The new battleground frontier is being fought over very principles of crypto, with its values of decentralization, transparency, free ownership by anyone and immediate auditability under threat from all sides. If you are a crypto enthusiast, it is a good idea to take stock.
The principles of crypto are under threat.
A few weeks ago, the Canadian government demanded that crypto exchanges freeze the accounts and seize the assets of anyone who donated to the Freedom Convoy, the non-violent protest of working class citizens opposed to the ridiculous vaccine mandates being imposed upon them. Some exchanges complied. Some refused. Ultimately, the whole sorry episode exposed once and for all the fallacy that crypto always equals decentralization. For as long as you have your coins on a centralized exchange, it absolutely doesn’t.
Then suddenly, almost inexplicably, Covid just seemed to go away.
In the latest, and most dangerous proxy war between NATO and Russia since the end of the cold-war , this 6th generational economic warfare has the potential to plunge the world into what might best be described in the words of cult author Robert Anton Wilson as ‘all out thermo-nuclear heck‘.
And once again, Crypto is in the news.
Donate Bitcoin – the government needs it!
Firstly, the huge donations being made by people all across the world to the people of Ukraine raise some interesting questions, not least who is the recipient of the crypto, and secondly what is it going to be spent on? Because you can be absolutely sure that there will likely be zero accountability or transparency regarding where these coins are going.
The private Twitter account @ukraine has a donation addresses receiving Bitcoin, ETH and USDC.
Superb you may think, I can donate directly to the Ukrainian government. What a nice bunch they are, they’ve never done anything remotely wrong. You can always trust the government can’t you?
I honestly thought in the clown-world of the 20’s decade I’d seen it all, but hearing that over $5M in Bitcoin has been donated to the Ukrainian government has to take the prize as most ironic use of cryptocurrency ever.
Of course, the crypto donations will be going purely for humanitarian relief efforts, and not to pay mercenaries or buy guns right?
Of course, if you’re sharp enough to think, aha, maybe we shouldn’t actually trust the government of Ukraine, you could always donate to one of the countless NGO’s jumping on the bandwagon.
There are plenty of lovely sounding organisations which will happily take your crypto, but you may want to do your background research first, because some NGO’s have had a bit of a history when it comes to spending money on things donors might not be too impressed with (such as whopping great CEO salaries, marketing and occasionally a bit of sexual exploitation).
Crypto good: But Russian Crypto Bad.
Of course, crypto is great for helping ordinary people who through no fault of their own live under a government which is currently at war. Unless of course they’re Russian people.
We must always remember that if Vladimir Putin does something bad (like Invade Ukraine), then the people of Russia must immediately be tarred with the same brush and punished economically too. As calls for ordinary Russians (many of whom will actually oppose the war) to have their accounts frozen grows, it’s at least something that many exchanges are refusing to do so (for now).
Governments have always been at war with Crypto.
Government’s have hated crypto since the first moment it arrived on the scene with the genesis mining of Bitcoin. The very idea of a decentralized currency, free from the control of the powers-that-be, fills them with dread.
The reason? Because anyone who truly understands the deep principles of crypto knows that it is the way the world frees itself from the financial tyranny of the central banks.
World leaders are very keen to shut it down, and make sure that their populations don’t have access to liberating themselves from the total dominion over your life that the government has, if only you keep your cash in centralized (and easily accessible) banks, where you can be simply switched off if you happen to misbehave. Such as in the wonderfully liberal and not remotely authoritarian China.
It may therefore not come as a surprise that Putin is another one who’s previously demanded ordinary people verify their crypto holdings. It wouldn’t be so that the government could steal it, surely?
But, interestingly every single one of these governments is more than happy to use the very same technology behind crypto to create their own Central Bank Digital Currencies. “It’s blockchain, Jim, but not as you know it…. “
This is the moment. If you are a crypto enthusiast, it’s really time to take stock and carefully consider what the true principles of crypto are. Because if we don’t defend them know, we run the risk of losing them forever.