As the prospect of quantum computers breaking today’s cybersecurity standards edges ever closer, Johann Polecsak, co-founder of the QAN blockchain platform, argues that public blockchains such as Bitcoin, Ethereum, and Solana are still ill-equipped to adopt post-quantum cryptography without significant user impact. Post-Quantum Migration Risks Polecsak, an advocate for heightened awareness of imminent quantum attacks, […]
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CFTC Chairman: Many Crypto Tokens Are Considered Commodities Under Existing Laws
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has stated that many digital assets are considered commodities under existing law. Behnam urged the U.S. Congress to hasten the process of establishing a regulatory regime for cryptocurrency. He also emphasized that he and Gary Gensler, the U.S. Securities and Exchange Commission chairperson, “get along quite well.”
Gap in Regulation
Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has stated that many digital assets or tokens are considered commodities under existing law. However, Behnam lamented the emergence of a gap in regulation and urged the U.S. Congress to step in.
“It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating,” says @CFTCbehnam on #crypto. “Under existing law, many of the tokens constitute commodities.” pic.twitter.com/F3JPjWq3wG
— Squawk Box (@SquawkCNBC) December 12, 2023
Unsurprisingly, the CFTC chairman’s view on crypto is seemingly at odds with U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, who sees many altcoins, including XRP and ether (ETH), as securities. Besides insisting that most digital assets are securities, the SEC under Gensler’s stewardship is also accused of deliberately obfuscating crypto regulations.
U.S. Congress Urged to ‘Legitimize the Technology’
Consequently, some U.S. politicians, like Tom Emmer (R-MN), have called for Gensler’s removal and sought to restrict the SEC’s ability to carry out enforcement actions. They have also called for the speedy enactment of laws to regulate crypto.
When asked about the limited movement towards establishing a regulatory regime for digital assets, Behnam, who spoke on CNBC’s Squawk Box, acknowledged that progress has been slow. He declared that the U.S. Congress must move away from its stance of not wanting to legitimize the technology.
“Congress is gonna have to step in and overcome this feeling of not wanting to legitimize the technology and seeing this as not something that is tenable or sustainable. I mean it is here, it hasn’t gone away,” Behnam said.
Behnam also addressed the alleged turf war between the SEC and CFTC, stating that he and Gensler “get along quite well” and share similar values and interests, particularly when it comes to protecting markets. The CFTC chairman suggested that both organizations need to find a way to make the “decades-old law fit into this new technology.”
What are your thoughts on this story? Let us know what you think in the comments section below.
SEC Chairman Gensler Stresses Existing Fiat Digital Currencies Are Sufficient Amid Coinbase and Binance Actions
In the aftermath of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against Coinbase and Binance, chairman Gary Gensler engaged in a conversation, maintaining that further digital currencies are unnecessary. “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now,” Gensler emphasized during his guest spot on CNBC’s “Squawk on the Street” program.
Gensler: ‘We Already Have Digital Currency, It’s Called the U.S. Dollar’
Following the legal filings involving Coinbase and Binance for failing to register as brokerages and selling unregistered securities, Gary Gensler, the current SEC chairman, shared his thoughts on CNBC’s Squawk Box on Tuesday. His sentiment indicated that numerous existing crypto assets are unwarranted.
“Look, we don’t need more digital currency,” Gensler emphasized on CNBC’s “Squawk on the Street.” “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now. We already have digital investments.”
In its recent lawsuit against Coinbase and numerous other enforcement instances, the SEC has identified a variety of digital tokens as securities. The Coinbase complaint specified ICP, AXS, CHZ, FLOW, DASH, VGX, FIL, NEXO, NEAR, ADA, SAND, SOL, and MATIC as unregistered securities. In other enforcement operations, SEC also deemed XRP, TON, LBC, POWR, ALGO, OMG, SALT, TRX, BTT, UST, LUNA, and KROM as securities, among several others.
During his CNBC appearance, Gensler criticized crypto trading platforms saying that they combined multiple functions. “These trading platforms, they call themselves exchanges, are commingling a number of functions,” the SEC chairman said. “In traditional finance, we don’t see the New York Stock Exchange also operating a hedge fund making markets.”
Coinbase Says SEC’s Enforcement Approach ‘Is Hurting America’s Economic Competitiveness’
In contrast, Coinbase’s chief legal officer, Paul Grewal, informed Fortune that the SEC’s enforcement measures negatively impact the United States. Grewal stated, “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.”
