The new chief of the San Francisco branch, of the privately held, Federal Reserve Bank has stated that Bitcoin cannot, and will not ever replace the US Dollar. First of all, they are doing a fantastic job and understand their market and duties. They cannot step into this job and say anything else and expect to keep it.
I get it, Bitcoin is printed without supposed backing, although it is backed by a lot of physical hardware assets and electricity. Fiat currency, especially the US Dollar is printed and floated without any controls or restrictions. Well, actually, the only control and restriction is that there is none. The Federal Reserve prints at will and on demand, without limitation or backing of any sort, and they have long abandoned the gold standard.
The fact that the Federal Reserve would comment at all on this matter and mention Bitcoin, to me, is very telling that it is very much a possibility. When you have this much money put into something that is being traded worldwide, every second, and such an ecosystem I think it is an excellent contender to the US Dollar and fiat currency in general. Remember, fiat is backed by nothing as well and printed without any limit. Most cryptocurrencies actually are limited in how many coins can be mined or minted at any rate.
Cryptocurrency is currently at a $421 Billion USD market cap and I think it won’t be long before it is in the trillion dollar range. This is ultimately the worst nightmare for any central banker with so many competitors, of course your number one priority should be outlawing them and shutting them down.
On that end the Fed is right to do it and is doing their job well. However, for people who don’t essentially control the fiat financial system, we would do well to root for cryptocurrency as an alternative system. I think both systems can survive and work together, but if fiat pushes it too much, I think there may be a digital currency revolution that far surpassed the digital rights movement of the late 90s and early 2000s that caught the RIAA and MPAA by surprise.
Youtube has announced it will be the new thought police. They’ll be doing this by discouraging and contradicting any thoughts, beliefs or theories that are not within mainstream beliefs or teachings. At this rate they’ll have met the gold standard for censorship and subversion and China will be viewed as an easier place to share your thoughts. On its face it may not sound that bad to link to Wikipedia articles but in fact anyone can write and manipulate Wikipedia. Google will be choosing what counterpoints to make by of course selecting which article(s) get linked to. This is quite alarming and also frustrating since hate, racism and other harmful activity has been rampant on the web ever since it began but no company or government have made any concrete steps to counter it. So why worry about people posting their alternative beliefs and thoughts online and exposing the lies of the news? By the gauge of most the mainstream news is the fake news yet media giants like Facebook want to declare thoughts outside of that realm as “Fake News”. By this method then the PRISM system of spying on and intercepting people’s private information is a “bad conspiracy theory” that people have to be warned away from (of course most now understand this was never a conspiracy since Edward Snowden revealed more details about what most already knew). There are some valid reasons for this to be done (from the perspective of nice government men and corporate greed). There is a lot of information being shared on Youtube about pharmaceutical companies and really whole swaths of very solid information about a lot of things going on in our world. The majority of it is well sourced and quoted and most people won’t view that content as conspiracy. Could it be that anything that doesn’t fit the viewpoint or ends of certain elite companies and people are what is really being targeted? Until racism and hate has been cleaned up from these platforms I am just not buying there is any good or genuine reason for Google to do this. I think we’re heading down a slippery slope to the point where freedom of thought and expression will be completely eliminated gradually through these policies. Eventually Google will probably start deranking websites which fit into this category of “non-conformity” to the mainstream and elitists.
What do you guys think? I think it’s time to support Tron (TRX) and any other decentralized social media platforms. It’s time to take the internet back!