Legacy Lookout: Decentralized Attack Vectors

LeoFinance
11 days ago
10 Min Read
1949 Words

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The legacy economy is built on a house of cards. Everything is connected, and if one major pillar fails the dominos will fall. This is why it's so difficult for central banking and the FED to stabilize the system. They can easily stabilize one area but doing so can destabilize a dozen others. They are very much between a rock and a hard place right now.

It's hard to imagine that central banks are powerless to stop these things from happening. They are so powerful that we just assume they are all powerful. They are not. There are rules. All they can do now is participate in a controlled demolition that mitigates the most damage.

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This is why we can't have nice things.

We can't stop people from being greedy. Even if the central banks stop being greedy, their corporate cronies will still be greedy. Even if the corporations stop being greedy, people in general will still be greedy. Greed is everywhere and it sucks the lifeblood directly out of the economy and out of the world in general. Humanity is very much an unsustainable cancerous plague on Mother Earth. She's gonna start barfing us up sooner or later like the sickness that we are. Balance is required to stop the carnage.

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There is a scene from Scarface (or maybe Blow?) where there's a room full of cash and rats have begun chewing on their ill-gotten gains. They desperately need to launder the money into a bank so it's easier to secure and spend.

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Back in the day when I saw this glorification of mobster activity: the stacks of money, the status, the violence, the greed, none of it really made sense to me. If I had a stack of money reaching the ceiling I'd call up every person I knew to come grab some (now you owe me). The sheer greed of allowing cash to go to waste to the point of letting rats eat it just did not compute in my communist libertarian brain. Surely there's a smarter way to do crime.

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But people are greedy as hell sitting up on that high horse once they make it. Climb to the top of the pyramid and start looking down and things change. People change. The money changes them. They feel entitled and superior. Absolute power corrupts absolutely.

Everyone believes the world would be a better place if they were in charge. That childish thinking has no place in the real world.

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But crypto doe.

Crypto Crypto Crypto.

Distributed ledger tech is about to change all of that. When you can build a superior system that's more democratic and has no definitive leader: everything changes. The same system that would have collapsed in on itself from greed and the inability to scale up suddenly can grow to enormous levels.

I can't even imagine what it would be like to see a mafioso organization rise up built from a foundation of crypto. Oh wait, yes I can. I <3 Binance Mafia.

So normally when we think of organized crime we think of the movies. Extreme violence. Taking everything by force and threatening others into submission. Crypto mafia isn't like that at all. There is so much money in every direction there is literally zero competition. There's gold littering the ground in every direction. All they have to do is make sure they don't get stomped out by the legacy system.

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Imagine an organized crime syndicate that had its own token with worldwide operations. Normally such an organization could be taken out by infiltration and working up the chain until you can nab all the kingpins. Cut off the head of the serpent. With crypto, none of that is possible. There are no kingpins. Hundreds if not thousands of people will be in charge, and they'll be located all around the globe, impossible round up or target.

On top of that none of the money can be confiscated. Imagine requiring all your henchmen to memorize their private keys. That way if they get picked up by the cops none of the money can be taken away. Organized crime being their own central bank is going to flip the entire system on it's ear.

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What is crime?

You might think it's weird for me to be talking like this. What does this have to do with you, dear reader? Whelp, turns out crime is whatever the government says is crime, so what do you think is going to happen when the legacy economy is getting wrecked and choking on its own blood? Do you think they'll allow you to just sit there and be crypto rich? No, of course not, they are coming for you. You are already an outlaw: you just don't know it yet. We exist outside the system: crypto IS government, and sooner or later the digital governments will crush the physical ones quite definitively.

They are already buttering you up for this as we speak, in myriad ways. "In 2030 you will own nothing, and you will be happy." That's some serious 1984 shit right there, spoken completely unironically. So are you going to be a good little sheep and properly report every asset you own and fork it over to the dying government? Or are you going to join an underground crypto mafia and fight back? Choice is yours, friend, but I can guarantee with absolute certainty that any value that gets sucked into the blackhole of fiat will be lost forever at that point.

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The snowball of diminishing returns has reached its apex.

There are so many ways that the legacy economy is going to be completely obliterated. It's impossible to speculate on even how it's gonna go down. Just look at Automated Market Making technology (Uniswap/Pancakeswap/ETC).

