Senator Elizabeth Warren and some of her fellow Senators are at it again. These people are showing how we have truly elected the dumbest people we could find to office.
The former law professor and 10 other Senators put forth a bi-partisan bill to further regulate cryptocurrency. Of course, with the situation with Russia, they are not about to let a crisis go to waste.
This falls right in line with Warren's approach to cryptocurrency. She never misses an opportunity to bash it. Thus, it is no surprise what is taking place.
Here we see that idea that cryptocurrency is a threat to the establishment so they must do all they can to control it.
This is what the Senator had to say about the bill:
“That’s why I’m introducing today my Digital Asset Sanctions Compliance Enhancement Act,” she said. “This is a bill that would authorize the president to sanction foreign cryptocurrency firms that are doing business with sanctioned Russian entities.”
Criminals Use Cryptocurrency
If you are reading these words, it is likely that you are involved in cryptocurrency. That means, according to Warren and those like her, you are a criminal. She has repeated this mantra over and over.
“Crypto provides a new payment option for criminals and cheats, and it’s how those who attack our systems with ransomware collect their money with the least risk that they will be caught,” Warren said during the hearing. “In fact, according to one of our witnesses who’s here with us today about three-quarters of the money collected in ransomware attacks last year went to Russia-linked actors.”
Today Russia, tomorrow someone else. How often have we heard this tired message from members of the US Congress? At least she isn't claiming crypto is being used to buy WMDs from Iraq (not sure that one would fly again).
The reality is Senator Warren and those like her, which describes almost all politicians and bureaucrats, do not believe in freedom. Cryptocurrency has the potential to provide freedom to billions of people all over the world. Of course, this is something the Senator opposes. How can anyone in government before freedom? It is an oxymoron it seems.
Aside from their usually bullying from the pulpit, these people have picked a fight that is far beyond their comprehension. And no we are not referring to Russia.
Instead, the fight is with a group that is unlike anything they have ever seen. This is not going to end well for the tyrants (governments) of the world.
Developers Start Your Engines
The problem for the fossils who are running governments is they believe in their power. One of the challenges they have is that cryptocurrency does not require government permission to exist. It was developed with the intention of going around governments and, as important, the banking system.
Cryptocurrency is akin to the Eurodollar system. That is something that existed for decades outside the reach of any single government or central bank. It was run by the international banking cartel and provided them with the opportunity to run the world. After all, if you can make money to make money, what is to stop you.
Guess who has this power now.
This is where the Senator and the likes of her generation are completely clueless. We see the crypto bashing from many corners of society. Have you noticed it always seems to come from the Boomers and never the Millennials? Why is that? Perhaps that is because the latter understand what is taking place.
We often discuss centralization. That is because we are operating in a tug-o-war situation whereby the centralized establishment is being threatened by decentralization. While this is slow in forming, it is seeing a foundation laid. Thus, if governments want to insert themselves in the situation, they will effectively put a target on their chests.
At the core of all this is the ability for millions around the world to start hammering away on their keyboards and roll out open source software. Once this happens, it cannot be stopped. Any acts to control it via the usual methods end up as a game of whack-a-mole. Nothing they do can stop someone else simply taking the software and rolling it out again.
The more the likes of Senator Warren keep bashing cryptocurrency, the greater the chance that someone starts to rebel. This is happening on a regular basis as more options are rolling out for people. This means the power structure that these people operate under is going to be "rug pulled".
Privacy Is The Tipping Point
We are seeing them really go after cryptocurrency hard. This is only going to inspire the quest for privacy. One of the issues with cryptocurrency, from this perspective, is that it is fully transparent. This is something the likes of Eric Snowden continually refer to.
However, that is not always going to be the case. Again, there are millions around the world who know how to code. Since most blockchains are open source, people can take the software and design other layers. One of the options is to build privacy features into the different pieces of software.
Here is where we see the likes of Warren becoming completely powerless. Once people are able to experience any degree of privacy with some transactions, it is game over. The tipping point is reached. They will have an impossible time tracking the movements of money (transactions). Of course, as the world of blockchain expands, this will apply to a lot more than just financial transactions.
As I stated on a number of occasions, governments are ill-equipped to deal with what is coming for them. By the end of this century, this form of governance will be obsolete. The digital world is not suited for entities that were designed to operate in the physical realm.
Sometimes it is best to leave a sleeping dog lie. However, politicians just cannot help themselves, grandstanding about things they have little-to-no knowledge about. In this case, it will only inspire those coders who really do not like government, control, or intrusion. The next great idea can come from anywhere around the world. This is the problem the establishment faces.
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