Economist Jeffrey Tucker Central banks and governments: Leave cryptosphere alone
Economist and Director of the publishing house of the American Institute for economic research Jeffrey Tucker denounced the banking elite and governments for their long-standing monopoly money, which led to “world wars, depression and inflation, huge public debt and the emergence of totalitarian States, who have learned to pave their way to power and wealth via the printing press”.
In its latest report, quotes from which leads a network edition of The Daily Hodl, Tucker advises Central banks and governments to stop the invade the world of cryptocurrencies, because there they are not happy, they have no qualifications for working in this sector and they are not waiting for success. But banks hardly will give in without a fight. They create a decision, a decision designed to stifle bitcoin and cryptocurrencies, and challenge the FINTECH startups that are trying to deprive them of monopoly and world domination.
Tucker touches on their main scheme, designed to cope with the competitors issuing its own digital currency. However, the government-backed coin, produced under the auspices of the Central Bank, will be valid only within state borders. It will be the opposite of “limitless” cryptocurrency, which is based on the public blockchain, can minimise at any point of the globe and streamed worldwide by any user and at any time of the day or night.
A hundred years ago most governments of developed economies have established a Central Bank to manage the official currency, and skip the entire commercial traffic through its portals with the aim to control economic life. That was the end of competition and currency independence in the banking sector. The elite believed that they know better, and was so confident that I got rid of all private currencies, and informal banks.
According to Tucker, the rise of digital registry marks the collapse of the former system:
Thanks to the technology of decentralized registry, and a number of impressive innovations in the field of creation of digital money and banking solutions — this technology operates on the basis of p2p networks and does not require participation nor governments, nor intermediaries, we begin to see how it might look real choice in the field of currency. Technology exists only since 2009, but has become one of the most promising developments in the area of money and Finance.
With regard to the reliability of cryptocurrencies and blockchain projects, Tucker is quiet. Like any sector, this area is full of talented entrepreneurs. He says:
Reliability is as high as in the small business sector, which indicates a true culture of trial and error inherent in entrepreneurship.
Key tip Tucker is that banks are required to keep cryptocephalinae and innovators alone:
These institutions have not made any contribution to the creation of the Internet trade, the economy of mobile apps, the spread of email and mobile messaging platforms, like the economy of free earnings. All the innovations in my memory, from the time of landing on the moon, owe their existence to the private sector.
The government is unlikely to agree to take a passive stance. So, they have accused the company FINTECH sector in creating the environment that impede competition.
But to say anything: technological advantages it does not. Major technology companies and independent developers continue to launch blockchain startups, using the skills and abilities that develop since the emergence of bitcoin in 2009. Even though the use of legislative measures and the ability to deliver crushing blows, the Central banks do not coordinate or to contain global change.