The essence of a cryptocurrency is spelled out, literally, it’s right there: Crypto, meaning secret. Bitcoin circa 2008/2009, the peer-to-peer, digital medium of exchange which both:
- Assures user confidentiality/anonymity.
- Makes available a public ledger open to the users to disclose the nature of each and every last transaction – full transparency of historical transactions.
This was indeed unique. Individual users are able to conceal their privacy. Blockchain technology allows for a real-time distributed ledger. This ledger is available on a decentralized network of computers shows exactly how much Bitcoin is out there; preventing people from spending the same token twice (amongst other safeguards).
Many people came to immediately appreciate this unique viability. This duality is what allowed for a medium of exchange that could function outside of the traditional, usurious banking system.
Many people that were the early users saw that this feature set was compromised early, a decade ago, when Bitcoin and many other cryptocurrencies soon thereafter became mechanisms of investment speculation – Blockchain technology is what the original institutional investors saw as the selling point to their clients in the financial market landscape.
Many people saw that the rise of cryptocurrency exchanges as having both benefits and drawbacks, an exchange such as Coinbase.
And as of last year, many users could see that the entity Coinbase, with it’s IPO, is now bringing the world of regulatory compliance – with the Securities and Exchange Commission (SEC) being that first layer of such compliance. This really changes the face of “cryptocurrency”.
And now this: Coinbase has entered into a contract with the United States’ Department of Homeland Security. The Immigration and Customs Enforcement branch of the U.S. Homeland Security has given a $1.36 million contract to crypto exchange giant Coinbase for “business application” and “application development software”
This vague language is pertains to surveillance. As evidenced here (from the Federal Procurement Data System online database):
And it turns out that Coinbase has already engaged in a handful of deals directly with the surveillance apparatus:
There have already been a handful of contracts with the government – in the name of surveillance. I spent nearly a decade working in the belly of the beast of the world of finance capital. I can see where this is going. This is the beginning of a long and beautiful relationship between publicly traded cryptocurrency exchanges and surveillance, secret police-types.
As a matter of fact, one does not have to have had a single day of experience working in the field. Any proper dissident can see what is happening here.
The deal inked on September 16, 2021 was the first one I have referred to in this blog post. This is the beginning of the end of cryptocurrencies.
The very same Department of Homeland Security that is currently set to monitor all “domestic, Far-Right, White nationalist, extremist (etc etc with their labels)” is now slowly permeating into oversight and monitoring of the use of the once legit, now so-called cryptocurrency realm.
Cryptocurrencies had the potential to completely gut and render the current central banking system and it’s failed USD reserve currency arrangement right through the ground. But no longer. And this is exactly why the mother of all bombs blast potential must be drained from cryptocurrencies, by our ever-increasing technocratic, oligarchical, corporatist state of surveillance capital in the coming age of Davos-flavored Communitarianism.
My prediction is that all unregulated cryptocurrencies will result in confiscation within two years. Or, upon potential arrival of an IMF-backed, universal digital currency implemented worldwide – all cryptocurrencies will be neutered overnight.