They Will Try to Kill Bitcoin | Conspiracies Become Reality as Regulators Deny Signature Bank Acquirer From Accessing Crypto
Over the past week, we saw the 16th largest bank in the United States go under. Silicon Valley Bank's collapse represents the largest bank to collapse since the 2008 global financial crisis.
It's impossible for the FED to hide behind their lies of transitory inflation, soft landing and other jargon that they tried to shove down the throats of the American people and people abroad. The U.S. Economy is closely tied to the global economy - being that the USD is the global reserve currency.
If the U.S. doesn't get their shit in order, we're gonna have another global financial crisis on our hands. In fact, many of us believe that this crisis has already begun.
I personally know several people who can't find work, can barely afford groceries and have had to sell off personal items to pay the rising amount of consumer debt interest that is eating them alive because the cost of goods and services has skyrocketed.
I can only imagine how hard it is in other parts of the world.
The FED spiraled us into this situation by printing an unprecedented amount of money. Then they whipsawed policy and went completely in the other direction. This whipsaw from quantitative easing to quantitative tightening surprised even the largest banks in the U.S.
A lot of data has recently come out showing tens of billions of dollars in lost value by all of the top banks. Not small banks. TOP BANKS. These are people that we expect "to be in the know", yet they just got rekt by the FED's policy changes.
Now, many are holding the bag on "worthless" long-dated assets. The losses are mounting and this is what put SVB and Signature Bank out of business. The downstream effects of one major bank going under is being felt. This is why the FED had to step in to stop the bleeding.
Conspiracy Theories: The U.S. Gov is Trying to Kill Crypto (Again)
We wouldn't be in a bear market without news that a major government is aiming to murder Bitcoin and ensure that their people can't trade or interact with it. That's just a given at this point.
Typically, it's China making the headlines.
Today, it's America.
News broke today through this Reuters coverage that "any buyer of Signature must agree to give up all the crypto business at the bank". I'm sure they'll come up with some interesting reasons why.
They'll probably say that it's too risky. That crypto is too volatile of an asset.
Meanwhile, many of the largest names in the technology sector of the public TradFi markets are down over 95%... Putting even the worst of the shitcoins to shame in terms of % loss in market cap.
It's wild to see this flippening of sentiment. Many people were excited about the U.S. becoming more crypto friendly... Especially with someone like Gary Gensler going into office who was "supposed to be crypto friendly" since he lectured a few courses on it.
Turns out, we're in the eye of the storm of a massive crypto crackdown. China is more explicit in their banning of crypto, the U.S. government is more sneaky. They'll just keep knocking off one onramp after another. Hoping to make it harder and harder for people to buy, sell and use crypto.
Big Governments Are Showing Their Hands
By no means am I anti-government. I think governments are a key piece of a functioning society. That being said, I think any body of power will always seek more power. This can get dangerous, real fast.
Ray Dalio talks about the rise and fall of large societies, governments and currencies. This is all just a repeat of history. We're seeing a massive overreach in power and eventually, people will have enough of it.
I think it's no secret that governments around the world hate crypto. TradFi people - the JP Morgan's of the world - also hate crypto. Turns out that these big TradFi orgs and governments are more closely linked than you might expect (might not be a big surprise).
They are scared shitless of what crypto means for their businesses and their power dynamics. Crypto sidesteps their reach in a lot of different ways. Even a full-scale ban of crypto from every government in the world wouldn't be enough to completely stop activity within crypto.
Sure, it'd slow it down. Make it less desirable. Maybe even take the majority of users out of the crypto ecosystem.
But people would remain. It is as inevitable as AI. The technology and use cases of crypto are endless. Nobody could stop the internet from taking over the world, just as they won't be able to stop crypto and bitcoin from taking over the world. This stuff is seriously life-changing. And I don't mean for average people who have access to banks... I'm talking about the billions of people around the world who are unbanked, need to move money around, are scared of their local government... etc.
