What happens to Autonomi when the outright ban comes? Too big to fail? I think not. A communication network is one thing, but trying to strip this core power of the state away even in the name if decentralization and predictability- think again. Even Milton Fridman eventually understood this.
Say its not a coin, say its a token etc., call it whatever every major state will ban these where they are not a direct state controlled patch or securing aspect of their fiat regime. This will happen because fiat already solves the problems crypto aims to solve and because crypto currencies are a very very bad idea outside of increasingly encrypted fiats and sanctioned patches like BT- Uncle Samâs little adjustment.
Now if you say AI, I of course agree, its my answer for everything. But in the mean time I think MaidSafe should have a variant ready without the PTP corporate and supply side trickle down welfare program, we donât need more DRM enclosure we need to be rid of it!
I donât think crypto coins will ever be permanently banned. If any country or union is stupid enough to do this, they will be biting themselves in the ass and eventually reverse course. Bitcoin market cap is over 1 trillion now and many think it will be used for international trade. If Bitcoin were to be adopted by even a few countries as a reserve currency or a significant part of their international trade practices, the demand surge would likely push its market cap up rapidly. The total value of global foreign exchange reserves, which are mostly held in U.S. dollars, is around $12 trillion. As the value of Bitcoin rises and becomes more trusted and adopted, countries in the EU will be forced to use it.
Nice try but wrong. Bitcoin decades in the making at implementation was the love child of Citibank and the Petagon. It can work to tamp down on panics just because it can provide a store of value but its solidity is a mirage, it would evaporate quickly in a collapse. Its not much of a currency and it is a tool of the USG- it phones home on you. USG can manipulate it as part of its fiat regime, it is a mere fiat patch. It is also a honey pot. The global order of states even when adversaries will not tollerate mechanisms suitable for gross laundering or even tax evasion. BT is not an exception it is the rule all all these shabby little cryptos were allowed momentarily to allow BT tolaunch without people questioning its origins too much, part of the honey pot in its anti laundering role. States wonât allow tax evasion or laundering and that is all most of these crypto currencies aim at in most peopleâs minds- they donât do better banking or any of that. There is only one reason for the rise of BT- it is US fiat and you may have noticed it hasnât been a stable store of value as it is dynamic as a fiat must be and not predictably static as the launders and evaders want.
In a debt collapse (low probability anytime soon because Central banks will continue buying/manipulating the debt) cash will move out of global stock markets into commodities and crypto ,imo.
Debt is meaningless. They donât manipulate it unless its derivatives which should be banned as a type of ponzi- hmm, so I guess they do manipulate it. I was thinking of a bigger shock like a 6 mile in diameter asteroid impact. But yes short of something really big it seems like it should be stabile. I always feel extra foolish when trying to talk about this stuff like I am speculating on religion. Even if I was an âexpertâ in the associated fields Iâd feel foolish.
So you mean if Europe will become like example China? Letâs hope it will not go that way.
" China does not allow cryptocurrency to be used in any way that could be considered to replace fiat-based transactions or business-related services. "
The EU, at least for now, will not ban cryptos. The regulation, which is not a directive and will therefore be binding on all EU countries from the end of the year, is defined in the MiCA. https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114#d1e40-40-1
Most of the regulation is aimed at stablecoins, which are defined as asset-referenced tokens. For example, it is almost impossible for Theter to comply with what is required of it, so either it disappears from the EU or a USDT2 is created exclusively for Europe.
For tokens such as ANT, regulation is more lax and, in principle, it would fall into this category.
In order to ensure a proportionate approach, no requirements of this Regulation should apply to offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens that are offered for free or that are automatically created as a reward for the maintenance of a distributed ledger or the validation of transactions in the context of a consensus mechanism. In addition, no requirements should apply to offers of utility tokens providing access to an existing good or service, enabling the holder to collect the good or use the service.
Thank you but in my mind crypto is as stupid as derivatives. There are good reasons the US and China except for a feature in their fiats ban this stuff and its not the first time and the EU will join them. Private currencies are an incredibly stupid idea. But I guess some of the reasons why are not talked about more for fear of bursting the bubbles of semi rational âcapitalâ allocators.
