During the Binance Masterclass which I wrote about in my previous article, I asked a question which unfortunately was not answered. It was what meaures or mechanisms have been put in place by the gate watchers in the crypto world to ensure that the anonymity and decentralised nature of crypto currency is never compromised or hijacked especially with the attention that countries which we have come to know as the world powers that is China,Russia and the United States are now giving to regulating and investing in crypto currency infrastructure.
It may seem like a naive one but I have a feeling that these countries may have plans to go beyond just mere regulations of trading volumes or trading to expand the scope of their oversight on activities in the crypto world in the no distant future.
From what I have come to gather about how the world of crypto currency functions, miners have a significant stake in how the world of crypto currency functions.
What then happens if these rich and powerful governments covertly invest in mining equipment and then own a significant chunk of the available miners ?
Could they have already achieved this?
How powerful could government backed crypto currencies become?
What would be the consequences if government backed crypto currencies become dominant players in the crypto space?
These and many other similar questions are constantly popping up in my head . I would appreciate if someone more knowledgeable about how the crypto currency space is managed could assure me that there is no cause for alarm and hence no need for my apprehension.
A few days ago, I also experienced something on Twitter for the first time since I joined the platform. I was shocked when I tried to do a retweet but got a prompt that my account was suspended. Apparently the folks at Twitter considered the fact that I had sent several direct message to the @Coinkit_ tip bot either spammy or aggressive behaviour hence the need for my suspension. I admit though that I may have overdone it a bit due to my eagerness to know if had received any rewards for the retweets to earn crypto. Presently I cannot access my account again as it's asking for the verification of my mobile number which isn't going through. This may not be unconnected to the protests going on at present in my country.
Another rather unfortunate development is the suspension of the @Coinkit_ tip bot account by Twitter. With this particular tipbot you can earn a fairly decent amount of crypto via giveaways sponsored by crypto personalities on Twitter. Whether this too is somehow related to the protests in Nigeria, remains to be seen as the protests were being funded via crypto currency donations. Probably some funds had been donated via the bot which led to it being flagged for suspension. My assumption in based on the coincidence of both events occuring at the same time.
I hope the bot comes back online soon and the crypto I have earned using it which hasn't been withdrawn remains intact else I would be saddened by their loss due to the time expended retweeting to gain rewards in the form of crypto currency.
Only time will tell if these my fears are unfounded or there is truly room for concern. If the latter is the case, then we may have a far bigger problem on our hands than the current raging debate over the proposed forthcoming IFP in November.
