In a previous post, I discussed the Biden administration’s signing of an executive order to give the government oversight of cryptocurrencies. The aim, as was stated, was to have the administration gather information on how the government could make its own crypto.
I surmise that the government, having done its research, is aware that it is not able to control cryptocurrencies. The blockchain, by its very nature renders this an impossibility. However, the powers that be may seek to undermine, or might I daresay, circumvent the current ecosystem by forcing mainstream businesses to adopt cryptocurrencies distributed by the Federal Reserve exclusively. One can imagine that the US government would force its allies to take a similar approach, therefore ushering in a transnational cryptocurrency or group of currencies controlled by central banks.
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If this were to happen though, tweaks would have to be made. For example, the keys, which under the current system allows for anonymity would have to be redesigned in such a way that it would be possible to link users directly to their transactions. As to whether or not this is even possible is unbeknownst to me, but I am almost certain that the administration in looking into ways of tracking individual transactions.
It seems though, based on the technology, that circumvention, as opposed to infiltration, is more likely. This is given the decentralized nature of the blockchain. Why is this the case? This is simply because cryptos are impossible to control.
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How so? Well. Let’s answer this by assessing the computing power of Bitcoin, the gold standard in the crypto space. This cryptocurrency alone undertakes roughly 120 quintillion calculations per second. I know you must be scratching your head asking what the HELL! is a quintillion? Well, put it this way. There are 7 quintillion grains of sand in our oceans. That means that at any given second, Bitcoin is doing close to 20 times more calculations as there are grains of sand in the ocean.
This is according to Max Kaiser is “the biggest distribution computer network ever.” Therefore, controlling or taking it over is beyond the competence of any government. Simply put, they don’t have the computing power or money to take it over in any meaningful way.”
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But as I stated earlier, maybe the aim is not to control but to circumvent? If indeed the governments have realized how much of an impossibility this is, then the only recourse would be to force mainstream businesses to use cryptos sanctioned by the government and distributed through the central banks
If indeed this is the case, then it is possible to see cryptos that are not given state approval going underground, and eventually becoming contraband. And while this may not qualify as outright control, the fact that they can determine the distribution of any form of crypto would guarantee that they would have managed to keep us firmly within the carnivorous clutches of this rapacious banking system.
