-backed, national fiat-based or gold-backed digital currencies, how will the current economies be shaken by this evolution?
If I'm sincere, I must say that it is a bit amusing to see the current financial war between the old and the new model. It is not only the realization that we are living a critical point in the history of economics; it's also that we are witnessing how the ignorance can hold so much power and lead the decision of very powerful people in the world... it's that: to have power doesn't mean you are smart enough to keep it.
The old masters can keep crashing their heads against the crypto growing wall, but that wall will just become stronger everyday. You cannot stop the future. But you could ride on it... and, in the end, many masters will do that. Either that or lose their power.
Indeed @spirajn
We are indeed living a critical point in the history of economics. Difficult times ahead of us.
The changes of ages, the changes of paradigms, have always destroyed the existing order and gave way to the birth of a new one.
It is normal for the power groups that control or have great influence in an established system to try to eliminate everything that threatens their current domain.
It is a reality that can be observed in different historical cases, but it has also been shown that nothing for the advancement of history, so they can delay the inevitable, but all systems fall, all powers are destined to disappear in some future.
For all this it is not surprising that there are groups that from the beginning suspected (very rightly) that blockchain technology and cryptocurrencies would represent a danger to their dominance and the possible start of a new era ... And that is why they will try of destroying that future in which they are not the ones who control power.
@tysler, If Cryptocurrency Space stays under the Decentralised Ecosystem then it will going to empower many in my opinion.
If it will move in hands of Centralised Party then in my opinion once again we will going to experience the Game Of Control. Stay blessed.
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Or so we have always thought that decentralisation will provide more autonomy, but in our world this does not work so well. Consolidated power has a better ruling. Not all are leaders but followers i guess
Yes.
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Hard to imagine anyone but some financial services and banks not wanting Bitcoin to succeed. Sure there are valid complaints of it being slow and cumbersome to use. However, not voting for Bitcoin while using digital mechanisms to move money sure seems like a conspiratorial enslavement practice.
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Solid read @tysler
It seem to me that every change (especially major one) is usually causing some "resistance". Simply because change means opportunities for many new "players" and are considered a threat to those people, who already established their position.
Is shutting down bitcoin even possible without crashing down entire blockchain network across the globe?
I've just heard that currently Liechtenstein is leading in that aspect.
Upvoted already :)
Yours, Piotr