First, the currencies belong to the people they are a commons. All the little semi rational allocators of âcapitalâ do is prime the pump. Kind of like IP is meant to prime a pump. But the capital these semi rational allocators are associated with is not capital they have earned, it is unearned and only associated with their name. The capital itself is a fiction, not much better than a habitual superstition, and aside from a means of incentive has no value to the state. But locally situated semi-rational capital allocators can allocate it a bit better than the state (but not AI- planningâs next step.) The state can tax away any surplus or most of it but again what would the state do with it beyond a certain point. And remember these are not objective units they are made of supersition and respond to generally unpredictable unconscious forces. So the state builds in inflation (its better psychologically) as a kind of tax that leads to increased vestment by the semi rational âcapitalâ allocators. Remember the state doesnât care about the currency as it can print an unlimited amount of it. What it does care about is the vestment in the state, stuff like laundering and to an extent capital flight. It doesnât want to tell these semi rational âcapitalâ allocators to check that fiat at the door as a means of preventing âcapital flightâ because that could lead to less vestment and vestment is the main thing it buys with currency and the main potency behind a delusion like currency. So it tells them it will allow them to escape the inflation tax if they vest their money long term in the case of the US and agree to be paid back in future inflated printed money T-Bills or so called debt- with no guarantee it will even be in dollars. And this can provide some gold diplomacy when foreign citizens buy US currencey through so called debt or Tbills- none of this is necessary- no need to give the wealthy a tax shelter. Its called debt which is funny because it creates a defacto fealty to the US on the part of petty little slavers (in our current system) little semi rational allocators of capital who think they contributed everything and are entitled to everything when often their net contribution as in the case of dump is obviously highly negative.
And what do we get for this fiat system? We have had half a century of stability with none of the instabilities and economic boogey men including hyper inflation because the math of fiat elininates this. This is as good as it gets short of replacing money with AI or the âresource economy.â The metal monies suck for a million different reasons and are unworkable- similar with crypto aside from the state fiats patched with crypto tech or fiat adjuncts like the USGs, SDR (above) or BTs (below.) But these private or even true DAO crypto are all like intractable metal monies they are static and non responsive and inflexible, their predictability is a massive flaw, brittle and non dynamic they canât absorb shocks, but will magnify them, they suck. Again BT is something else but still a mere patch- not the driver.
The other incessant whining is about the Fed. The Fed this and the Fed that and the FED has its hand in the cookie jar. Nonsense! The Fed banks always do exactly what the USG tells them or they are gone. Their apparent autonomy is for marketing sake only. Now we get to the weakness of fiat. It requires a functioning democracy on top of it to work, but if you idiotically conflate money (bribery) with speech to enable oligarchy or tyrrany with petti little semi rational capital allocators âemployersâ slavers with their hand in the cookie jar ( ponzi derivatives and corporate welfare to the point of tribute) literally and capture of your courts and law then you donât have a democracy, you have rule by idiot wealth and you get the hell of being underneath literal idiots like dump- people who actually are inferior if anyone actually was and justice inverts and the whole of society becomes about pleasuring some idiot. So mind the conflicts in your commons like with the speech and currency commons. Donât allow sponsored media or ad based media as it is money censorship and narrative capture. And stop the ownership of organizations- canât own people- but flatten those organizations- we donât leaders! Derivatives are a con- get rid of blind securitized programmed ponzi ticking time bmb derivatives like natural gas derivatives designed to run out the statute of limitations on cons with selling permanently economically stranded hallucinatory reserves as viable. And get the damn terrorist fossil parasite out of risk pools and pensions and out of subsidies and grants.
But lets answer the question what will happen to Autonomi when the EU bans this stuff? Its not going to matter that people will lose money, they should have known better!
And note the EU can ban it in a thousand different ways even if it doesnât choose a hard ban.
And there are of course other ways to do micro loans in the developing world.
Lets remember why privatizing core state functions and privatizing in general doesnât work out. Its because it give the guy down the street control over you and without recourse generally.