Gensler maintained that SEC’s actions serve the American public’s interest. “The investing public has the benefit of the U.S. securities laws. Crypto should be no different, and these platforms, these intermediaries need to come into compliance,” Gensler firmly asserted during the interview.
What are your thoughts on Chairman Gensler’s assertion that we don’t need more digital currencies? Share your thoughts and opinions about this subject in the comments section below.
Existing Financial Systems are Rigged, Says Fringe Finance CTO Brian Pasfield
The traditional finance world, or TradFi as we know it, lacks inclusivity. According to the data published and endorsed by the World Bank, only 69% of the world’s adult population has an account. Although financial inclusion is the enabler for seven out of the seventeen Sustainable Development Goals, 1.7 billion people are unbanked. Lack of inclusion stems from the entry barriers that the TradFi has itself cultivated in the form of unnecessary documentation needs, involvement of too many intermediaries and approvals in the process, and more.
The current financial structures are rigged, believes Brian Pasfield, CTO of Fringe Finance. In an interview with beINcrypto’s Alexandra Kons, Brian said that his observations held ground for other segments as well, including gold, commodities, silver, metals, energy markets, and so forth. He added that this “gave him a bit of an insight at how things operated at a global and macro scale.” Therefore, Brian believes, the decentralization of financial systems is not an option but a necessity.
A catalyst for decentralization
The 2008 global financial crisis was devastating, as it wiped off trillion from the United States economy. If we distribute these losses to all Americans, they would average at 000 per citizen. The crisis made it clear that the global financial ecosystem is under the control of a few financial institutions. At a global level, the combined GDP of all countries dropped by 4%, an effect still felt by the world a decade later.
However, amidst this chaos, no solution seemed like it could change the situation until Bitcoin aimed to take the world towards the path of decentralization. Bitcoin, a breath of fresh air, was truly independent, and its value wasn’t linked with the situation in any particular country.
Brian, too, realized the crucial differences between Bitcoin and the rest of the financial system. While talking about Bitcoin, he said to Alexandra Kons that “it represents opportunity. Its decentralization, uncensorability, a limited supply, ushered in a way to transfer value.”
He further added, “Of course, it (Bitcoin) is the first underlying component that will manifest into a truly decentralized and distributed world.” In addition, Brian sees Bitcoin as a perfect option for people to opt in for instead of being forced into by legacy centralized institutions.
The first layer of transfer of value
Bitcoin and other cryptocurrencies have started a revolution that isn’t stopping any time soon. Decentralized Finance, for example, is open and accessible, qualities rarely found in the financial services offered by centralized institutions.
Brian says, “in DeFi, people can take part in financial services, and they do not require any permission, and (it works) in a manner that is uncensorable and (lets them) access the whole host of financial services that otherwise they would not have been able to take advantage of.”
A new era?
The evolution of mechanisms around pseudonymous identity and reputation is a game-changer, believes Brian. He says it’s because “this usher in a new era where individuals and organizations, particularly DAOs, will now be able to undertake dispute resolution in a pseudonymous manner.”
He further adds that “dispute resolution will be based on maintaining users’ reputation because their reputation will be the largest part of the currency of their ability on a continuing and evolving basis within the decentralized domain.”
What this will do, then, is add a layer of force or compulsion, which they can use to enforce rules within the decentralized space. “Reputation will be a key driver for that,” says Brian.
Brian also explains that once these pseudonymous systems are established, people will be able to interact and access services within the decentralized web trustlessly. It will enable DAOs to interact among themselves and with users to hear and adjudicate disputes with real implications for users. The implications won’t be physical per se, but they will impact the reputation that a user will wish to retain.
Real-world example of reputation today
If we look at it from the perspective of an individual, it isn’t as if reputation is not already a part of the traditional financial space because it already is, and it is known as a “Credit Score.” Yes, a credit score is on similar lines to reputation, as it influences the chances a person will be able to avail of loans or not. But, credit scores serve the needs of exclusion rather than being vehicles of entry for a larger population. Reputation in DeFi is enabling rather than being prohibitive. It will open the way to uncollateralized loans and access other services on the web without any permission.
Image: Pixabay
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Monsterra Tackles Existing NFT Gaming Issues via Free-To-Play-To-Earn Model
The gaming industry is going through a dramatic evolution. The rise of NFT gaming has led to an explosion in play-to-earn games whereby players can earn and own digital in-game assets to sell at their discretion.
