Crypto - Centralised System Action
We read today of a ban on all things crypto related, by VISA and MasterCard.
It is believed that their collective determination that crypto is "high risk" is related more to regulation and a lack of compliance to money laundering law than the currency itself.
Regardless of the reason, merchants and brokers connected in some way to crypto may see their accounts frozen or even terminated.
There is of course another theory, one which I support which is this; cryptocurrency and blockchain technology will, over time render credit card issuers and banks obsolete. It is therefore reasonable to assume said institutions will try to defer this inevitability for as long as possible. I quoted an example yesterday regarding Paypal.
Those who enjoy spreading the fear, uncertainty and doubt will have a good day today and the centralised system's foot soldiers, the media, will no doubt grab this story and repeat with some relish.
BUT, as has been said many times before, you cannot put the genie back into the bottle.
One blockchain has recently launched a payment system where payment for goods and services can be made anywhere in the world where VISA and MasterCard are accepted. This same Blockchain is launching a new payment network in 2019 which will render todays announcement as irrelevant.
The closer we get to mass adoption the greater will the conflict be from the centralised system.
Arundhati Roy, full name Suzanna Arundhati Roy, (born November 24, 1961, Shillong, Meghalaya, India), Indian author, actress, and political activist who was best known for the award-winning novelThe God of Small Things (1997) and for her involvement in environmental and human rights causes recently said this:
"The system will collapse if we refuse to buy what they are selling - their ideas, their version of history, their wars, their weapons, their notion of inevitability.
Remember this: We may be many and they be few.
They need us more than we need them.
Another world is not only possible, she is on her way. On a quiet day, I can hear her breathing."