The P2P Revolution Will Resume Despite CBDCs And ECB's Anti-Crypto Stance

Back in 2008, the collapse of Lehman Brothers not only presented a case that nothing is too big to fail but also surfaced the decades-long issues of the banking system.

A housing bubble popped, and all hell broke loose.

But there was no cryptocurrency to blame back in 2008. Bitcoin wasn’t even running.

Fast forward to 2020, the Central Banks excessively increased money in circulation, lowering interest rates even at a negative yield, and ignoring logical concerns of rising inflation.

The result was the highest inflation the global economy experienced since the 80s, and the genius economists now call for a recession, raising interest rates to 2007 levels, trying to instill a second great recession.

Was Cryptocurrency responsible for 2008 or the next recession?

The Central Banks deprive the consumers of their purchasing power. Cryptocurrency (at least those that work well) presents a solution.

Bitcoin reached the bank’s attention with WikiLeaks in 2010, presenting a revolutionary concept light years ahead of the banks’ methods, effectively canceling trusted third parties and allowing P2P transactions.

Bitcoin - A Central Bank's Nightmare

(wikipedia - public domain)

The EU adopts a firm anti-crypto stance.

.. technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive...

(ECB, Nov 2022)

The BTC network is slow and expensive, yet other networks solved this issue by delivering permissionless transactions with instant transactions and low fees.

Clearly, an attempt and promote the digital version of the euro, the European CBDC, currently under development. However, a poorly informed statement, since this is nothing new regarding BTC.

We have quite a few solid alternatives for both BTC's ineffectiveness and CBDCs' centralized authoritarianism.

Cryptocurrencies that work well with permissionless features and privacy characteristics don't enable criminal activities as Central Banks suggest. Even the top levels of the EU's authority, haven't recognized the effectiveness of these cryptocurrencies to remove all trusted third parties and freeing commerce from the burdens of the past.

Bitcoin Cash is the version of Bitcoin that works. Monero, ZCash, Dash, and even Dogecoin work better than BTC.

Bitcoin was compromised. The scaling debate was a battle between two factions:

• The private company that promoted sidechains: Blockstream

• The majority of the community that wanted to see Bitcoin scaling

In the end, the Central Banks seem to brag about their accomplishment but probably weren't expecting better alternatives to rise.

The people will decide how to transfer information on the internet, how to bypass great firewalls, and how to protect their private data. Almost all cryptocurrency transactions are perfectly legal and happen for nothing else but self custody reasons and commerce. There's barely any criminal using crypto all this time since they know fiat and banks facilitate money laundering better.

We didn't hear anyone from the EU or the ECB claim that the euro was the problem when European Parliament members accepted bribes with bags full of euro bills.

Central Banks killed (hijacked) a brand, but not the revolution.

P2P Electronic Cash is rising again.

Satoshi and the financial revolution will re-ignite. The ECB should stop thinking that Southern Europe has forgotten how the core of the EU treated its counterparts between 2008-2016.

A financial nightmare begins as the EU transforms from an organization into a federation with new authoritarian financial tools and the total relinquishment of sovereignty to Brussels.

Enforcement is the rule that dictates how EU's policies apply in parliaments.

Crypto is not an enemy of the people but an enemy of those that plan a dire future. One that expects us to own nothing and be happy.

We will own cryptocurrency, and we will be happy, since Central Banks are careless, and can't be trusted with our money.

Closing Thoughts

Bitcoin fixed the need for trusted third parties, that infest payments and increase the transactional cost.

Clearly, BTC doesn't work today. That's not something new. We already know about it since 2017, and we can assume what happened after researching the scaling debate.

Other versions of Bitcoin work better and sustain the vision that will enable free commerce and self-sovereignty with no compromises.

The crypto companies that by 2020 became the crypto industry is antithetical to the decentralized vision and permissionless nature of cryptocurrencies. 

Moreover, most of them had weak foundations that have grown into the size of billions of dollars and inevitably collapsed (Luna, TerraUSD stablecoin, Celsius, BlockFi, FTX, and funds such as 3AC, Genesis, and more).

All these late-coming crypto businesses damaged cryptocurrency, yet, decentralized networks are unaffected. 

Still, exchanges do perform a service. The transition from fiat currency demands a link with the legacy financial establishment.

We bear with centralized exchanges for this sole reason.

Cover Image on Pixabay

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