The Race Is On
(Edited)
This is an idea I talked about before. Ray Dalio made news today of how he believes that if Bitcoin becomes too much of a threat, governments will move to outlaw the leading cryptocurrency.
In this video I discuss how we need to move quickly to grow the number of people involved in crypto, the number of applications to use, and the overall value of the total system.
▶️ 3Speak
0
0
0.000
Your current Rank (32) in the battle Arena of Holybread has granted you an Upvote of 19%
View or trade
BEER
.Hey @taskmaster4450, here is a little bit of
BEER
from @pixresteemer for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER
.Luckily for us, most of the governments in the world have no idea how crypto works and how to get rid of it.
Posted Using LeoFinance Beta
That is true but they are learning. And they dont really have to get rid of it. Instead, they just need to scare the population to the majority shies away from it.
This is the power of guns and jails.
Posted Using LeoFinance Beta
Well said!
Posted Using LeoFinance Beta
Just having Bitcoin acting as hedge against money printing similar to how Gold was used until now should signal everybody that the race is on. Everyone opened their eyes in this period and public, prive companies and investment funds are all rushing in on staking Bitcoin. Let's see who will be the next big player getting into it.
Posted Using LeoFinance Beta
Yes. One thing is how do we onboard people to Hive?
Hive Backed Dollar go Brrr....
The monetary policy for Hive Backed Dollar (HBD) has been even worse than the Federal Reserve. Now this being $0.91 USD currently. They let things get way beyond to the point that Hive can back it. HBD money printing go brrrrrrrrrr. I tried to go through the source code channels and told them that they were creating disaster. Contrast that with the Steem Backed Dollar which has recovered at a nice $0.98 USD but that's just temporary. That should fall too. The fundamentals are not much different.
There has been no attempt to setup things to lower the dollar print rate as it approaches the point where you no longer can back Hive dollars with Hive. In fact, its not correct to call them Hive "backed" dollars.
Recovery Accounts
It's a great feature that we cannot really use with Hive because most of us don't know anyone on Hive that they know in real life.
So I would like to get people on board for that. Although Steem/Hive work much like a bank in a failing country rather than a cryptocurrency.
Anyone can use an alt of their own as a recovery account.
Posted Using LeoFinance Beta
Set up a second account and make that the recovery account for the first one.
The applications need to start applying basics of word of mouth marketing. Leofinance is having success with its Twitter Lions so why cant other tribes.
3Speak is working on something big that will likely bring in a lot of users.
There is a lot in the works. We are still developing the tools for people to use.
Posted Using LeoFinance Beta
You're exactly right about this. There exist a risk of a crackdown in the West, too. Russia has very harsh new regulations coming up. But that's not because the government is anti-crypto per se but because it wants to use whatever means necessary to hamper the opposition's ability to do anything.
Posted Using LeoFinance Beta
Yes there are examples all over the world. We need to keep pushing things out wider to prevent having a system they can topple. More decentralization adds more resistance to the cryptoeconomic arena.
It truly is a race to get there first.
Posted Using LeoFinance Beta
That would be scary. I don't think Crypto can be totally stopped but it sure could put a crimp on it and make it harder to grow. But just like drugs, moonshining, or even bootleg ciggerettes the only thing making it illegal will do is make sure the criminals dominate it. They would be better off just learning how to track and tax it as I'm sure that is all they really care about.
Posted Using LeoFinance Beta
The Internet is also a threat of the same caliber.
You can't ban it, but you can regulate it.
The 'problem' here is that corporations are already on board.
Corporate entities have always been forced to bend the knee to central banking.
Now they no longer have to, and they will not allow anyone to take that away from them.
Within the next year, dozens and dozens of corporations will jump on the decentralization train.
That's just capitalism.
Go where the money is; them's the rules.
Decentralization allows every level of the pyramid to extract wealth from the level above it. The only entity that will stand against it are at the tippy top... and they find themselves completely surrounded with no hope but to accept the new paradigm.
