Coordinated attack on Crypto by regulators
It happened before, but towards Internet!
Do you know what this recent, and obvious, coordinated attack by the US gov and legacy media on the entire crypto space, from bitcoin to Ethereum, from Coinbase to Kucoin, reminds me of?
Well there are striking similarities between how the establishment reacted to the emergence of the internet and how they are currently responding to crypto. When the internet was new there was a lot of fud from regulators and the establishment in the US and globally.
They tried their best to regulate it, discredit it, and even mock it. They claimed that it was a dangerous and unstable technology, but in reality it threatened their position of power and it meant that now people can use that technology for their own benefit and empowerment. We know how much the establishment hates to lose power, they certainly never give it away voluntarily.
Here are some of the things experts, regulators and gov officials said about Internet:
A 1995 Newsweek article by Clifford Stoll titled "The Internet? Bah!" he said that internet will never replace newspapers, well today Newsweek is only available online: https://www.newsweek.com/clifford-stoll-why-web-wont-be-nirvana-185306.
In 1995, Bob Metcalfe, the inventor of Ethernet, said that the internet would suffer a collapse in 1996. Well his prediction did not come true.
FCC attempted to regulate the internet in 1990’s. This also failed.
In 1996, European Union had a report (The Bangemann Report) that predicted that the internet would have a low impact on society and the economy. The report said that the internet is too unreliable to replace traditional ways of communicating and doing business. Reminds you of something?
In 1995, Senator James Exon introduced the Communications Decency Act. His goal was to regulate the content on the internet. The bill was struck down by the Supreme Court in 1997.
Now we have the same thing happening to Crypto space.
This response from the regulators in the US and EU shows that crypto has been met with similar fear and skepticism like the internet did in early days. We witness countless attempts to regulate crypto to death, to discredit it, and even label it as a tool for criminals and terrorists (like criminals and terrorists do not use traditional financial service-oh the hypocrisy).
How many times did they try to manipulate the public opinion with hit pieces on crypto, bogus attempts to ban crypto mining, crypto exchanges?
But just as the internet with time became an essential part of our lives, economy, and revolutionized the way we live and work, crypto will most certainly do the same, it just matter of when not if.
Those in the position of power fear new technologies that can result in them losing their grip on the population, as these technologies provide more freedom and power to the people. Just as the internet gave us greater access to information and communication, crypto will give us greater control over our finances and wealth, free from the control of central authorities, even if they try to force feed us their filthy CBDC’s.
Blockchain technology is meant to do good, to make everything more transparent with the use of DLT and this is what those in power fear the most, this is why I do not expect they will stop anytime soon with such coordinated attacks, but time, and more importantly the history, is on our side.
The genie is already out of the bottle and despite efforts by some governments and regulators to limit or ban the use of crypto, it has continued to grow and gain acceptance around the world. Those countries who do not accept crypto revolution are poised to get left behind in the race no one wants to lose, innovation.
They are fighting the uphill battle, and we ‘have the high ground Anakin’! The decentralized nature of crypto makes it difficult for any one entity to control or regulate it completely, and its popularity among users makes it difficult to stamp out entirely, sure they can take away some on and off ramps for fiat, but crypto will always find a way.
Genie is already out of the bottle and good luck trying to put it back in. Pump it.