Cryptocurrency is showing up everywhere. When we discuss how this is going to change the world through the different use cases, we are not exaggerating. Things are happening so fast.
Raise your hand if you had "circumventing military coup" in the future user case of cryptocurrency pool?
Obviously this is not something that most think about. However, what it exemplifies is the fact that cryptocurrency is capable of circumventing tyranny, no matter what form it takes. One of the easiest ways to oppress people is to cut them off financially.
Thanks to the vision of Satoshi, among others, we see how this is no longer the case. Cryptocurrency exists in many different forms. With more than 10,000 of them, people have many ways to transfer value. This is essential for ongoing economic and financial operations.
There is a rather confusing situation in Myanmar. Who is the legitimate government versus who is not depends upon one's point of view. Nevertheless, this is a very interesting development, one that could replicate itself throughout the world if oppression keeps ramping up.
The exiled government of Myanmar has now declared that USDT is the legal tender of the country and urges all its citizens to use that currency. This comes after the military arm of the country arrested a number of people for their transactions in the supporting the resistance.
Basically, the National Unity Government is a pro-democracy government that was recognized by the European Union. That said, they presently hold no power. That did not stop it from issuing a statement on Facebook declaring the USDT as legal tender for its nation. The shadow government is in favor of utilizing cryptocurrency at least.
“The military regime controls the central bank,” the NUG’s statement said, further clarifying that the main reason behind Tether’s incorporation was “to improve and accelerate the current trading and financial services.”
This should surprise nobody. Missing from the statement is how central banks like to think they control the currency. Here is a case in point where the reality can be different from what the illusion is. Nevertheless, opting to quickly go around what is taking place is always a pathway away from the oppression.
Here is an outstanding example of how cryptocurrency solves a major problem. This use case of combating oppression was touted from the beginning. The only difference is who is doing the oppression.
Isn't it interesting how we see a lot of entities discussion how they need to regulate cryptocurrency and the "fact" that stablecoins are a threat to the stability of the economic system. This is ratcheting up yet here we have an entity that is supported by the EU turning to cryptocurrency, something that is utilized by "criminals".
In an era of "one set of rules for me, another set for you", the hypocrisy should not surprise most.
While few know about the situation in Myanmar, it does epitomize why cryptocurrency is needed and how powerful it can be. The fact that we are establishing global networks that nobody controls is vital. We have with Bitcoin and a couple other tokens are moving in this direction. Most have major points of vulnerability yet are still very useful due to their size and how spread out they are. Finally, with so many tokens, even the centralized ones that are under the radar can be useful since it is impossible for the oppressors to target them all.
We can expect more behavior from those in power. They will utilize something when it is to their benefit while condemning it when it is a threat. For that reason, we often discuss simply coding around them. Realizing these people are playing a rigged game means we simply have to start an entirely new one. There is no way to win when they set the rules and change them as the game progresses, naturally to their benefit.
Of late, the idea of stablecoins is growing. Jeremy Allaire, the CEO of Circle, stated that he believes the ultimate market for stablecoins is $120 trillion. The target that Circle would like to get to is 10 trillion USDC issued.
Myanmar has a population of over 50 million people. This is about 50% larger than the state of California. That means we are going to have a lot of people exposed, at least in concept, to the idea of cryptocurrency. Time will tell how many of these people actually start transacting in USDT.
The stablecoin market is powerful since it is something people understand. We also have a true transaction unit. Whereas people view most cryptocurrency like stock, preferring to hold due to the potential of appreciation, stablecoins provide people with something they will utilize for payments.
It is a situation that is unlikely to change.
Another topic of discussion over the last couple months is the Hive Backed Dollar (HBD), the stablecoin on Hive. This is an algorithmic based token that is tied to the HIVE token. Since this is decentralized due to its location on blockchain, it can offers the ability to operate outside any oppressive entity.
For this reason, more focus is required to tighten the range of the token as well as providing use cases. In one of the upcoming articles, we will present an idea of how to take the existing concept to another level. For now, we just have to understand how big the market is becoming and how vital it is to provide alternatives, even to the likes of USDC and USDT. After all, who knows what governments will come down on them.
While it is unlikely they will face an armed takeover like in Myanmar, coups from governments take place regularly through the use of laws. Even though they have guns and jails, rarely does it get to that point. Just the threat is enough to force compliance.
Having alternatives outside their reach will reduce the power they have to commit tyranny. It is time for these people to realize that the "sheep" are waking up.
As Myanmar shows, the path from power to sheep can be a quick one.
All should take heed. Those of us in cryptocurrency realize this and are working at building the tools that provide people with alternatives.
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