We live in a global surveillance state. Chances are, that if you are reading this article in a first world nation (and even some of the more technologically developed third world ones), the government has the capacity, if it so chooses, to dissect the very minutiae of your life. When did you last text that girl to Netflix and chill? What time? What did you have for dinner? How was the meal? Was it a nice healthy, high protein meal? Oh, you paid by credit card? Guess what, they know. It was not healthy, and you are not doing your job, citizen!
In the digital age, everything is being tracked. They know what kind of porn you like to watch. Your kinks. Your fetishes. They know what you’ve been spending money on. All banking is done online now. Amazon one-click ordering. Wave your debit card at Starbucks, you don’t even need to pull it out of your wallet. If they wanted to, they could construct a complete psychological profile of you based on data such as spending patterns and internet search history.
Simple, let’s pay cash. Not so fast. There’s a war on cash going on right now. Caught carrying around large sums of cash? In the USA, the Feds can take your cash on a mere suspicion of wrongdoing. Central banks have also been speaking out against cash. Here are some choice quotes by some of the who’s-who in the political and financial world.
“Even better than unilateral measures in Europe would be a global agreement to stop issuing notes worth more than say $50 or $100. Such an agreement would be as significant as anything else the G7 or G20 has done in years.” Larry Summers, former president of Harvard and former Director of the White House United States National Economic Council
“Let’s get rid of all high-denomination notes as a starter. If we were limited to low-denomination notes, at any rate because of the costs of stockpiling and all the rest we can drive interest rates a little bit further down.” Charles Goodhart, former Bank of England policy maker
For more details refer to this country by country guide here:
Ostensibly, the language surrounding the war on cash has been normally couched in the tone of fighting criminal elements, as we all know, only criminals make large financial transactions in cash! After all, if you have nothing to hide than you have nothing to fear, right? The government is just looking out for you, you, the common citizen! Of course, the truth is that the real reason for the war on cash is that cash disrupts the ability of central banks to guide monetary policy, particularly in light of the current negative interest rates in the EU and Japan.
Just like everything else in the world, it boils down to the same thing: money and power.
Enter crypto-currencies, the most popular one of course being Bitcoin. The main defining features of crypto-currencies are that they are decentralized and anonymous (to a certain extent). Such crypto-currencies have and continue to be demonized in the mainstream media, citing its usage among criminals, publicized further by the fairly recent Silk Road arrests and closures.
The decentralization is a major headache for the powers-that-be, as in centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. However, companies or governments cannot produce units of crypto-currency and as such, have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in a decentralized crypto-currency.
As I said again and again: money and power. Crypto-currencies are now more important than ever.
Take a look at this video below: