patrick.net

https://thepricklypear.org/trudeaus-emergency-act-sent-a-shockwave-through-the-cryptocurrency-world/?source=patrick.net

This shows that crypto is a threat to the elite, and that crypto exchanges are subject to the same kind of politically motivated oppression that banks are.

The idea of crypto is good and solid, imho, but the difficulty is in exchanging crypto for currency and real world goods. That's its weak point.

Patrick says

The idea of crypto is good and solid, imho, but the difficulty is in exchanging crypto for currency and real world goods. That's its weak point.

The thing here is that it's not a finished good yet. In our current system of things, there'll need to be a bunch of intermediary companies, swapping crypto for gold, silver, or cash (USD, EUR, GBP) and then, alternate companies which can provide end user services, without needing the middle man of a bank.

And thus, just like with VPN, ppl won't know the identity of the end user and be able to put a political hit on him.

Yeah because the Fed would never sieze the Bitcoin operation and shut it down, and some Wokester Shitass that Mitch McConnel and Lindsey Graham will surely confirm that Joe Biden nominates to some post, would never tell the banks to "Don't convert digital currency to Cash."

You guys all know, that all it takes to kill Bitcoin and all digital currency is for one or two countries to outlaw trading their currency for Bitcoin?

I wouldn't put it past a Biden nominee to do just that, as the economy tanks and people reject the banks. All they have to do is outlaw selling Digital Currency for money.

Rin says

Patrick says

The idea of crypto is good and solid, imho, but the difficulty is in exchanging crypto for currency and real world goods. That's its weak point.

The thing here is that it's not a finished good yet. In our current system of things, there'll need to be a bunch of intermediary companies, swapping crypto for gold, silver, or cash (USD, EUR, GBP) and then, alternate companies which can provide end user services, without needing the middle man of a bank.

And thus, just like with VPN, ppl won't know the identity of the end user and be able to put a political hit on him.

That's going to be a problem. Crypto is not a threat to IRS as long as it changes hands within the perimeter and only within the perimeter. But if there's a path through which it escapes while keeping owner's identity anonymous, then I suspect that there will be all kinds of efforts coming from the very top to make that stop. Little things such as pizzas don't matter, but bigger ticket items do. I suspect that this was the real reason why Musk stopped selling cars for bitcoins.

Patrick says

That's its weak point.

Not particularly. People can trade bitcorn P2P.

It's still early days Pat. Give the globohomos a bit more time to drive more people to it.

Russian Central Bank Chief Says Alternative to SWIFT Already in Place

The Bank of Russia’s governor has said that Russia will continue global payments via an alternative to the SWIFT network.
Central bank governor Elvira Nabiullina said its system was ready to take the place of SWIFT.
https://cryptobriefing.com/russian-central-bank-chief-says-alternative-to-swift-already-in-place/?source=patrick.net

Cash says

Russian Central Bank Chief Says Alternative to SWIFT Already in Place

Yeah, it's been around for quite a while. It's called a telephone. No I am not joking. It just means more phone calls.

FJB says

Yeah, it's been around for quite a while. It's called a telephone. No I am not joking. It just means more phone calls.

It is a messaging system but not likely by way of voice to voice.

Cash says

It is a messaging system but not likely by way of voice to voice.

Right, I wasn't discounting your article - I'm sure they are trying to use that new system too. But a LOT of SWIFT blocks are worked around by phone calls. Our corporate media never mentions that when they speak of sanctions.

I’m guilty too, but talking about crypto is like talking about jerking off.