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Decentralization Is Under Attack

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3 months ago

Crypto exchanges froze Canadian funds, they froze Russian funds, stablecoins can be frozen in any wallet and transactions can be reverted, banks are freezing assets, you can’t sell or buy Russian stocks. Sound crypto is a must.

https://odysee.com/@ScottCBusiness:4/decentralization-is-under-attack:4

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Crypto exchanges froze Canadians’ funds under emergency orders, banks froze accounts, and bitcoin was blacklisted from centralized exchanges.

 

Stablecoins aren’t safe because with something like USDT or USDC, we don’t know how accurate their backing is and what’s worse is that it’s more centralized than the banking system where they can easily freeze your funds even in a decentralized wallet and revert transactions.

 

Banks and stock exchanges are preventing you from trading Russian stocks. Not only are they telling you what you are allowed to invest in, but you also cannot sell your stocks that you had already invested in and are basically forced into losing everything by these institutions.

 

Exchanges were being demanded to also ban all Russian civilians crypto accounts by the Ukraine Vice Prime Minister: https://twitter.com/FedorovMykhailo/status/1497922588491792386

Almost all exchanges unilaterally said no as he actually suggested that exchanges should sabotage ordinary users. The major concern is that US and western governments could put out legal orders to make this happen and exchanges would have to comply.

Binance however agreed to go after specific users like politicians etc.

Here is an article covering this: https://sanfranciscotribe.com/Home/crypto-exchange-sanctions-exchanges-refuse-to-comply/

https://www.yahoo.com/news/binance-crypto-exchange-refuses-to-freeze-russian-accounts-080546197.html

https://www.cityam.com/crypto-exchanges-refuse-to-ban-russian-users-as-rouble-trading-surges/

 

Consider this, not having access to your money is more or less fraud or a scam. So these companies that have sanctioned Russian users are basically scamming them. In any other instance, having your access to funds taken away would be a clear scam like Squid game token.

 

How important is decentralization to you? Do you think it’s under attack? Where do you think we will be in 5 years? What are you doing to stay ahead of the curve? Let me know what you think about this in the comments below and don’t forget to subscribe!

 

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

 

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Comments

We are waiting for decentralized assets to get sufficiently popular, and when you can pay in crypto for food, drinks, and shelter for example. Otherwise, as long as it's a requirement to change crypto to fiat and requirement to pay in fiat, friction stays. Imagine a decentralized Amazon, and debit cards for cryptocurrencies (which is already happening for some coins).

$ 0.01
3 months ago

You can do that now to some degree

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User's avatar scottcbusiness
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3 months ago

Try and motivate the building of truly decentralized systems. I believe this is the best way to go, I believe crypto is going to lead the world's economy in the coming decades. I feel it's about time to accumulate and keep your assets on a decentralized and secured multi-coin wallet application like that of https://atomicwallet.io/, on the long term.

$ 0.00
3 months ago

My take on this is diversification. I am trying to build my decentralized assets but the future is so uncertain.

$ 0.01
3 months ago

The journey to a truly decentralised future is still a long way off. That future may only come earlier if there's a massive adoption of peer to peer transactions by the ordinary people on the streets. The major hindrance to this in my opinion is the glaring trust deficit that exists between people when it comes to financial transactions. It is this deficit that centralised exchanges are still presently cashing in on to provide platforms that offer some sort of security between buyers and sellers to minimise fraudulent acts by either party

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User's avatar M3i
3 months ago

I think the attack in Russian is understand able but for Canada is what am wondering and won't it spread across. This is my major fear

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3 months ago

May this crisis be overcome by all of us. As part of our economy crypto assets could be affected by world problems such as war and the sanctions held by its parties.

$ 0.01
3 months ago

They are under attack because the powers that be do not want the people to be free. With crypto humans can operate without people controlling us, and sadly those making these decisions do not want that. The KYC has turned into a means of control rather than protection.

$ 0.01
3 months ago

Situations are getting worst I see. Hope my favourite exchanger does not freeze mine, then I would be zero I guess( though litte amounts but hardwork of my 3 months).

$ 0.01
3 months ago