This is a DeFi protocol that very few people could have ever anticipated. Now it's quite clear that this new system is x1000 better than legacy orderbooks. In ten years orderbooks will not exist, and we may even invent tech better than AMM before it even takes over. That's just one tiny thing in the grand scope. Technology is moving too quickly for anyone to keep up now.

Regulations

Plain and simple, we live in a centralized world with centralized rules. This world is going to crumble spectacularly as flat-architecture moves in. We already saw this happen in the form of Torrents. That was just a little itty bitty taste of things to come.

When the court system tried to prosecute individuals for "stealing music" they used centralized laws to do it. Oh, you stole 1000 songs? Well that's a $10k fee for each one so now you owe $10M! LOL! Kill yourself: legacy economy.

And what happened then? Turns out poor people who stole thousands of sounds didn't have millions of dollars to pay the ludicrous corporate fees. It cost way more for these companies to take these people to court then they got back from winning the cases. The ultimate goal was to target the biggest offenders in order to scare off everyone from pirating music. It didn't work. They got wrecked. They will continue to get wrecked as they try to target individuals. Institutions are no longer in control.

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The entire legacy economy is about to be Sybil attacked from every angle using all the decentralized attack vectors that have existed for centuries but were never before possible to exploit. There is nothing they can do. They are so done. Consensus rules and government drools. There's a reasons why billions of dollars are spent on manipulating public opinion/consensus. Trillions of dollars are gained by doing so.

First of all, I think the conspiracy theorists are right: cash is an insane liability. Ironically enough, cash is also the one last good thing about crypto, so the legacy economy can't get rid of cash, nor can they allow it to be exploited by crypto. The one thing crypto can't do is materialize in a physical form (yet). Cash is the bridge that allows crypto value to move freely throughout the physical world. I think it's also pretty obvious we are going to be working with gold and silver very closely.

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Real Estate is doomed.

White picket fence; 1 wife, 2.5 kids. The entire system will be flipped on its ear. There will be no normal. There will be no New Normal. Everything will be chaos and insanity. The earthquake of crypto is rumbling.

It used to be that if you wanted to store your wealth, you'd buy something that would hopefully retain its value. In places where fiat currency is known to hyper-inflate, citizens are willing to stoop very low in this regard. Andreas Antonopoulos (Greece) has talked about how his parents bought a washing machine to store their value. Others would buy a car to store their value. Even though the value of washing machines and cars dwindles very quickly, that is sadly still much better than a hyperinflating currency.

But the ultimate way that we've all been taught to store our wealth is by putting the money directly into home base: real estate. Unlike a car or a washing machine, the value of this kind of property can actually go up over time. However, there are huge overhead costs in play in the form of interest rates. By the time you pay off a $250k house, you might have lost 4 times that to interest rates.

Not only does crypto gain value exponentially faster than a house, but also there is no overhead cost to ownership, and it is 100% liquid 24/7 and can be moved or spent anywhere in the world at a moment's notice. The writing is on the wall: NO ONE will EVER use ANYTHING other than crypto to store their value in a decade or three.

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The Golden Crypto Opportunity.

There is going to be a time, probably within the next ten years, where the value of everything is going to collapse. All of that value is going to move into crypto. No one wants to buy property because crypto. No one wants to buy gold/silver because crypto. No one wants anything but crypto because crypto is impossible to compete with on the investment level.

There's going to be a transition that takes place. The only reason to own anything but crypto at a certain point will be as a hedge for imminent disaster. That will be the time to cash out and buy those things. I'm taking water rights, greenhouses, sustainable energy, 3D-printing, blah blah blah. The libertarian wet dream. When the time comes we all are going to have the opportunity to reforge society into the decentralized version that it needs to be. Centralization took us this far, but it's time to say goodbye and create the future.

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Again, there is no way to stop this stuff from happening. We've been trapped in a cycle of unstainable growth and collapse for generations. Crypto has come to save us: and not a moment too soon.

Certainly the dying legacy economy will try to stop it. They'll try to do what the music industry did: target individuals and try to control people one at a time. It's going to fail miserably. Try not to find yourself on the short end of the stick. Protect yourself with a strong community and decentralized security. Grow your own food, generate your own power, make your own products. Own a piece of automation. This is the future. A star is being forged. Let the light shine.

Posted Using LeoFinance Beta