Bitcoin, Crypto and Banks: Economist Says It’s the End of Government Monopoly on Money

-
Jeffrey Tucker, economist and editorial director for the American Institute for Economic Research, is calling out banking elites and governments for their long-standing monopoly on money, which has led to “world wars, depression and inflation, enormous government indebtedness, and the rise of leviathan states that learned to print their way to power and riches.”
In a recent report, Tucker advises central banks and governments to stop meddling in the world of crypto — where they’re not wanted, not qualified and not going to succeed.
But banks are hardly lying down and rolling over. They’re lining up solutions to kick Bitcoin and crypto to the curb, challenging the fintech startups that are vying to take away their monopoly and world dominance.
Tucker addresses their central scheme to stop the competition: issue their own digital currencies. But a government-backed, central bank-branded coin would have nation-state borders and would live on a permissioned blockchain. It would be the opposite of a borderless cryptocurrency that lives on an open public ledger, is mined anywhere in the world and is transferred around the globe at any time, by anyone, day or night.
He writes,


Elites believed they knew best, and were so sure that they drove out all private monies and unofficial banks.”
With the rise of digital ledger technology, Tucker says the reign of power is over.

Regarding the failure rate of cryptocurrencies and blockchain projects, Tucker takes it in stride. It’s like any sector crowded with entrepreneurs.

“The failure rate is just as high as you find in the small-business sector, which indicates a true trial-and-error culture of entrepreneurship.”

His best advice: the banks should leave the crypto revolutionists and innovators alone.

Governments aren’t likely to take a backseat. Instead, they’re framing cryptocurrency and fintech companies as a sector engaging in “anticompetitive behaviours.”

But no words will give them any technological advantages. Those belong to big tech companies and independent developers who are building blockchain startups using skills they’ve been developing since the birth of Bitcoin in 2009. Even with their regulatory leverage and the ability to deal a striking blow, central banks can’t coordinate or contain a worldwide movement. They can’t corral the very governments they’ve left indebted.
https://dailyhodl.com/2018/08/12/bitcoin-crypto-and-banks-economist-says-its-the-end-of-government-monopoly-on-money/

Comments

Post a Comment

Popular posts from this blog

Three Reasons why Bitcoin is Programmed to Pump

-
Image
I saw an article online and it was well articulated about Bitcoin being programmed to pump. I made a video about it. Highlighting the view of the writer. Despite non-stop criticism, obituaries, and competition from altcoins, Bitcoin has undeniable advantages — ensuring that its value will keep rising for decades to come. It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. Satoshi Nakamoto, 1/17/2009 Here are the reasons 1. The Hard Supply Cap 2. No One is in Control 3. The Lindy Effect
Read more

Four Events that will trigger the next Global Financial Crises

-
Image
There are some foretelling signs that shows that the global financial crises is looming, For some times now, Governments around the world are facing an upward task of balancing there sheet when it comes to financing. But the inevitable is here. The governments are in territories that have never been before. The interest is at its lowest in decades and Quantitative Easing is no longer feasible. Printing more money will lead to hyperinflation. Everything is pointing to a looming doom! Here are the four Events as it unfold 1. Government Debt As said earlier that we are now in the territories we have never been before in history of humanities. The Global Financial Debts is in trillions of Dollar. The world reserved currency ($) is weakening by the minutes. Interest is at its all time low and debts are at all time highs. It is not the matter of when that we are going to succumb to the load of debts. We are only hanging by a thread. 2. Negative Stock Market Returns
Read more

When the Game is Rigged, you don't have to Play by the Rules

-
Image
When the game is rigged, you don't have to play by the rules. Since the start of time, powerful empires have risen through history. And the one major prerequisites for glory and power had always been a standard financial system. Be it Ancient Egyptian or Babylonia or even recently Rome, wealth have been the driving force that spurred these empires forward. They could command great armies, buy Calvary and acquire the state of the art technology that gave them an edge in produc tion, industrialization and warfare. Not taking anything away from the industriousness of these empires, a spark that ensured they stayed in power is they knew something other nations didn't. They knew that the game of wealth was rigged and you need not play by the general rules to win. Of course they preached about the real 'rules' of the game but then they played by the rigged rules that ensured their victory. That pattern has been carried into modern empires of America and China.
Read more