The truth of the matter is that, based on recent actions by the Securities and Exchange Commission (SEC), the writing is on the wall for digital money. Those who buy and sell it will have to report their holdings, and the feds could eventually try to seize control of the platform on which cryptocurrencies operate.
"There is every indication that governments, regulators, tax authorities, and the global elite are moving in for the crypto-kill," reports Zero Hedge, quoting Jim Rickards. "The future of Bitcoin may be a dystopia in which Big Brother controls what's called 'the blockchain' and decides when and how you can buy or sell anything and everything."
Some might say this represents a type of fear mongering because, surely if the government wanted to rain on the cryptocurrency parade it would have done so by now, right? After all, blockchain technology has been around for nearly a decade, so why would the government suddenly go after it now?
Since the government doesn't actually create or build anything itself, it has to wait until the free market creates or builds something first before taking it over. In the case of blockchain, the government seems to be watching the technology develop into something fully functional before seizing control over it.
"Governments know they cannot stop blockchain, in fact they don't want to," adds Zero Hedge. "What they want is to control it using powers of regulation, taxation, and investigation and ultimately more coercive powers including arrest and imprisonment of individuals who refuse to obey government mandates with regard to blockchain."
It's similar to what Mao Zedong did in 1958. The leader of the Communist Party of China at the time, Zedong was faced with an onslaught of demoralized intellectuals and artists who were tired of communist rule. In response, Zedong declared a new policy of intellectual freedom that was later dubbed the "Hundred Flowers Campaign."
Zedong's declaration stated that people would once again be allowed to express themselves freely, creating a new precedent of progress where by the arts and science would flourish. It sounded really great on the surface, and many people bought into it. But the whole thing was a trap schemed up by the communist state to commit egregious acts of genocide.
"Once the intellectuals and artists emerged, it was easy for Mao's secret police to round them up, kill and torture some, and send others to 'reeducation camps' where they learned ideological conformity," explains Zero Hedge. "It was also a taste of things to come in the form of the much more violent and comprehensive Cultural Revolution of 1964–1974 in which all traces of Chinese bourgeoisie culture and much of China’s historical legacy were eradicated."
Bitcoin may not necessarily be a trap designed for this type of genocide, but it sure looks like a system for enacting an insidious form of currency control. In fact, because Bitcoin is now being bought and sold all across the world, some suspect that it will eventually serve as a prototype for a government-issued currency controlled by central banks – something that Mike Adams, the Health Ranger, has reported on as well.
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