On Wednesday, the Wyoming Banking Board voted to approve the San Francisco-based crypto exchange’s application for a special purpose depository institution (SPDI) charter. Kraken is now the first SPDI bank in Wyoming. According to the Wyoming Division of Banking’s general counsel, Chris Land, Kraken will also be the first newly chartered (de novo) bank in the state since 2006.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Crypto is coming. Bitcoin price is now 16,700, which is the highest it's been since late 2017 when it hit it's all time high near 20k. It's looking like it will break that as 20k is not far off at all., and I expect when it does, it will again be the craze which will send it higher.
What's different this time compared to 2017 is that central banks & paypal are on board with digital currency, and governments are now starting to get on as well. The Iran gov is already collecting domestically mined bitcoin for international trading for goods, and I expect they'll soon announce their willingness to accept bitcoin for oil, at least on a limited basis, to bypass US sanctions obstructing the use of conventional international banking. Obviously they have the motive to do so.
If there is one thing in the world that stands to deal a big blow to the deep state and any kind of world dominating rule, it's crypto currency. Without the ability to control money, things fall apart for those in control.
People should get into crypto, if even with just a small amount, like $100. I'll help people get started as securely as possible.
The Central banks will get into crypto too. The thing is crypto is speculation. It can never function as a currency, especially Bitcoin which has been self-limited in supply. And under a NSA style surveillance state you could never access it secretly. You would stopped from using it.
The Central banks will get into crypto too. The thing is crypto is speculation. It can never function as a currency, especially Bitcoin which has been self-limited in supply. And under a NSA style surveillance state you could never access it secretly. You would stopped from using it.
Let me correct & clarify what you say.
CB's are getting into crypto, better termed as digital token currency, but it's actually not dissimilar to what they are already doing with fiat, which is some 98% digital. The vast majority of dollars in circulation exist only in digital, and not printed form, of course.
But CB's now see they need people to have the ability to actually store wealth on mobile devices to compete with free market crypto. That while retaining control (duh) of the monetary system. That is their challenge, and they will fail that challenge. Yes, with their brand of digital money, they can still "print" dollars at will just as they do now.
The "Crypto is speculation" narrative was more true in the past but is rapidly becoming un-true. It was speculation when it's future was generally considered uncertain. People compared crypto to the infamous tulip bulb mania of the 1600's I think it was. Crypto was also considered "speculation" due to it's extreme volatility. Since hitting near 20k in Dec of 2017, it pulled back to a low of the mid 3k range earlier this year, around March. But it's been more stable since then.
But Bitcoin itself has been getting positive recognition of late. Paypal used to prohibit using PP funds to buy crypto. About 4 weeks ago they reversed completely announcing people could not only buy bitcoin with PP funds, but PP would store their bitcoin with them. PP is looking to become a Bitcoin bank. They see the writing on the wall.
Iran will probably be the first country to announce they will accept bitcoin for oil, ushering in the petro-crypto in competition to the US dollar.
The writing is on the wall. Digital currency of all sorts is coming. It's no longer a question of if, but now of when, and also of what type of crypto will prevail, whether CB issued digital tokens or free market mined crypto, such as bitcoin.
Crypto CAN function as a currency. The biggest obstacle cyrpto has faced is in Point of Sale transactions, such as at a supermarket. That's because both the processing time and the transaction volume (transactions per second) were woefully short with bitcoin. Visa & mastercard transactions are processed in seconds in volumes of some 20k per second. Bitcoin does about 7 per second with a 40 min wait time. Transaction fees with bitcoin are also high, with several dollars worth being not unheard of.
But other cryptos have solved that problem too. Incredibly cheap, virtually instantaneous and capable of very high volume.
Yes bitcoin has semi-limited supply. But it is also incredibly divisible. The smallest unit of bitcoin (called a "satoshi") would be worth one penny if bitcoin reaches $1 million / coin. As for the mining cap of minable bitcoin, that limit is a current limit but it will ultimately be raised, assuming bitcoin actually survives the competition from other free market cryptos. Blockchain mining software does undergo software upgrades called a "hard fork" in which any changes like that can be made. Because bitcoin transactions require the mining of new bitcoin, there will be no choice but to either raise the limit of minable bitcoin OR make transactions possible without mining once the current cap is maxed out (slated to happen many decades from now).
In that way, crypto is a "living currency" which can adapt to changing circumstances, including gov restrictions of whatever sort, which brings up the final point.
Govs won't be able to stop it. Crypto is decentralized. The term "blockchain" refers to an ever growing chain of data blocks that are redundantly stored all over the world, and that DB contains the crypto economy. In order for the NSA and whomever else to spy on who's doing what transactions on that blockchain, they would need to be able to see what everyone is doing on any and all computing devices, and crypto developers can block that in any number of ways. Namely end to end encryption can be utilized to obstruct even the NSA from seeing what's going on. So no, the NSA will not be able to see that (or if they can, they won't admit it as the secret would be far more valuable than the ability) and they won't be able to block it.
So crypto will defeat financial centralization. I've no doubt about that at all.