US Goverment bearish on Bitcoin only because it competes with them
Following on from President Trump’s viral tweet about Bitcoin recently, the US government officially held a press conference this week led by the Treasury secretary. With Bitcoin having been brought into the direct focus of the powers that be (PTB) by the attempt of Facebook to launch their own Libra coin as a digital payment platform, the government decided to make a public statement regarding their stance on crypto in general, at it was understandably reserved.
Pot calling the kettle black
In obvious hyperbole and downright statistical obfuscation, the Secretary pointed out that their main concern was the use of cryptocurrencies to facilitate billions of dollars worth of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs and human trafficking. To begin with the figure of billions may be a bit overstated. It is a fact that only a small fraction of all Bitcoin or crypto, use in all ten years of its history, has ever been used for crime.
Whereas how many billions of dollars of paper fiat have been used for some of those very same crimes not only by criminals but by the US government themselves.
Anyone who has researched the history of the USA and its military will be able to tell you of their vast business in Afghani opium from the poppy fields that the US military run, in cahoots with the Taliban up in the northern mountains. Add to that the CIA-run cocaine industry that imports most of the product from south of the US border, and we have in just these two industries more criminal use of the US dollar than all the Bitcoin underworld activity put together. This is what is termed “the pot calling the kettle black”.
A similar thing can be said about blaming other nations for their human rights record when the US is the only nation on the planet to ever have dropped the Atomic Bomb – twice, killing tens of thousands of innocent civilians at once. This kind of duplicitous behaviour by the empire clearly makes it obvious to all who look closely enough that the emperor wears no clothes.
The moral high-ground of the US is a hollow hill, run by hollow men, with zero moral fibre to claim to be defending the innocent taxpayers from potential crime perpetrated by Bitcoin, when they are themselves the biggest criminals on a government level.
So much for the Secretary’s “security issue”.
The kings of fake news
“I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
Secretary Mnuchin
This is a totally fake statement, by a US government representative. The opposite is actually true, in that a small percentage of Bitcoin use is “illicit activities”, while the vast majority is bona fide and enacted by normal retail traders as well as large institutional investors. As for the speculation bit – isn’t the whole of Wall Street a hive of speculation? This is how the government of America can make a blanket statement on public media that is outright fake news.
They are using these false claims to tarnish the reputation of Bitcoin and crypto because they see it as a major threat to their global hegemony via the world reserve currency. And even that claim to world currency is questionable, based on the aftermath of WW II.
Who is really based on thin air?
Then the Treasury secretary went on to reiterate President Trump’s famous tweet by agreeing that Bitcoin is based on thin air. Well what exactly is the US dollar based on? The gold standard was dumped in the seventies already when the whole Ponzi scheme that is the US dollar was about to collapse. The Fed had printed so much paper fiat that they could never back each dollar with gold when the French under De Gaulle and other nations started demanding gold for the paper bills, which are nothing more than promissory notes.
The Decrease in Purchasing Power of the U.S. Dollar Since 1900
So who is backed by thin air now?
All the dollar is backed by is guns. The superior military power of the US is the only backing that forces the rest of the world by coercion to accept their global hegemony.
Some regulation may be needed
To be fair, the statements regarding the need for Anti money laundering (AML) and other KYC requirements may be legitimate, but that is exactly what big investors who run crypto hedge funds do. And that is what many of us who trade on exchanges have already done. Most, though not all, crypto exchanges require all those proof of ID and address details to allow fiat-to-crypto purchases at the onramp for all retailers. So there is no problem there, since compliance with FinSEC demands are being met.
If you want to track any Bitcoin transaction then you can.
Anonymity is rare, though it does exist in small pockets in cryptocurrency with some coins favoring privacy over speed or cost, but they are the rare exceptions, not the rule.
Still in the dark
Ultimately is appears, from the press statements by the Treasury secretary for America, that they are still in the dark about the real workings of cryptocurrency and the decentralized blockchain distributed ledger technology (DLT). And if they are not in the dark metaphorically, then they are in the dark because they are hiding their own crimes and fraudulent activity there in the dark.
And they don’t like the competition that Bitcoin will bring, where countries and people can trade and exchange goods or money without using their dictatorial dollar.
The US dollar is already on the wane, and the usurper to the throne of global currency has already been born. It may or may not be Bitcoin but it certainly is most likely to be a cryptocurrency based on blockchain technology. The process is too far down the line to attempt to push back the wheels of progress and technological evolution.
And if America doesn’t jump at the opportunity to also grasp the new tech as it emerges now, the some other country will, or is already busy laying plans ahead of the curve to rise to the occasion and take the baton from America as they retire from the race, outdated and outplayed at their own game because they couldn’t embrace the future when it hit them in the face.