“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. It was addressed to King George III. I firmly believe that a certain Ripple (XRP) CEO needs to read these 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 interference. Without “Swarms of Officers” to harass us.
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. 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. Always, without exception, history tells us that flexible fiat currencies of this nature, eventually fail. They die of inflation. Prices, indexed to the fiat, skyrocket.
Is there an interim solution to fight this downward spiral? A way to stop the inflationary money drain, until systems of sound monies can be reinstalled, by law? In other words, let the people decide what is sound money, not a group of government bankers. Can this new revolution, transition us, without arms, without mobs in the streets — to a better financial reality?
I believe that cryptocurrencies offer this possibility. That if governments are disallowed entry, crypto’s will innovate and help secure a better, sounder, more modern monetary reality. But, this will necessitate that the purse strings be handed back to the people, something I fear that governments cannot and will not allow. To do so would admit their impotence and that would lead to a faster decline.
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.
But let it fail or succeed on its own. 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.
A Ripple CEO now supports regulations. Please show Ripple some tough love. Do what you think is best.
Here is my commentary (audioblog) about the matter. I didn’t cuss too much and it’s a bit raw:
Your American Friend,