Proof Governments Are Not Equipped To Deal With Cryptocurrency
I said all along that governments cannot deal with cryptocurrency. They are dinosaurs when it comes to this stuff.
In this video I discuss how we now have evidence of how lost these people are. They are so far behind it is unreal.
Here is the article mentioned in the video:
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Summary:
In this video, the speaker discusses his belief that governments are ill-equipped to handle cryptocurrencies, citing an article warning about the lack of FDIC insurance for money stored on mobile payment apps. He criticizes the US government's slow response to regulating stable coins and highlights the challenges of outdated laws in dealing with rapidly evolving technology like cryptocurrency. The speaker emphasizes the global nature of cryptocurrency, contrasting it with the slow and inefficient processes of governments. He argues that building decentralized and open-source solutions will circumvent government interference and ultimately diminish their power.
Detailed Article:
The speaker opens the video by asserting his perspective that governments are inadequate to manage cryptocurrencies, pointing to an article from Cointelegraph about the absence of FDIC insurance for funds held in mobile payment apps. He questions the ability of governments to keep pace with technological advancements and criticizes the US Congress for struggling to legislate on stable coins despite changes in political leadership. The speaker argues that the inefficiencies and disagreements within political systems hinder effective regulation of rapidly evolving technologies like cryptocurrency.
Furthermore, he delves into the history of cryptocurrency, noting the emergence of Bitcoin and Ethereum, and highlights the significant shifts in public discourse around crypto during the terms of Trump and Biden. Drawing a comparison with the fintech industry, the speaker questions why laws surrounding payment apps have not been updated over the two decades they have been in existence. He lambasts politicians like Mitch McConnell, Chuck Schumer, Nancy Pelosi, Joe Biden, and Bernie Sanders, branding them as old, ignorant, and out of touch with modern technology.
The speaker then criticizes regulators and governments for applying outdated laws to emerging technologies like digital assets, citing the example of Gary Gensler and the Securities Act of 1933. He underscores the global reach of cryptocurrencies like Bitcoin and Ethereum, contrasting them with centralized entities like PayPal that require authorization to operate in different countries. The speaker argues that decentralized blockchain technology transcends geopolitical boundaries, allowing for transactions globally irrespective of governmental regulations.
Moreover, the speaker critiques the U.S. government's logic concerning the lack of insurance protection for funds held in payment apps compared to brokerage accounts, highlighting regulatory inconsistencies. He broadens his critique to encompass governments globally, pointing out their inefficiencies and shortcomings in adapting to technological advancements. The speaker advocates for continued development of open-source and decentralized solutions, projecting that such initiatives will erode governmental power and influence over time.
In conclusion, the speaker encourages viewers to focus on building decentralized solutions and spreading them worldwide as a means to subvert governmental control over financial systems. He expresses confidence that ongoing efforts in the blockchain and cryptocurrency space will ultimately reduce the influence of traditional political establishments while empowering individuals globally.
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