The Germans have a saying: "Keine Regel Ohne Ausnahme". It translates: "There is no rule without an exception".
Each rule has exceptions and it is important to remind it to governments since the bureaucracy tends to follow a certain line without being able to bend and serve each exception differently.
Until now Cryptocurrency has been the exception to traditional finances, but this is about to change.
Innovation and Progress is a Threat to the "Weak"
By weak, in no way do I mean about the vulnerable part of the population. Innovations are usually helping reduce poverty and increase living conditions.
Rules need to bend often to promote progress and allow innovation to flourish. And while we agree that some rules are important and some boundaries can't be crossed, it seems that governments are in a war against crypto.
Those that react to progress are the weak. Those that are enjoying privileges that should have long been stripped from will be the most resistant to change. And this is not the working class or the part of our societies living below the poverty line. Those suffering from economic hardships are not threatened but are excited by innovations and embrace them.
It is not the working class or the unemployed that resist cryptocurrencies. Crypto is helping the masses. The banks and the establishment are opposing the change cryptocurrencies bring.
The stagnant and corrupt traditional financial system that manipulates markets is the main resistance.
And secondary the increase of debt that enslaves the world population at the hands of an elite.
Both government debt and individual debt have the same effect. One enslaves the nation and the other the individual.
Modern debt begins from birth. Every newborn child in the US owes $66.874 to the American government.
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Every child born in 2021 in the US, by the age of 30 will be in $190.000 debt, without any kind of individual debt included (loans, credit cards).
And it is not very different in the EU or other parts of the world. Debt is modern slavery either at the individual or national level.
A Constant Struggle for Power
Technology is creating a better future for generations, but previous ones are partially resisting changes.
It can be also a government that feels threatened by this new magical internet money that suddenly the youth embraces and started using.
Governments worry about losing control of and see their influence reduced once money becomes completely decentralized and autonomous.
Smart contracts will dominate the financial world though.
As with the first P2P networks and BitTorrent, the puppet governments did everything possible to condemn and hinder progress, the same happens with cryptocurrencies.
They set the rules on how to behave and not disrupt the procedures of the already failed financial system and traditional banking.
Stall innovation and progress, for banks and governments to have the time needed to reach close and not lose control of their dominant position.
Sadly for the banks and the state, they couldn't buy all the time in the world. It has been 10 years and banks still do not understand.
Instead of embracing decentralization, they tried to tame it.
They failed and keep failing. It will be an endless failure as long as banks don't understand the concept of financial freedom cryptocurrency offers.
Banks do not understand they are not required anymore. And this will be the banks' demise, they don't adapt to the future, they remain attached to the old ways and eventually will be completely obsolete.
Some bankers have embraced DeFi and try to make it work under the current networks. But they fail since they are also met with huge opposition inside these institutions.
The failure of the bank sector to rise to the challenge and adapt is also reflected in the latest governmental response to regulate cryptocurrencies.
Governments do not treat the crypto industry as a financial sector but as an asset. They treat Bitcoin, Ethereum, Cardano, XLM, not as financial innovations, or digital currencies, but as something similar to the stocks of dot-com companies. They treat cryptocurrencies the same way they treat websites.
This is how it looks to these politicians anyway. The internet, a digital world that is not real. And those that supposedly are in favor of Bitcoin, are just hunting for votes, or have interests from investments.
Crypto doesn't require any politician to succeed and already bypasses all kinds of power struggle.
Final Thought
I've read recently from a French politician asking the European Union to do something and stop cryptocurrencies before it is too late.
It is already too late though since the best tactic of all governments was to hide the facts from the citizens. The plan was to bring Crypto into the news as a high-risk investment, make it look like it's all about making money fast, and not educate about the dynamics, the potential, and the revolution it brings to the finance sector.
Having that in mind, all I read in financial newspapers so far was how all cryptocurrencies were a bubble and all about the reasons governments should regulate to put cryptocurrencies on a leash.
There is no research on fundamentals and no analysis on the purpose cryptocurrencies have. As usual, the leaders are failing to understand what is going on and still do not get it.
Just for the reason of ignorance from their side, Cryptocurrency will become the rule and banks the exception.
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Truth. We can't stop the progress and one that would not embrace it would eventually be left behind. This is a good change that could benifit the majority. If the bank could not fully accepted it, then I must say it would be difficult for them to continue facing the future since the future has a very promising progress which is unstoppable.