G A T E K E E P E R S
Decentralised is nice and all but you don't factor in that DIGITAL ID is inevitable (it's already rolling out). Once in full effect you simply will have no access to government/corporate services if you're known to be part of fringe systems/societies.
CANCEL CULTURE already represents this. Just look at the trending idea to punish all that voted and supported Trump. The establishment will not allow themselves to lose power again and anyone who doesn't align with GROUPTHINK will have a difficult time under their rule.
This is the achilles heel of crypto.
These new digital systems exist, but the people DO NOT HAVE FULL CONTROL over them. If we had mobile personal super machines to run it all then YES it would challenge power elite/govs/and the corporate beast.
Even then though, like I've mentioned before,
Who grants access to the internet?
Who controls power grids?
Who maintains physical infrastructure?
Who controls the food supply (matters even).
Decentralised isn't achieved by just distributed code.
Not if you truly want to challenge power.
Else, this will always just be niche.
I like the photo.
The scary thing is that they can build those big furnaces as well.
Posted Using LeoFinance Beta
Lol
Big banks are hooked. We don't need to worry. Just wait for Wall street boys to get it and we're safu.
Posted Using LeoFinance Beta
what can push the adoption of crypto more are the DApps.
If the user who does not know crypto, we present a crypto DApp that can improve his daily life, then the user will use it and only then will he understand the real meaning of the concept of cryptocurrencies or blockchain.
I believe this is a fundamental approach to mass adoption
Posted Using LeoFinance Beta
Summary:
In this video, Task discusses the potential threat of governments outlawing Bitcoin as it continues to grow and pose a challenge to traditional financial systems. He highlights the importance of decentralization in cryptocurrencies and the need for widespread adoption to prevent governments from banning or outlawing them. Task emphasizes the significance of developing altcoins and attracting a broad range of users, including those from impoverished areas, to strengthen the resiliency of the cryptocurrency ecosystem against regulatory threats. He also touches on the inefficiencies of governments in passing laws and suggests that rapid advancement in cryptocurrency adoption could outpace legislative measures.
Detailed Article:
Task starts by referencing billionaire investor Ray Dalio's warning that governments may try to outlaw Bitcoin if it becomes a threat to their financial control. Task echoes this concern, emphasizing that while decentralization cannot be stopped, governments can make it challenging for individuals by outlawing cryptocurrencies. He cautions that the current global shift towards greater governmental power, especially during the COVID-19 pandemic, might heighten the risks for cryptocurrency regulation.
He explains that not all countries would likely ban cryptocurrencies, giving the example of Iran, which sees Bitcoin as a way to bypass U.S. sanctions. Task identifies China, the United States, Western Europe, and Japan as key regions influencing cryptocurrency regulations. He criticizes the contradictory stance of U.S. regulatory bodies such as the SEC and the OCC, stressing the need for a coherent approach to cryptocurrency governance.
Task highlights the importance of widespread cryptocurrency adoption, suggesting that if a significant portion of the global population uses cryptocurrencies, governments will find it challenging to ban them effectively. He urges for a rapid increase in the number of cryptocurrency users to create value and resilience in the crypto economic system.
The discussion extends to the significance of altcoins and the role they play in diversifying the cryptocurrency ecosystem beyond Bitcoin. Task stresses the importance of making cryptocurrency accessible to individuals with limited financial resources, noting that true resilience comes from widespread adoption among the masses, especially in impoverished regions.
Additionally, Task addresses the potential legal challenges governments may face in regulating cryptocurrencies, pointing out the complexities in defining digital assets and the possible delays in legislative processes due to lawsuits and court interventions. He hints at exploiting governmental inefficiencies in passing laws by accelerating cryptocurrency adoption to outpace regulatory measures.
In conclusion, Task emphasizes the need for rapid development and widespread adoption of cryptocurrencies to counter potential government interventions and maintain the decentralization and resilience of the crypto economic system. He underscores the transformative potential of cryptocurrencies in empowering individuals globally and reducing financial inequalities.