Regulate Crypto?
Bitcoin offer and escape from fiat currencies for “awake” citizens who are concerned about government overreach in all areas of their life?
Don’t regulate my fiat escape hatch!
“…. quadratic voting and financing, that is, a system of direct democracy and direct democratic crowdsourcing of public funds.”
As a longtime advocate of Direct Democracy, the above sentence caught my attention. Bitcoin, in my view, is the most promising and viable asset to own if you want a path to escape from the excessive growth of governments and the dangerous powers they exert to destroy the economies of the world and the freedoms of mankind.
Federal MP Michelle Rempel-Garner wants to regulate the cryptocurrency financial upstarts. She claims that this will help crypto investors. Do you agree with her?
No matter how well-intentioned politicians may be, their track record of turning promising ideas into a bag of snakes is what makes me queasy about letting MPs do anything with my financial assets.
Pros and Cons exist
Yes, there are risks associated with allowing the crypto financial system to grow unregulated as Michelle points out in her essay. However, the risks of allowing the fiat currencies to continue to grow under its current suite of monetary policies far outweighs the risks of an unregulated Bitcoin sector. History proves it.
The USD monetary hegemony began in 1913 with the birth of central banking and the fractional reserve banking system. It reached full maturity in 1971 when President Nixon cut the remaining ties to gold as the collateral used to back the USD. With these changes, fiat money financed two world wars and several other theatres of war in foreign nations, instigated the Great Depression and the Great Recession, destroyed incentives for personal and corporate savings, enabled the grown of public debt levels that can never be repaid, and transformed the USA from a greatest capitalist nation into an untrustworthy Crony-Capitalist swamp with predators in every lagoon.
Read Michele’s arguments and let me know what you think about them.
Recommended Reading and Listening
If you want to read more about Bitcoin and Fiat, I highly recommend The Bitcoin Standard and The Fiat Standard, both by Dr. Saifedean Ammous. Saif’s podcast, The Bitcoin Standard, is also “worth its weight in Digital Gold”.
