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January 14, 2018, 02:03:33 AM |
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Cryptocurrencies do have the power to upend the current financial and political systems. It has become more obvious over the years since the initial launch of the Bitcoin network. The powers that be did not think it posed a serious thread since many had tried before to create a digital monetary system to replace the existing predominant fractional reserve banking system. All previous attempts failed. With the current visibility and adoption of cryptocurrency across the globe, the threat has been noted. What would governments do? Nothing! Some governments like in China and other authoritarian regimes will try to control cryptocurrency. This is where Satoshi's genius becomes obvious. Blockchain, being a decentralized network can not turned off with a switch by government. Governments recognize this. They might want to "control" cryptocurrency, but the knowledge that they can not do so effectively, makes them reluctant to even try to pretend like they can, as that will only make their lack of power in this space more obvious. They are thus, more likely to turn a blind eye, more out of necessity as they do not really have a choice. Even if governments around the world were to come out and place bans on cryptocurrencies, that would just be token bans. That would do nothing to stem the tide. It is already too late to stop cryptocurrency. Governments recognize that, and will have to come to terms with the new reality. Governments are going to, and already are starting to release their own cryptocurrencies. But these will have to contend with the established leaders in the space, so these "fiat" cryptocurrencies will just be fancy altcoins backed by governments.
The future is decentralized! Adapt or become a relic.
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