U.S. Treasury Department says that DeFi and decentralized crypto markets threaten national security
(twitter.com)
-STRAIGHT UP PANIC MODE-
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Of all the adaptations that are coming, I think this is going to be one of the least impactful. Most people alive remember carrying around cash. It's not much of a stretch.
I really don't think the transition will be as smooth as you suggest. All the "only at the precipice" stuff, and "[SCARE] NECESSARY EVENT" stuff doesn't sound like a "once Trump is back in office" type of transition into the future. You can't teach the necessity of a decentralized government by teaching people to rely on a centralized authority and "savior" to fix everything.
While the technology has a lot of potential (as asset backed NFTs), a non-asset backed crypto can't survive in a world with asset backed currency. There is simply no reason to use it if there is a real asset available for transactions. Who wants to put their real assets into unicorn farts?
"Fiat currency" means the government has demanded (the definition of "fiat") that it be used as payment for taxes. You can't get people to use an intermediary of exchange for barter that has no intrinsic value unless you force them. If a Centralized Authority tries to force me to use another fiat currency this war becomes a hot one, because that would mean that the same people have control that have been perpetuating that fraud for a thousand years or so.
I'm a bit foggy today. After re-reading some of my posts, I could have been much better at getting my thoughts out. I do agree with what you are saying, and I see you side to it...I think we're close to being on the same page with minor differences in thought.
The only way crypto survives is having certain blockchains backed by precious metals. IF crypto is to survive, it'll only be a handful of chains while the other 99.9998% disappear...which is very much needed in that industry. It's full of scams, which heavily shadow the legitimate ones who can be useful.
That of course only happens when it's cleaned out, and backed by more than just 1s and 0s.
I'd LOVE for PMs to hold it's rightful value, much sooner than anticipated. To me, I don't think we'll see that until Biden is out of the picture...we cannot allow him to take credit for anything positive. To me, he's just the donkey taped on the wall, taking all the downfalls being pinned to him. Showing the masses just how corrupt our system is.