Authored by Mark Jeftovic via Guerilla-Capitalism.com,
A few months ago I was on the Lite Show (Litecoin) podcast, we got to talking about Facebook’s forthcoming crypto currency, which hadn’t been named yet. I mused then that it would totally suck for the entire crypto-currency space to have come this far with Bitcoin, et al only to have Facebook swoop in and take all the marbles. (In marketing parlance this maneuver is called “grabbing the microphone”)
Then Facebook announced their digital currency, it’s Libra, and it was met with immediate resistance. But the pushback, didn’t come from wherer one might expect it, the crypto community, there was plenty of commentary about it to be sure, but nobody from within the crypto space was saying that Libra had to be stopped.
No, the immediate pushback came from various tendrils of myriad states and government entities, including:
Maxine Waters, immediately calling for Facebook to cease all work on Libra
French Finance Minister Bruno Le Maire warning against Libra becoming a sovereign currency
and most recently the G7 (at least recent when I last worked on this post), the G7 forming a task force to address the issues Libra raises, and urging the “highest possible level of regulation” on it,
This instant pushback against Libra seems even more intense than any initial government condemnations against Bitcoin itself when it started to gain traction over the initial ramp up. Perhaps there are good reasons for this, such as:
In the rear-view mirror, it’s possible that governments now view giving Bitcoin some room to run was a mistake, and it opened a Pandora’s box (from their perspective) which would be unable to be contained, and
Facebook provides an identifiable target – governments can actually pinpoint them and (for now) regulate or threaten to regulate them. They can’t target Satoshi Nakamoto or an open source repository of computer source code.
I mused in my dayjob’s #AxisOfEasy newsletter #102 that we seem to be arriving in a scenario depicted in the Mr Robot TV series, where the crypto-currency Bitcoin and a private, corporate sponsored e-coin dual for supremacy in the aftermath of a hacker induced economic collapse (In the series, Libra’s role is depicted as the fictionalized “Evilcoin” with Bitcoin starring as itself. The economic collapse also turns out to be a Trojan horse operation launched by China).
The only thing missing from today’s reality, as I write this, is the economic collapse part, but with stock markets sliding from all-time highs, and the Fed cutting rates again in this ostensibly great economy, clueful observers the world over sense that something is about to give. Tangentially the stealth bull in precious metals and resurgence of Bitcoin, even in the face of Libra, all point toward the idea that not all of these economic indicators can be right at the same time. That means at some point a disorderly readjustment may occur.
more,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/news/2019-08-02/first-bitcoin-then-libra-why-nation-states-are-petrified?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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