IRUUR1 Thanks author AlucardLife | cryptoinvesting for the first article like this we have seen. We have given this a byte of thought. Alucardlife life steps up, to offer a point by point rebuttal to an article by Jordan Atkins appearing in Coingeek. We have been anticipating an article like the one in coingeek for a while. We expect this article will be followed by many other writers who seek and argue for safety in centralized authority.
War On The Independent Class
This is a war by central banks against the independence or independent class. The independent class is often called the middle class but this is only one half of what is really the independent class. The other is the gig economy or entrepreneurial class. What is called the middleclass comprises the principle capital of the independent class. The entrepreneurial element is the risk capital from the profits made the by middleclass principle assets. Often this is by simply being raised and schooled in a family business or from labor skill trade school or work experience. Often assets are gathered in mid and upper/mid class education, then on to higher education. Often as well there is principle capital originating in the middleclass that is used as collateral on entrepreneurial enterprises. The middleclass is the principle capital of the customer base, and is a possible investor of their personal principle and skills in gig businesses.
This independence is a natural threat to centralized economic/government authority. We agree, government has no authority over the blockchain, but that may not be enough. The endgame is the chance that global central bank governments identify crypto and mining nodes as a security threat and shut them down as a military intelligence op. Any pretext would work it seems, based on the lockdown so far.
So What’s A MAWHTHA to do? The natural crypto defense would appear be for crypto to naturally do what it does best, which is make itself indispensable to friend and foe alike. That way, no one knows who they are hurting where. However greed and fear drive markets. Greed will prompt intelligence gathering by those who can, against competing interests. People can be hired for many purposes and can consolidate their crypto in many ways as well.
This article is a response to "Ethereum 2.0 is an Unexploded Regulatory Bomb," an article from Jordan Atkins on Coingeek. He writes that
The proof-of-stake-focused Ethereum 2.0 has gone live, seemingly without a thought paid to whether the network's new system falls with in the definition of securities for the purpose of the U.S. securities legislation.
He then goes into a normie description of the penalties that the Foundation faces should the Securities and Exchange Commission deem it necessary to punish Ethereum for its innovation.
Loss: Tons of money. Loss: Tons of adoption. Loss: Tons of legitimacy.
The problem is, Mr. Atkins, that the US government does not have the legal or moral authority to levy any sanction on Ethereum or any other part of crypto. What's important is that we, the true believers in decentralization and new governance, stick to our guns and create a defensible stronghold for the inevitable sanctions from normie society.
No Legal Authority
Atkins goes into a discussion of the Securities Act of 1933, something called the Howey test which isn't even law but relies on freaking speeches (he admits this), and the tired discussion of Ethereum being defined as a security vs. a whatever. Because if it falls under the umbrella of...
Enjoy, Learn, the Whole Article is HERE - Ethereum and the Question of Compliance
If crypto is the most useful form of banking then it is a threat to the global central banks and the Federal Reserve. To say in the face of lockdown, that these financial institutions wield considerable global government, corporate, and activism influence to force compliance, would be an understatement.
But if crypto in general becomes something that investors large and small cannot live without, and cannot duplicate in centralized crypto knockoffs, then you may have an intrinsically valued asset like gold or silver. Gold and silver may be a bit like the phrase by Abraham Lincoln, about pleasing people. You can own all the gold some of the time and some of the gold all of the time but not all of it all of the time. Doesn't mean you won't try though.
Crypto and the blockchain may be a bit like that only more so. Like owning all of the time, all of the gold, silver, platinum, copper, zinc, corn, wheat, on and on to everything. Doesn't mean it isn't being tried though.
