The coming war on cryptocurrency is upon us all already.
Elon Musk made it public that enemy number one for the establishment and the status quo is the waste of energy by you, the regular citizen. Elon Musk, with his FuD, was credited with the price collapse of Bitcoin from the ATH at around $62,000.00, but this will not be the only person with money and power that will talk bad about Bitcoin and cryptocurrencies as a whole. Far worse things are coming for our community from the existing forces who don't wish to give up their power.
Institutions, banks, and the government benefit from our current system, which is the fiat system because they get to print money for free. In contrast, everyone gets to pay the bill with higher prices and lower-than-ever salaries. Corporations get benefits because they get to print money with the value of their stocks, and since they are friends with politicians and bankers, they get to borrow at meager interest, and not only that, they get to write off taxes the same way as well. In return, corporations will protect the status quo.
Politicians get to print money directly to pay for their campaign promises and whatever other pet project they may have, where of course, they charge the government an outrageous price for infrastructure development at a higher than average price. Central banks get to print our money and charge interest to the whole population that doesn't have the means of production or enough capital to apply for zero-interest loans like institutions do. Now you can get this as facts or not, your choice. I am not here to educate you to share my opinion.
So people with enough knowledge get together to try to escape this endless trap where, pretty much if you work for a living, your salary will never catch up with inflation and the higher-than-ever cost of living. The reason Bitcoin was created is so that no central entity can print money. Corporations, banks, and governments must offer an honest service instead of just living off the regular citizen.
Bitcoin was successfully attacked and taken by a hostile institution called Blockstream. What was supposed to make money, a decentralized thing, is promoting the usage of centralized services as a solution to scale to the masses. Services like Wallet of Satoshi, Strike, and Chivo is nothing more than banks taking over the Bitcoin name and project. They are promoting the usage of custodian services as if it was the real deal when it is not, and you lose any advantage you may have by using those services. They can print Bitcoin on the private ledgers, deny your transaction, take or seize your funds too, and ban certain users if they wish to. So Bitcoin no longer is that spirit that now lives within the Bitcoin Cash community.
The establishment and all that benefit from it know that if they lose the ability to print money because people no longer accept their printed bills, their game is up, and they will have to work for a living like everyone else. And so they are looking into ways to cut the legs of the cryptocurrency game and stop it before it gets too big, or at least the status quo is trying its best to stop the advance of cryptocurrencies.
In California, because of climate change, the government here is trying to preserve the planet. The government has decided that you can't get powerful computers that spend a certain amount of electricity. Companies that produce high-end hardware will have to adjust their products to comply with California laws. Computer producers are giving less powerful devices for a much larger price to California residents. It has been sold to the public as a way to save the planet from evil computers consuming electricity. Since mining requires a lot of electricity, I guess the next thing will be to forbid the usage of mining software. Still, if your computer is not powerful enough, you won't be able to mine any cryptocurrencies because your hardware won't be powerful enough compared to your peer that doesn't suffer from that law. As such, you won't be able to reach them. You will be essentially burning electricity at that point. Note that many people worldwide are turning into mining to get an income outside the reach of a particular fiat devaluation. Venezuelans that had bought mining equipment before the collapse of the Venezuelan peso could earn a few dollars by mining. In the case of Californians, if a hyperinflation incident happens, citizens won't be able to use their computers to make some money because their computers will not be powerful enough to do so.
Of course, this is done to save the environment and whatever else the government needs to safeguard, like their money printing machine. The next thing the government will ban will be dedicated mining devices because they only work for one thing, and one thing only mining cryptocurrencies. I don't think that mining is something the government will see as an activity that the government will feel is essential. As such, the government could ban it directly, saying they are saving the environment from those evil miners that are wasting electricity by producing such worthless numbers on a screen, not to mention that governments will introduce central banks' digital currencies.
Just like China is ensuring the competition is destroyed by banning miners within China's territory, the same will happen once the US government decides to create its digital currency. Didn't you read the central bank's last article where they said that Bitcoin would become useless once the dollar gets its digital version? They want to sell to the public that they won't need any Bitcoin, that the public will only need a digital dollar that can be printed with less effort than paper, and that they can control it better. After all, once your money is digital, they can ban it, prohibit you from that system, and even tax you immediately. Bitcoin and other altcoins are opposed to this dystopian future so they will treat us differently. How different? They will first try to ban us from buying high-tech hardware and computers and say that it is because of the government. Once the public accepts this, they will start to seize equipment used for mining purposes.
Because mining is being done selfishly, governments can know where miners are located because of their electricity consumption. If you use a powerful gaming computer, they want to know that too, so I think that with the wide usage of smart meters, they will know what amount of electricity you are using and what device is using electricity. As such, they can locate you because of your bills and your smart devices. Probably your neighbors will be into this as well. Remember, it is being sold to the public to save the environment, and a lot of people can't grasp the concept of inflation and money printing, and how that destroys their life, so they will go along with such a dystopian future.
It may seem like this is a blick future where you won't have freedom, and that it will be a dystopian future where only the elites will live in luxury and a currency that works in their favor; everything is not lost. Not in the long term, it is not. Don't you think that the contrary does for the future of cryptocurrencies? It is a sign that we are actually winning and that the status quo is just responding to what it sees as a threat. Still, the truth is that we will prevail in the long term, so don't go and dump your cryptocurrency holdings. If nothing more, get more because probably you will need it.
If I needed a powerful computer that California would not let me buy directly from a dealer, I would go and build it myself by buying each component individually. If that won't work, I will visit my friend in Texas and tell him to buy me a computer from his state, and I will take the laptop back home. I will pretty much smuggle a powerful computer back to California. I am not a miner or like to mine, so I am pretty sure large farm miners will move shop to another place where restrictions on their business don't exist.
Little by little in the future, some nations will get hostile, and others will allow mining, so miners will move around until they find a place that treats them well and their equipment. In the worst case, big farm miners will have to disappear. Still, in their replacement, small miners will appear, which, in turn, will make mining a more decentralized endeavor. Once you have many miners worldwide instead of big farms, governments will have more difficulty tracking down miners. Not only that, because of their big push for saving the planet, whatever that means, miners will also adopt cleaner ways to mind. For example, miners may choose to invest in renewable sources of electricity like solar and wind, and even volcanos like in El Salvador.
Note I am writing this article not to give you a fud but to tell you that the cryptocurrency is doing something good because the status quo no longer can afford to ignore us. We are changing this planet, which means we will eventually win, and our money will be as decentralized as the sand on the beach. And don't worry, when it comes to Bitcoin Cash, no custodian service can compete within, and eventually, people will notice this, and the fake Bitcoin will lose its importance. After all, if you want to use LN in a truly decentralized way, you will have to spend double the on-chain transaction fee, and as such, fewer people will be able to afford that as fees go up. People's eyes will be open, and they will realize that if they want to use Bitcoin decentralized without needing custodian services, Bitcoin Cash BCH is what everyone needs and will need.
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