Who is the enemy of the enemies of cryptocurrencies?

The enemy of my enemy is my friend

Recently, a news item circulated that I recommend you take with a grain of salt: the partnership between Coinbase, the largest CEX in the United States of America, and BlackRock, the world's largest private equity fund.

https://news.bitcoin.com/coinbase-partners-with-blackrock-aladdin-clients-access-cryptocurrencies/

Just as I write, I think I'm experiencing Deja vu. Or maybe, I just have the impression of delving into the wet and repeating hackneyed ideas in some of my old articles.

Well! I won't go out of my way to find out. On the contrary, I will try to thread or shuffle the ideas around this news still hot in the crypto-verse panorama.

Some will be happy and satisfied to evaluate this partnership as positive. The most naive will imagine the ultimate success of cryptocurrencies just around the corner.

But beware! The money of these wealthy representatives is not in line with the ideals of freedom from third-party interference.

In that sense, I suspect a natural aversion.

Someone optimistic will tell me:

"Money is only a means to move wealth from one hand to another, creating a continuous flow of welfare extending to more people. In the end, Fiat money will disappear in the face of the unstoppable adoption of cryptocurrencies."

What more would I want than for that to be the case? The definitive consolidation of the object of the Bitcoin white paper.

Now, assessing some players on the world economic scene, such as the protagonists of the news, make me think of their links to those who want to kill disruptive cryptocurrencies.

If you belittle the enemies of Nakamoto's project and think they are few in number, as well as inept for refusing to support the logical transition to superior technology. Let me tell you that you are wrong.

The problem transcends monetary because it is at the core of the established power leading to new world order, but along new paths not desired by the elites.

This was the reason for Satoshi Nakamoto's anonymity when he made the masterful move on the geostrategic chessboard of power: Changing the game's rules in favor of the pawns and not the king.

Let's face it, though!

Let's ask ourselves, hand on heart, where are the cryptos flowing today?

I don't think I need to answer explicitly.

Perhaps the fiercest enemy is our ignorance about it, under the deception to which we are constantly subjected.

Of course, the road is full of stones and sharp thorns to prevent you from following the most convenient route.

So, next, let me refresh your memory, or just in case you did not know it, let me inform you of something relevant.

Yes, about some international institutions that are openly enemies of cryptos. Well, of those cryptos with the potential to break the monopoly they exercise.

In this sense, they are the most visible enemies on the world scene.

Enemies in action 

First, there is the Bank for International Settlements (BIS). It is a financial institution with a low profile for the average person, but which wields enormous power over monetary policies and affects your day-to-day life. It is considered the central bank of central banks.

It is currently the main sponsor and technical support entity to create the digital currencies of the central banks (CDBCs) of the countries with which it has a relationship.

They sell the image that the CDBC will be an improved kind of guaranteed and legal crypto superior, free of the supposed vulnerabilities of current cryptocurrencies.

It is almost a bad joke, but if the CDBC succeeds, it will do away with the intermediation and creation of digital money by commercial banking.

There will be no need for intermediation between central banking and citizens.

Of course, the cost will also be enormous since there will be a loss of freedom and transparency in both directions. The Central Bank will know about all the transactions one makes. But the citizen will be blind to an impenetrable wall on the other side. Curious way of transparency.

In addition, the Central Bank (through blockchain technology and artificial intelligence) reserves the power to decide how you will use the money they put at your supposed disposal.

Source: Image by philkz on Pixabay 

If you think I'm exaggerating! Then I invite you to check it out for yourself on their website.

Let's move on to another enemy worth considering here.

Secondly, there is the Financial Action Task Force (FATF).

It is an international organization founded in 1989, based in Paris - France, to prevent money laundering worldwide.

The organization has more than 40 member countries and other international institutions such as the World Bank and the International Monetary Fund that advocate with recommendations to mitigate threats to the financial system.

Do you know the travel rule?

Well! It is one of the recommendations made by the FATF in 1990 requiring financial institutions to collect detailed information on persons sending or receiving an amount of money set by them.

Although the FATF does not have a binding capacity, it exercises indirect control. Since the country that falls on their lists (gray or black) will have many difficulties in the international financial system.

So, your financial privacy is at the mercy of members of an institution that was not elected by you. In addition, they meet in total secrecy to decide the recommendations and which countries enter their lists.

If that is not enough, these representatives are protected by the Vienna Convention. In other words, they are above the law as they enjoy diplomatic immunity and tax exemption.

But how effective are these anti-money laundering measures?

Don't answer me, please! I think it is enough to see the environment in each country to answer the question.

Maybe these people are well-intentioned. Who am I to doubt it?

What's more! Maybe they are not direct enemies of cryptos, just want to put them in their arsenal of control.

Will they succeed in controlling cryptos?

I don't know. Remember, neither you nor I can see the future with certainty.

Although, the current global outlook indicates fragmentation of the monetary system, hence, a weakening that favors the crypto sector.

Source: Image by Sergei Tokmakov Terms.Law on Pixabay 

Again, I invite you to do your research (DYOR) on this if you doubt my arguments. Perhaps my understanding is clouded and biased as I distrust the elites that dominate us.

I have in mind three more institutions opposed to the success of cryptocurrencies. But I don't want to abuse your time in this opportunity.

Nevertheless, I want to leave it here for you to get an idea about it.

Consider the duo that emerged after World War II: the World Bank and the International Monetary Fund; both headquartered in the capital of the United States; and the World Economic Forum based in Davos - Switzerland.

In addition, the impact of the association of a supposedly traditional organization like BlackRock and a centralized exchange house like Coinbase has yet to be unraveled.

I need to think about it without a doubt.

Although it's pretty clear to me, the biggest enemy we face, both you and I, is ignorance and lack of commitment to change what affects us.

Remember, too, that the enemy of my enemy will not always be your friend. They will only make temporary alliances as long as the threat remains.

In this sense, it is vital to identify the true enemy.

So, I invite you to the second part of this article to decipher it to the extent of our possibilities.

An original article by @Jnavedan

The thumbnail by Felix-Mittermeier.de on Pixabay 

Cover image by  beligte on Pixabay 

I end by thanking all my colleagues in the community, who add value every day here. As well as all my sponsors for believing in the content I share with you.