Despite this rapid growth, players typically face high entrance fees, poorly designed gameplay, imbalanced tokenomic models, and high gas fees, creating barriers to entry that can harm further adoption in the niche.
Monsterra seeks to change all that with a free-to-play-to-earn model that lets gamers play and earn for free without imposing any upfront cost. While earning is a central part of the game to incentivize player loyalty, the focus is on building an exciting and inspiring gameplay experience to keep it fun. It is also designed with an innovative dual token model to slow down inflation and sustain a balanced in-game economy. Also, users pay no gas fees to get started with Monsterra, instead only paying a transaction fee when converting their assets into NFT items.
Monsterra Ecosystem
Monsterra is a dual chain-based game on the Binance Smart Chain & Terra networks, inspired by the gameplay of Axie Infinity, Clash of Clans, and Boom Beach. Set in a fictional world, Monsterra revolves around farming, property building, and battling other lands and players using magical creatures known as Mongens, guardians of Monster Terra.
Mongens
The main Mongen characters divide into five races known as Beast, Tectos, Mystic, Celest, and Chaos. The creatures are used for production, defending lands, and launching attacks.
Each character’s stats are calculated via unique DNA codes based upon race, traits, and rarity figures. Rarity is further classified into common, uncommon, rare, epic, and legendary, with Mongens leveling up to improve their skills over time and an unprecedented breeding mechanism to create hybrid characters.
Plots
Plots are the building blocks of the Monsterra world, with eight plot types serving different purposes, namely core, pasture, breeding, hatching, food production, food storage, barracks, defense, and decor plots to craft the ideal environment.
Land
To connect plots, users need to use a land framework defined by several rarities and diverse themes with different limitations on development. There are various methods for users to acquire land, which can be individually customized and farmed to produce an in-game currency used to feed and nurture the Mongens and train their troops.
In-Game Currency
Monsterra applies an innovative dual token model, utilizing MSTR and MAG to ensure the sustainability and scalability of the in-game ecosystem.
MSTR
MSTR is the primary Monsterra token, used for transactions like purchasing land, marketplace items, or other in-game activities, with a limited supply of 100 million.
Users can stake MSTR, as well as NFTs, in innovative staking pools and yield farms to receive rewards from the game as a shared revenue stream while still being able to use the assets for game activities. Players also need MSTR to participate in the governance of the Monsterra DAO.
MAG
MAG is a secondary token used across Monsterra. It has an uncapped supply regulated via a burning mechanism. The MAG token can be minted via quest completion, battle victories, and DAO voting. It is then burned via gaming activities including breeding, evolving, fusion, skill learning, and plot upgrades.
Gameplay
To get started in Monsterra, players can claim free in-game items including one default land and two Soulcores to incubate for new Mongens. They can then engage in a series of game activities across four different battle modes, nurturing their Mongen squads to expand territory and earn rewards from battle victories.
Adventure Mode
In Adventure Mode, players send Mongen squads to explore and attack new lands for hidden reward tokens. Players land in NPC territories and use tactical strategies to overcome obstacles and extract maximum resources from the soil.
Boss Challenge Mode
Boss Challenge Mode players lead Mongen armies to conquer surrounding lands inhabited by dreadful beasts. If victorious, the land will belong to them, and their territory further expands.
Battlefront Mode
In this mode, players take on other players, raiding their lands to obtain the resources of opponents as rewards for winning Mongen battles. If attacking players fail, they will have to pay rewards to the successful defensive landowners.
Arena Mode
Arena Mode allows players to enter arena battles, fighting it out against other Mongen squads to win betting rewards. Players participate by betting a fixed amount of MAG tokens. The winner receives the full amount, and the loser is deducted a 5% fee for the game.
Roadmap Ahead
Monsterra’s INO and IDO are anticipated by the end of the year. Q1 2022 should deliver an NFT marketplace, staking and yield farming services, and the DAO, alongside the launch of Adventure Mode. The remaining battle modes are expected to be delivered between Q2 and Q3 2022 before Monsterra scales up to become multi-chain and multi-platform.
Genesis Ecology Announces Its Blockchain Network That Makes Bitcoin and Existing Blockchain Networks Seem Redundant
The blockchain and cryptocurrency are an undeniably clever invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater. The community welcomed new technology and it must never stop. It continues to develop, in fact, we’re already embracing the new buzz ‘Blockchain 3.0.’
