Crypto, bitcoin, in particular, is a revolution that was born from one of the biggest economic crashes of 2009. The call was clear. Banks, big institutions and government(s) are ripping off the public. They make a profit out of happiness and misery of the general public. This needed to be changed.
Bitcoin emerged as a possible solution.
However, whenever ideals facilitate the creation of value, it yields to greed and power, and corruption inevitably ensues.
That is what has happened (and is happening) with crypto space.
Scams. Whale manipulations. Pump and dump groups. Fake news. Hype. Sheep like followers trusting Bitconnectors. Half baked ideas raising 100s of millions with zero accountability. Companies registered in places where investor protection is absolutely inexistent. Gullible investors who do not do any research. People that are taking loans on their homes and retirement funds only to lose it all to a fraud or scam.
List goes on.
Point is, the spirit in which Bitcoin and crypto space got started is nowhere to be seen.
Sign this is true is Goldman Sachs creating its own version of cryptocurrency that pegs to USD. That same fiat USD that crypto proponents said was an empty shell. Ridiculousness at its finest will be that there will be a cryptocurrency that potentially will dominate the market that pegs itself against an empty shell fiat.
We were not contented with the current broken monetary system of zero value | fractional | no accountability | unlimited | inflationary model | money printing methods, we are now going to see MORE money created by pegging against that same worthless fiat that some considered to be a joke.
If we are against fiat system and big institutions, why are we rooting for more Government?
Unfortunate reality of the world is that minority rules. What we mean by that is, there are 1 billion people of a certain ethnic group that believe in peace while there may be 100,000 of the same ethnic group that believe in hatred and violence, who do we identify the whole 1 billion with?
There are many genuine projects in the crypto space but many bad players too. Who does the 99% of general public associate crypto with?
If the mass adoption of blockchain and crypto were to happen we need rules to play by. There are only few individuals and companies that will act with honor and moral values with or without rules. They are very rare, like collectibles. For rest of the space, when there are 100s of millions involved, greed will creep in. And if there is no accountability, there will be nothing to stop these bad players.
We are not talking about the kind of corrupt government that manipulates its citizens. We are talking about government on blockchain.
Government on Blockchain
Imagine for a second, would government have 21 Trillion dollars in unaccounted adjustments if its records were public? Would government and big financial institutions be able to print money to their whims and wishes if all of it is accounted for?
Of course, those who evade taxes or otherwise cheat the system will also be at a loss. That is good news.
What we desperately need is a government that “works for and is monitored by” the people, not a government that “works and controls” the people.
We need a system where public have uninhibited access to the financial affairs of the government and its representatives. A system that lets its citizens monitor the government.
Blockchain offers such a system and solution.
And, that form of government that is working for the interests of its citizens, protecting the honest and catching the bad players, a government that is fully transparent and void of malicious intents, that is the kind of government that world and crypto space needs to guide the future generations into a world worth living in.
A government that nurtures the innovation without stifling creativity while plucking bad weeds out. That kind of Government intervention is what crypto space needs, immediately.