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Well said. It is scary to see what they are willing to sacrifice in order to stop crypto and ‘cure’ the economy.
It is a game of numbers, but still it is staggering to know that they want about 2 million American’s to lose their jobs, kill many businesses and even let banks die, Just to make inflation to go down.
This is cold hearted economic religion!
Maybe it is the time we should stop swinging from crypto to fiat and back and start working on using these currencies as alternative currencies to the dollar, euro and whatever. Isn't this the purpose Satoshi created bitcoin in the first place?
As I wrote in my latest post, the SVB collapse will be used for more banking centralization and to push "the masses" from the so-called risk of holding their wealth in the bank toward the safety net that, as so will the CBDC be advertised.
Plebs are going to willingly choose CBDCs over traditional cash or crypto for their safety attributes, as advertised, not even knowing in what a big of a trap they're getting...
It will be a long battle ahead. Crypto and Bitcoin are very different from Internet in my opinion. Governments could control internet but crypto is kind of snatching power targeting the tool governments use to control - money.
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Unfortunately it will always get dangerous, so thinking in the manner you claim will only and always hurt the average human. That's too bad you think there can be healthy government, because there can't. On top of that, I hope you don't claim to think decentralization is the way when you brazenly claim centralization is necessary or "a key piece" of a functioning society.
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This is a more nuanced conversation than black and white.
Some level of central power structure is always necessary. I’d love to live in a utopia where it isn’t, but that just doesn’t exist and there isn’t a single example of it.
What is the most decentralized thing in the world at scale? Is it bitcoin? Is it the internet?
Even those have centralized power structure (node operators and ISPs). As I always say in the podcasts: decentralization is a spectrum. I have yet to see something 100% provably decentralized and functional.
I am pro decentralization but I am also a realist and don’t buy into false ideas of fully “for the people” institutions.
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That's too bad, because you lack the foresight to see beyond what has already been done and has failed every time. Make no mistake, just because you can exist comfortably enough for you, it's a long failed system.
Although i agree with @alphahippie's comments, i would have spoken more softly.
However a centralised power structure does not need to be a government. It can be a Governance System powered by the people. The centralised operations being agreed by the whole community by concentrated consensus. It may not be in existence yet, but will be in some form or another, as we the people will build it.
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First though it needs some smaller than the whole world communities to test launch it. Lethean i think will be the first, with coding already in progress i think, and if so create the Mother framework, but i am not sure.
How about #Leofinance Khal? Surely it's worth a couple of hours of exploring? You might realise it is possible and "buy it" after all. Not that it's for sale. It will be owned by all who take part.
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I think the government has a lot to do with the bankruptcy of the banks, as that would be a good reason to increasingly eliminate cash from the streets and digitize the dollar to maintain more control over the population, they cannot make war on the cryptos since the cryptos is the idea of financial freedom, but the United States does not want to understand that it is no longer a big one and has no control over anything, but they continue to draw sanctions and conditions for the cryptos and the cash that is still on the street , many things are about to happen and it is exciting to be there to witness it
Exactly. The problem now, as for all of human history, is how to prevent them from getting it. Laws don't work. No matter many of them there are or how well they are written people with money will always be able to buy their way around any law. So how do we prevent it?
It's not surprising to see regulators push back against the integration of crypto and traditional banking, but it's unfortunate that it could potentially harm the growth and adoption of Bitcoin in the US. I get that regulators have a role to play but will they ever get it right? That’s my question.
As the crypto industry continues to evolve, we will likely see more challenges and obstacles arise, but it's up to us as a community to continue pushing for progress and advocating for the benefits of decentralized finance.
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I think it is an attempt to snatch back their 'power' and hold on to it because the tide has already shifted thanks to them repeating the same mistakes. Now we have options and will not settle for their inefficient systems.
I hear you and must agree. Government and Banks are a symbiotic organism in some ways who originally were about public good. Now it’s about power and wealth. Anything and everything threatening those two things must be assimilated or destroyed. They are like the fictional borg.
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