Bitcoin, Ethereum and other Cryptocurrencies have mainly been used for trading. However, the core idea was for them to act as a replacement of the traditional financial systems, mainly to decentralize finance by eliminating the role of centralized financial institutions, while also ensuring seamless, faster and safer transactions. Yet, considering the complications involved in buying, selling and spending cryptocurrencies, arguably, they have further complicated the process.
The Genesis Ecology is an open-source project which developed a new Blockchain system that is according to its Whitepaper, will create a complete decentralized economy while solving the issues of acceptability, security, and scalability, and given its blockchain network that can support throughput of over 15,000 transactions per second, it has the potential to make Bitcoin and Ethereum networks look slightly backward.
Genesis Ecology strongly believes in the value of blockchain, and it lies in the establishment of a sustainable economic model for the real economy. Genesis Ecology takes the decentralized multi-chain wallet as the ecological basis, derives and incubates a number of decentralized industrial applications, creates a closed loop of ecological value, and opens the user port with DAPP as the port to create an open, shared and win-win ecological economy of the blockchain.
Project GE offers a new generation blockchain 3.0 network that takes DAPP as the entrance, super-intelligence contract as the guarantee to build a global value network, to build a global, industry-wide eco-economic cluster. It changes the single-layer architecture design of the basic public chain and creates a truly decentralized DEFI financial platform. Developers can use diversified decentralized financial DEFI based on GE multi-chain wallet, including ETH, EOS, TRX, and GE public chain DAPP ecosystem, and Genesis Ecology can provide a high-quality and reliable protection mechanism for these defi-dApps. Genesis Ecological Wallet extensively uses blockchain and financial technology to optimize the entire asset management ecology. Compared with the traditional open-source public-chain networks, Genesis has the characteristics of being more seamless to deploy, easier to integrate to your existing businesses, and has the scalability features which makes it a perfect contender for tokenization of assets and real-life industry applications.
GE Blockchain list data structure guarantees the security, reliability, credibility, and immutability of the data. Genesis Ecology system design supports the configuration of multiple P2P protocols, communication mechanisms, and serialization mechanisms, and uses flexible protocols according to the needs of different scenarios. In terms of communication security, it can flexibly support secure communication protocols such as HTTPS, TLS, and WS (Secure Websockets). On the need to establish a platform application external service interface, it can extend the support of OAuth authentication integration.
A recent report released by Yahoo Finance says that the GE public chain has a dual-layer design, taking into account efficiency and security, and is a new generation of innovative products. GE uses its strong scalability to achieve cross-chain bridging and make cross-chain transactions unimpeded. GEDEX’s decentralized exchange has the powerful function of one-click flash, one-click node diversification of assets. The Genesis Ecology smart contract is fully compatible with the Ethereum Ecology 2.0 development mechanism and is also compatible with the Libra ecological MOVE contract.
GE whitepaper also plans of creating a new era of the super public chain, and inviting everyone to join when they sweep all the unprecedented trends of the GE singularity exchange around the world. Are you ready to bloom and to invest in a potential project that outclasses traditional crypto blockchain networks? Visit their website http://genesis-ecology.com to know more!
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Existing Bitcoin Exchange Dwarfs Institutional Volume: Are CME and Bakkt Overhyped?
Despite successful shows of force from CME Group and Bakkt’s Bitcoin options offerings, the majority of volume still goes through Deribit.
This squashes fears that the new offerings would be in direct competition with the European firm, and highlights the fact that non-institutional investors seem to prefer unregulated exchanges.
CME Group’s Launch
CME successfully launched Bitcoin options trading on its derivatives exchange earlier this week; offerings like these permit investors to hedge or speculate on the price of the leading cryptocurrency.
Rival platform Bakkt, which is owned by the Intercontinental Exchange (ICE), released its own options and cash-settled contracts in early-December, 2019.
On the first trading day, January 13, more Bitcoin options contracts were traded on CME than Bakkt: CME traded 55 contracts with around .1 million worth of Bitcoin, while its competitor only saw around .15 million in option trading volumes.
The successful launch of Bitcoin options at CME reflects the increasing interest in Bitcoin derivatives — as highlighted in data from Skew — across the board.
Deribit Takes the Cake
Deribit Dwarfs Institutional Volume (Source: Skew).
Last week, daily Bitcoin option volume rose to over million, and this week saw that figure reach almost 0 million.
Despite the success of CME and Bakkt, when compared with these competitors Deribit is by far the most popular choice — accounting for over 80% of total volume.
In 2019 — when there was less competition — approximately 95% of all trades took place on the Dutch-based exchange, which announced Thursday it was moving its operations to Panama citing regulatory concerns.
These numbers highlight the fact that non-institutional Bitcoin traders still seem to prefer unregulated exchanges like Deribit over regulated ones like CME and Bakkt. That said, institutional interest is certainly still on the rise.
Further, not all competition is bad. As pointed out on Twitter by @jgreco, “sometimes additional competition will drive more volume.”
He goes on to remind us that these separate venues — CME, Bakkt, and Deribit — all contribute to the Bitcoin ecosystem as a whole, and this creates a “rising tide that lifts all boats.”
Futures Market Brings Legitimacy to Bitcoin
Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), recently discussed Bitcoin futures in an interview with Cheddar.
According to Tarbert, the Bitcoin futures market provides reliably:
“By allowing them to come into the world of the CFTC, we’re allowing the futures market to develop based on these products and in that way, when people are interested in purchasing a particular digital asset of the two, Bitcoin or Ether, they can rely on the futures market.”
The Chairman also explained that the Bitcoin futures market helps in pricing, hedging, and risk management, adding that he believes it helps to legitimize and increase the liquidity of these markets.
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South Korean Officials Consider Revision of Existing Crypto Regulations
n The government of South Korea is reportedly considering a revision of existing cryptocurrency policiesn
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Ripple (XRP) CTO: Existing Security Laws Vague, Hinders Development
- Ripple prices stable below 34 cents
- Security laws relating to blockchain still fuzzy says, David Schwartz
- Transaction volumes shrinking as prices consolidate
David Schwartz, the CTO of Ripple Inc, believes that existing security laws are vague and are therefore a hindrance. Even so, he is confident and comfortable that Ripple (XRP) is a utility and security laws don’t apply. Perhaps this would help support prices and eventually firm the ground in readiness for higher highs.
Ripple Price Analysis
Fundamentals
In an unregulated space of which blockchain applications are supposed to flourish in, the entry of regulators or third parties do slow down innovation but for good reasons.
By design and according to the original blueprints as laid out by Satoshi Nakamoto, the network should be completely decentralized with no point of weakness and high reliability. It is these properties that define blockchain. Unfortunately, this is where Ripple Inc critics have their reservations with XRP, the native currency of the XRP Ledger, questioning whether the coin has all the hallmarks of a utility token.
However, it is the never-changing position of Ripple Inc officials that is remarkable. Maintaining the same stance, David Schwartz strongly believes that XRP is not a security. While speaking at the SXSW Conference, the renowned coder said:
“Security law has not changed concerning blockchain technology… the SEC recently has talked about how they are going to think about how these tokens meet security laws. However, they haven’t given a black and white test. They’ve given a test, but it’s filled with vague terms.”
Candlestick Arrangement
Perched at third, XRP prices are stable and consolidating inside a 4 cents channel. As emphasized in previous XRP/USD price analysis, we maintain a neutral position on the third most valuable coin.
Although we are bullish, it is after prices close above 34 cents—which is our buy trigger line—at the back of above average volumes, that risk-off, aggressive type of traders can begin fine-tuning and ramping up in lower time frames with first targets at 40 cents.
On the other hand, if XRP prices collapse below 30 cents then we shall cancel our trade plan. In that undesired case, it is likely that prices will tank towards 25 cents further fueling asset sell-off.
Technical Indicators
Trade averages stand at 15 million—after yesterday’s close. Because we are bullish, gains above 34 cents must be complete with high volumes exceeding 15 million averages or 61 million of Feb 24.
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Crypto Programmer: Goal of Bitcoin is to Bypass Existing Financial System, Not to Support it
Bitcoin is inherently a cypherpunk, anti-establishment movement. From day one, this whole movement around Satoshi Nakamoto’s vision of digital money has been single-handedly pushed by the zany, outcasts, and decentralists that push their beliefs with a religious fervor. The fact that Satoshi didn’t divulge his, her, or their true identity, along with an analysis of the vernacular that the creator enlisted, only highlights the fact that Bitcoin isn’t meant to conform with legacy systems.
