Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin, Crypto and Banks: Economist Says It’s the End of Government Monopoly on Money

by Daily Hodl Staff
August 12, 2018
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Jeffrey Tucker, economist and editorial director for the American Institute for Economic Research, is calling out banking elites and governments for their long-standing monopoly on money, which has led to “world wars, depression and inflation, enormous government indebtedness, and the rise of leviathan states that learned to print their way to power and riches.”

In a recent report, Tucker advises central banks and governments to stop meddling in the world of crypto — where they’re not wanted, not qualified and not going to succeed.

But banks are hardly lying down and rolling over. They’re lining up solutions to kick Bitcoin and crypto to the curb, challenging the fintech startups that are vying to take away their monopoly and world dominance.

Tucker addresses their central scheme to stop the competition: issue their own digital currencies. But a government-backed, central bank-branded coin would have nation-state borders and would live on a permissioned blockchain. It would be the opposite of a borderless cryptocurrency that lives on an open public ledger, is mined anywhere in the world and is transferred around the globe at any time, by anyone, day or night.

He writes,

“More than a century ago, most government in developed economies created central banks to manage an official currency, directing all commercial traffic through its portals as a way of controlling economic life. It was the end of currency competition and independence in the banking industry.

Elites believed they knew best, and were so sure that they drove out all private monies and unofficial banks.”

With the rise of digital ledger technology, Tucker says the reign of power is over.

“Thanks to decentralized-ledger technology and some impressive innovations to create digital money and banking solutions — the technology operates peer-to-peer and requires neither government nor intermediaries to operate — we are beginning to see what real choice in currency might look like.

The technology has only been around since 2009, but it’s become the most exciting thing in money and finance on the planet.”

Regarding the failure rate of cryptocurrencies and blockchain projects, Tucker takes it in stride. It’s like any sector crowded with entrepreneurs.

“The failure rate is just as high as you find in the small-business sector, which indicates a true trial-and-error culture of entrepreneurship.”

His best advice: the banks should leave the crypto revolutionists and innovators alone.

“These institutions had nothing to do with creating internet commerce, the app economy, the mass availability of email and messaging platforms, or the peer-to-peer gig economy. All the innovation in my lifetime, and probably since the moon landings of old, has come from the private sector.”

Governments aren’t likely to take a backseat. Instead, they’re framing cryptocurrency and fintech companies as a sector engaging in “anticompetitive behaviours.”

But no words will give them any technological advantages. Those belong to big tech companies and independent developers who are building blockchain startups using skills they’ve been developing since the birth of Bitcoin in 2009. Even with their regulatory leverage and the ability to deal a striking blow, central banks can’t coordinate or contain a worldwide movement. They can’t corral the very governments they’ve left indebted.

You can read the full report here.

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$48,679.00
$48,679.00
1.89%
Ethereum
$1,529.08
$1,529.08
0.12%
Binance Coin
$227.08
$227.08
0.41%
Polkadot
$33.64
$33.64
3.74%
Cardano
$1.17
$1.17
5.89%
XRP
$0.459813
$0.459813
1%
ADVERTISEMENT

Spotlight

  • Crypto Exchange Sells Thousands of Bitcoin for $6,000 Each Amid Surge in Market Volatility: Report
    February 26, 2021
  • These Are the Four Most Explosive Crypto Assets on the Market, According to Trader Ben Armstrong
    March 2, 2021
  • New Group of Crypto Assets Are Ready To Erupt, Says Trader Tyler Swope
    February 27, 2021
  • MoneyGram Facing Class-Action Lawsuit Over Relationship With Ripple and XRP
    March 3, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.