“He has erected a Multitude of New Offices, and sent hither Swarms of Officers to harass our people, and eat out their Substance.”
Dear Cryptocurrency Folks,
The above is a line from the Declaration of Independence in the United States of America. Then and now, these states often differed in their opinions and laws — or lack of them — but for a time, men and women of courage dared to enrage a despot.
The declaration was addressed to King George III. And, as we know, it changed history.
I firmly believe that a certain Ripple (XRP) CEO needs to read the above words and attempt to comprehend their meaning, if he has the capacity. Read them, and if he has the guts, to step up and do what is right and not what is expedient.
But few men of this stature exist. Few men or women are willing to “do the right thing.”
You, the people of the Fintech Future, should know that cryptocurrency is a revolution in currency. A new way to both secure transactions, records, identity and the like — with modern technology.
Without “Swarms of Officers” to harass us.
Not so, according to some. We need to be whipped into shape, otherwise there would be mayhem in the streets, sayeth the crypto-banker kings.
But your rights to own crypto, to experiment, to invest, to see where this road takes you — is about to be attacked. It’s only a matter of time, before — if you allow it — they will eat our substance, yet again.
The lights are being snuffed out, one by one. And this is not only about the regulation of an airline or some new drug. This drills much deeper. This goes all the way down to the economic tool we use daily. A tool that, each day, is rotting away in your wallet. That tool, which was essentially stolen from you, decades ago, is itself under attack. But not in the sense that you think.
The tool is fiat money. It is weak and wobbly, but our governments require its use. Order its circulation. Decree its sanctity. Its religion. Its myth.
Its competition is cryptocurrency, yet another fiat, but with a primary advantage: inflation resistance.
Many of these crypto’s have a limited virtual supply. This is unlike fiat currency, which expands and contracts – inflates and deflates – at a bureaucrat’s whim.
Without exception, history reminds us that flexible fiat currencies of this nature, eventually fail. They die of inflation. Prices, indexed to the fiat, skyrocket. Black budgets devour the stock seed of wealth.
Is there an interim solution to fight this downward spiral? A way to slow the inflationary money drain, until systems of sound monies can be reinstalled, by law?
In other words, is there a way to let the people decide what is sound money, not a group of government bankers. Not a convoy of business gunships, mired in the Bay of Fiat, unable or unwilling to explore, fearing that the edge of world lay beyond the Pillars of Hercules.
Can this new revolution, transition us, without arms, without mobs in the streets — to a better financial reality? Or will pro-monopolistic, anti-capitalistic, pull peddling puds ground innovation under the wheels of corruption — once again?
I believe that cryptocurrencies offer the possibility of sound money. That, if governments are disallowed entry, crypto’s will innovate and help secure a better, sounder, more modern monetary reality. A bridge, if you will, to a better future.
But, this new technology will necessitate the changing-of-the-guard. The purse strings will need to be handed back to the people. Something, I fear that governments cannot and will not allow. Not in Communist China or in those lands beyond the oceans daring to fly that banner of freedom in the mean streets of controlled and planned economies.
From those who nurse from the udders of corruption, to those who devise the method of their eventual destruction, to admit their impotence, is heresy. Government fiat must survive, they implore. It is the only way for them to lead — to control.
However, the longer we hold the line. The longer we keep the regulators from mucking with the innovators, those geniuses of finance and math, the harder it will be for the bureaucrats to halt the process of monetary evolution.
Many governments, companies, professors, financial experts and so on, are leading the charge against the ever-growing popularity of this monetary/service revolution. A system that could replace money as we know it or fail completely.
And if the innovators fail in the current climate of monetary corruption of the highest order, it will be at the hands of those self-appointed representatives of our indefinable “common good.” Those muckrakers born of backroom shenanigans, fiat five-year plans, and a group disintegrative psychosis.
Let cryptocurrency fail or succeed on its own. Allow investors their mistakes. Arrest those who bilk and steal.
Some ICO’s will fail and some will succeed. We only know, that when killed-off with draconian regulations, they will never be. Never have the chance to grow at all, if buried by rules, red tape and bloated bureaucracies. Bureaucracies with feeding-tubes attached to each citizen, beholden to special interests who seek only to increase the size and number of such vile tubes. Tubes now becoming iron pipes, flowing faster. Draining the only value that might yet cure this diseased body politic.
I speak of cryptocurrencies, of course.
A Ripple CEO now supports regulations. Please show Ripple some tough love. Do what you think is best. Let them know that they are not a true crypto in the sense of that word. They are only a fiat conduit. A pump to help speed up the delivery of the poison that is killing the wealth of the world.
Who knows. Maybe these Ripple XRP’s will serve to undo the twisted monetary systems that it is attempting to lubricate. A quickening, of sorts, but not of the expected variety.
I can only hope.
Here is my commentary (audioblog) about the matter. I didn’t cuss too much and it’s a bit raw:
Your American Friend,