Yet, since 2008, when Satoshi quietly released his whitepaper to a little-known cryptography mailing list, secluded in the dingy corners of the then-much-smaller Internet, this vision has seemingly been lost. Case in point, in recent years, crypto startups have attempted to appease governmental entities and Wall Street representatives. But, one cryptographer has sought to bring the cryptocurrency community back to its roots, releasing a scathing Twitter thread about how Satoshi’s original vision has been misconstrued over time.
Related Reading: Legendary Investor Gary Shilling Won’t Invest in BTC, Cites Satoshi Nakamoto’s Anonymity as an Issue
Placing Bitcoin In Regulatory Boxes Wasn’t The Goal
Johnathan Corgan, the founder of Corgan Labs and a contributor to the Bitcoin Core client, recently took to Twitter to issue a twenty-part thread on why the crypto industry’s newfound push to appease “regulators” is irrational.
Every time we try to appease "regulators" and shoehorn Bitcoin-related enterprises into existing politician-enforced structures, we're actually sanctioning and enabling those politicians to do further harm, and taking our eyes off the real goal.
— Johnathan Corgan (@jmcorgan) January 31, 2019
Corgan, a self-proclaimed cypherpunk from America, noted that every time this sector tries to “shoehorn” Bitcoin-related upstarts into stringent regulatory boxes, “eyes [are taken] off the real goal.” The programmer noted that the Bitcoin industry doesn’t need a “regulatory framework” to succeed, as the protocol has already done well for itself without governmental oversight, nor Main Street innovators to push the project alone.
The cypherpunk even quipped that the only oversight that is needed is a full node, not heavy-handed acts from the U.S. government, Chinese political incumbents, or any other centralized entities that seek to take advantage of this budding space. Corgan subsequently noted that cryptocurrencies are self-organized and self-enforced, all by the way of a “mutually agreed-upon ledger” that isn’t subject to the whims of regulators or representatives of the legacy world.
Echoing Travis Kling’s concerns that government-issued currency is flawed, Corgan then lauded Bitcoin, especially for its characteristics of fixed issuance, decentralization, borderless, and inability to be subject to third-party interference. Doubling-down that these inherent features only accent the importance of the cryptocurrency being left to its own devices, the programmer wrote:
“They want to bring over their whole “regulatory framework” into this realm, not understanding that it was the fundamental design of Bitcoin to bypass anyone not party to the mutual, voluntary agreements made among participants.”
And with that in mind, he denounced those trying to bring cryptocurrency to the White House in a bid to catalyze innovation, explaining that Bitcoin’s ecosystem is already extensive, or is at least well on its way to some semblance of being fleshed-out. Corgan remarked that the Lightning Network, self-custody systems, decentralized exchanges & marketplaces, Bitcoin-backed loans, and the underlying blockchain itself show that the cryptocurrency can handle itself without regulatory oversight, and can thrive without Wall Street capital. Corgan was led to the following conclusion:
“The goal is not to appease and integrate with existing financial systems, it is to build, deploy, bypass, and ignore them.”
Corgan’s extensive thread comes just weeks after Dan Held, a leading technology entrepreneur with an enamorment for Bitcoin, issued a similar comment. In a just as extensive storm of messages, Held noted that Satoshi’s cardinal goal was to “build a new backbone for the financial system” — an alternative to banks, if you will.
Banks & Mastercard Fined For Illicit Deals
As covered extensively by NewsBTC previously, the pro-Bitcoin, anti-bank movement, led in part by diehard decentralist Anthony Pompliano, has already begun to garner traction. Mere weeks ago, Mastercard was hit with a hefty €570.6 million fine by the European Commission, a regulatory facet of the E.U. It was revealed that the Wall Street darling “artificially” raised credit and debit card fees in the Union’s nations, using anti-competitive tactics to bolster the company bottom line. In classic crypto fashion, the decentralist community wasn’t happy with this news.
Over recent decades, even banks, namely Wall Street giants with millions of customers, have partaken in illicit and questionable dealings. In late-November, Deutsche Bank AG was raided, as local authorities determined that the world-renowned institution was likely enlisting money laundering strategies. During the raid, 170 German authorities stormed Deutsche’s buildings, as a search for pertinent digital and physical data was mandated.
While little is known about what ensued, it was made clear that Deutsche wasn’t employing the best practices, and used the incumbent financial system for its own economic gain.
Featured Image from Shutterstock
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