There is a massive fight taking place and it is only getting fiercer. The esteemed Senator form Massachusetts is pushing the Senate to ban non-custodial crypto wallets under the AML laws.
The Senator who once dishonestly proclaimed she was native American is now misrepresenting the cryptocurrency industry.
But she is simply wrong when she says that cryptocurrency is “the method of choice for international drug traffickers” and terrorists.
Ah yes. The old drugs, guns, and human trafficking line. This ranks up there with the "it is for the children" rhetoric they put out.
The bottom line is that it is time to step up the push by cryptocurrency. It is imperative to understand how the battle is taking place and how entitled politicians (which is all of them) like Warren are after control and power.
So how does the industry combat this?
We often discuss Web 3.0 and what is can potentially offer. At this point, the governments of the world love Web 2.0. Applications like Facebook and Twitter provide them with all the data they need. There are backdoors that they can access which offers an open database.
Isn't it interesting that the USG is now starting to put the heat on TikTok? This is one social media platform the claim is a Chinese company when the reality it has nothing to do with the CCP. Yet that is the boogeyman the powers that are like to use today.
Cryptocurrency and blockchain offer a solution. However, to achieve the end that is required, a massive shift needs to take place. The answer comes in numbers. If there are billions involved in cryptocurrency, the governments of the world are going to be impotent against them.
Here is where development is the key in the battle. Perhaps it is an ideological battle but what do you think has the ability to innovate and move at a faster pace: the private sector or government?
People fear CBDCs not realizing how long it will take them to roll things out. Look at the upgrades to Ethereum and slow moving that is. There are a ton of highly intelligent developers working on that project. In the end, these things simply take time.
That is the advantage cryptocurrency has. We have a decade lead on the governments of the world. There are already hundreds of millions of people across the globe involved. Another 5x will put the entire industry on firm footing.
The crypto industry has added 1,000 new coins in 2023. This shows the expansion that is taking place. It matters none what these are tied to and if they achieve any value. Market pricing is not the main criteria.
What this does show is the development that is tied to the industry. Even if these are existing projects adding a token, it is now part of the battle. Here we have 1,000 more ways for people to get introduced to cryptocurrency.
In these articles, we often refer to the Eurodollar System. That is the road map that cryptocurrency can follow. It was a system that was developed outside the reach of the likes of Elizabeth Warren. No matter what politicians or central banks want to do, they cannot touch this system. In fact, when it comes to USD creation, the off-shore system dwarfs what is produced by the commercial banks.
Think about that for a second. The number of "dollars" used for transactions is multiples of what is done with actual dollars. Here is the power of a decentralized system (albeit gated since it is open to banks).
Humanity can do this simply by tokenizing everything. On Hive, we are laying the foundation for Web 3.0 social media. Already many of the applications utilized by Web 2.0 are available on Hive. While they are in early stages of development, they do work and provide people with alternatives.
Dan Larimer showed us the path many years ago with this piece:
Hive is starting to live out this vision. We see areas like Venezuela, Ghana, Cuba, and Nigeria have their economic prospects changed by Hive. The social media aspect is leading directly into the financial.
In the end, it all comes down to network effect. What Elizabeth Warren and her cohorts do not want is for the masses to run to a technology such as this. That is always the threat to the established player. As we move further down the path towards the network state, these people will find their power eroding.
Therefore, they are going to do anything they can to hang on. Our solution is to spread out quickly. The wider and deeper cryptocurrency goes, the less points of vulnerability that exists.
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