- Published: Saturday, 15 February 2014 08:50
- Written by Editor
If there is one factor that could kill Bitcoin before it even really becomes popular it is "regulation". Regulation is just another word for "control".
Unlike fiat currencies, but like the Internet itself, Bitcoin is a global peer to peer distributed resource, that has evolved completely independently of governments, banks of another other centralised entity. Bitcoin is a global resource and asset, for humanity, not for abuse by governments and banks as with fiat currencies.
Governments in recent decades are all about control for the benefit of a very few power crazed people, the banking system and large industrial corporations, not for the benefit of the people who elected government to serve the people.
There are countless examples of how governments seek to suppress and control people, one of the most obvious ones being the so called "war on terror" which is totally fictitious, contrived and invented through a "problem-reaction-solution" model to suppress human rights and freedoms under the laughable and totally false guise of "keeping people safe" - it keeps people far less safe by causing instability. The US government and its allies use false flag and scaremongering tactics to keep people in fear and under control - a situation which is getting worse by the day with drones, NSA surveillance and as in the many other revelations by Assange, Manning, Snowden and many other brave people and patriots.
So what has all this to do with Bitcoin?
Well until recently, governments did not take Bitcoin seriously, but in recent weeks they are now seeing Bitcoin really taking off and being adopted by exponentially more people and businesses. We must also keep in mind that the government is controlled by banks and large corporations for their own benefit, never for the benefit of the people. Recently we are seeing banks such as J.P. Morgan being much more vocal and negative about Bitcoin, which means they now recognise the threat to their instruments of control - fiat currencies.
Both governments and banks also see the potential to control Bitcoin for their own nefarious purposes as they do fiat currencies, derivatives and other fake financial instruments as well as manipulating the stock market to control "public sentiment".
So now governments are seeking to "regulate", i.e. control Bitcoin through exchanges - if they succeed it will be too late - Bitcoin is finished as we know it today.
So what tactics will governments use to justify "regulation". We have already seen "money laundering" thrown around as a justification, but it is only a matter of time before "the war on terror" is used as well, claiming that terrorists are using Bitcoin to purchase weapons, sell drugs etc. This is of course will be manipulated through the government controlled "mainstream media" to cause hysteria and anti-Bitcoin sentiment among the masses.
"Money laundering" is totally erroneous. Bitcoin is inert - just bits and bytes across fibre optic cables - it does not "launder" anything. People launder money, and that is where the governments should be looking. In any case, the biggest criminals of all are the bankers, who over the years have skimmed off countless billions of dollars and other currencies for themselves causing the extremely serious, close to terminal, financial crisis in the world today, with all the austerity, misery and suffering that goes with it, while they live a life of decadence on their ill gotten gains taking billions of Dollars for themselves at the expense of everyone else.
Governments cannot regulate Bitcoin itself - there is nothing to regulate per se - there is no central location or anything physical that can be regulated. So the only regulation can come at the centralised physical places where Bitcoin concentrates -Exchanges and Shops.
At some point, because of the way that systems like Coinbase are designed, it’s just a matter of time before the regulators come in and say “freeze this account” or “undo this transaction”.
The bad case scenario is for an authority to come along and say “give me Roger Ver’s bitcoins”. But the worst case scenario, which is the scary one, is for someone to come along and say “give us everyone’s bitcoins”.
By moving Bitcoin Exchanges and Shop Companies Offshore, they cannot be regulated or controlled for the benefit and abuse of governments, banks and others for their own nefarious purposes which will have nothing to do with the welfare of the people, only of themselves.
This then must be a primary consideration for Bitcoin Exchanges, while the opportunity still exists.
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