The wagons are circling as they say.
Everywhere we look, the forces against the tenets of cryptocurrency are starting to rear their heads. At the top of the list is the regulators. We are seeing a lot of action of late from the United States Government.
It appears that the Treasure Department is going to give oversight and regulatory authority of stablecoins to the SEC. This is no surprise. Gensler claims they are securities, thus under his control.
Speaking of Treasury, we have the esteemed Janet Yellen. She was less than admirable as Chair of the Fed, so now she moved over to Treasury. Her brilliant idea is to tax unrealized capital gains to pay for the massive spending bill about to be passed. This shows how clueless she truly is.
To start, calling it a billionaire tax is disingenuous. The ultra-wealthy do not pay tax. When will people accept that? That is how taxes are always sold yet end up spreading to the masses. Look at the Income Tax in the US. It started, a century ago, as something the wealthy paid. Now, who is hurt the most by it? If you guessed the middle class, you are correct.
Of course, Yellen knows this.
Also, a tax of this nature would likely send market reeling, at least at certain times. This also would affect the middle class since they tend not to be active traders and hold instead.
This is something that Yellen is also likely aware of.
Of course, the entire premise of Satoshi's vision was to build a system that operated outside the reach of both governments and bankers. Certainly, a case can be made that there were some flaws, the entirety of cryptocurrency could be stated as carrying that vision forward.
Over the last couple months, many are discussing this concept. It is a situation that seems to grow more urgent by the day. As the wagons are circling, it is up to the industry to embrace the true essence of what cryptocurrency is.
This is not about money or finance. Certainly that is a part of it. However, it is much bigger than this. Cryptocurrency is about freedom. It is why the forces that are approaching cannot even pretend to be for it. That is not a value they hold. These entities, whether it is governments, banks or major corporations are about control. They main value could be summed up as tyranny.
It is a concept that applies to all politicians, regardless of party. The fight over regulation of cryptocurrency by different agencies shows how power hungry they are. Mega technology is all about control and pilfering all it can from the userbase.
Cryptocurrency is designed not to care. It operates in a manner which makes the actions of these entities impotent. The entire premise is to do as opposed to asking permission.
This is a mindset we need to keep active. Regardless of what the regulators or any other government hack does, cryptocurrency just needs to keep doing its thing.
Feat tactics only work if people buy into them.
Here we have another concept that is getting some discussion yet most overlook the importance.
There is little doubt that Bitcoin and Ethereum are on the radar of all that are circling. At the same time, Tether and USDC are garnering attention from the regulators as they hone in on the stablecoins. Each of these is being looked at, trying to find points of vulnerability.
Fortunately, we have these different currencies to take the government's attention. Where they make a major mistake is they look at all of this as financial. Therefore, their tendency is to categorize it all together. That does not work in this situation since it is technology. That means, at its essence, all of this is just code. It also means that the code can be changed to anything the developers want.
Essentially, cryptocurrency can be coded to take on whatever characteristics are desired. It also shows that regulation can be coded around.
Here is where the grand opportunity for Hive exists. At present, it is flying under the radar. There is nobody at any of the regulatory agencies that are focused upon Hive or HBD. It is not even appearing on their screens.
This provides a wonderful opportunity to keep developing along decentralized lines. Going forward, the concept of decentralized autonomous organizations (DAOs) is going to be vital. This is one such structure that gets things out of the reach of regulators.
In fact, it is also why there is so much difficulty for governments to deal with Bitcoin. A case could be made, and a good one, that Bitcoin was the world's first DAO. It operates automatically with mining systems keeping the network running. This allows anyone with a wallet, anywhere in the world, to transact 24/7/365, without permission from any 3rd party.
The base layer of Bitcoin exemplifies Satoshi's vision. We can debate how the token distribution is shaping up since Wall Street is vacuuming up what they can with their enormous resources. Nevertheless, in terms of network operation, Bitcoin nailed it.
It is a model that must be copied. While the mechanism of block validation can be altered, the main premise should remain the same. It is up to each project team to consider the ramification of centralization in any fashion. This is getting to be like a broken record yet it seems few are willing to pay attention. The need to sate greed seems to overwhelm most.
When you think about it, Satoshi was the epitome of "collectivism". He essentially gave away his innovation while getting nothing in return. One could claim that he/she/they have the key to billions of dollars in Bitcoin. That might be true. However, the practicality of moving that, at least for a long time, is non-existent. It is impossible to liquidate those wallets while still remaining anonymous. Exposure could be very dangerous for another decade at a minimum.
Bitcoin was not developed to make Satoshi rich. It was unleashed to provide a way around the present financial and monetary system that is predatory in nature. This was handed over freely for the benefit of all.
How often do we see this concept being applied? This is not to say that people should not be rewarded for what they do. Naturally, they should. However, we see the main focus upon always taking from networks as opposed to giving to them.
It is this mindset that provides the truly point of vulnerability. If we play the game the same way we always did, the major entities such as Wall Street and governments will win. Simply replicating the present system with a new spin on things will not work.
The reality is that, in this Age of Abundance, if people would simply adopt what Satoshi did, they would see how the results are the same. Through his collective mindset, he made himself extremely wealthy. Of course, this is a unicorn case in that he can't really access the funds. Fortunately, for the rest of us, that does not apply.
At present, there are hundreds of thousands of people involved, in different capacities, all contributing what they can. Instead of trying to suck every last percent out, they are addressing areas where they see need. This is something that will have enormous impact over the next few decades. Some of the foundation that is being put in place is done without reward or compensation, yet it is needed.
Ultimately, this will all circle back in terms of payouts. Anyone who is involved benefits from the collective growth that is taking place. Here is where the different mindset enters the picture. The existing system benefits only a few by our active participation. Most are just used and cast aside.
Cryptocurrency has the potential to be a completely different ball game. However, that is only the case if we do things differently than we did before. If we replicate what the individuals involved with government and Wall Street do, then we will see similar results.
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