As regulation continues growing exponentially for cryptocurrencies worldwide, a chasm is yawning ever deeper between supporters. On the one hand, many yearn for massive adoption and clear regulations so they can get on with their trading, and get on with their lives – not to mention the lucrative value gains attendant to such ubiquity. This notwithstanding, there remains a sizeable camp of hardheaded purists, who believe that sacrificing the whole foundational principle of bitcoin – permissionless, P2P transaction without intermediaries – is crypto-suicide, and should be avoided at all costs.
Also Read: The Most Important Aspect of Bitcoin Is the Separation of Money and State
‘Fiat Lite’
The so-called Bitcoin revolution, as touted by so many keyboard warriors on social media, sounds great. Overthrowing the violent fiat monopoly on money for the greater good of humankind is indeed a noble pursuit. Ages of forced financial servitude and debt-slavery via taxes, corruption, and unsound policy could be snuffed out peacefully, with a new era of financial freedom coming into clear view. The regulatory and governmental bodies that fought the emergent technology will finally acquiesce, yielding power back to the people as wealth creation and innovation are spurred, and everyone lives happily ever after. Except that, well, nothing works like that.
With heavily armed agencies like the IRS, DHS, and others warning holders of crypto that their business is always state business, and massive news media outlets like the New York Times on a propaganda stampede to convince Americans that crypto is synonymous with terror, being a “bitcoin revolutionary” becomes much less appealing. Even MSM outlets like CNBC are hosting
