The empire strikes back: IMF goes after Bitcoin, cryptos and DeFi
After the announcement by the President of El Salvador, Nayib Bukele about his government's decision to make Bitcoin (BTC) legal tender in his country, it was to be expected that the masters of the fiat world, the International Monetary Fund (IMF) and the members of the Davos Forum would start their campaign of terror against the world of cryptocurrencies.
I have never heard so much the phrase: it is necessary to regulate as in the last days, in press, tv, social networks and any media controlled by the fiat money masters intensified the attacks against BTC and cryptocurrencies, in an attempt to manipulate the world public opinion. What is happening is no small thing, this means something more than a paradigm shift, it implies the total collapse of the banking system as we know it.
Because of the characteristics we already know, it is impossible for any entity to manipulate the BTC, that is what makes it so dangerous for those who are part of the established system, the same one that has dominated us for half a millennium. In these cases I always remember a phrase of my sister: "if you can't beat them, confuse them" and it seems to me that this is the strategy that the IMF is applying in relation to the possibility of an avalanche of countries joining the decision of El Salvador, consequently they ordered their army of 'experts' (and Elon Musk) to vociferate their opinions in favor of the need to exercise some control over digital currencies and decentralized finance.
The banks' onslaught through the media towards BTC focuses on its main quality: volatility, in that they show it as a dangerous feature and that it is necessary to regulate it in some way to give 'security' to investors. Likewise, the best way to control BTC is through exchanges such as Binance, Huobi or Kraken who will put their technological power at the service of the institutions. The next step will be to outlaw offline crypto exchanges or cold wallets and only allow those under central authorized bodies.
You will say, 'well, but BTC is impossible to manipulate, it will not be possible to regulate P2P transactions between offline wallets', true, but let's not err on the side of ingenuity or over-optimism, particularly since they are still making the laws. Most likely, people will be required to provide some sort of proof that determines the origin of their funds. For example, if you want to buy a property or a car with BTC or another crypto, the seller will require some document that determines that the origin of your digital currencies comes from a centralized exchange, otherwise you will simply be left with the desire or opt for another method.
On the other hand, banking as we know it is destined to perish, for that it must become the recipient of the dance of millions that DeFi generate in their business proposals. From Davos they gave the order: the Defi must be regulated, evidently due to the fact that from these spaces people have access to the same services offered by centralized entities, the difference is that they do not receive restrictions such as those that characterize traditional banks. Obviously to evolve towards this new form of banking by Smart Contract the first thing to do is to control this technology, so targeting Ethereum and Binance Smart Chain (BSC) is the logical point to take DeFi spaces.
Whoever thinks that Ethereum offers a decentralized space should consider the fact that half of the nodes of this technology are owned by Amazon, a bit similar to the dominance that Alibaba (Chinese government) has over NEO, and there is nothing more centralized than BSC, yes, it is fast and the gas is low, but still your financial information is under the dominion of a centralized power.
The technology to transform banking into a total CeFi (Centralized finance) exists, it is the same as that provided by DeFi, what is missing is the presence of central bank cryptocurrencies in the equation, plus a legal framework to serve as a springboard for this mutation of 'analog' banking. Of course, technological advances from decentralized spaces will continue to occur and of course methods to combat centralization will continue to be the order of the day, but it is necessary to recognize that the enemy has powerful weapons and no intention of relinquishing its dominance.
BTC is still on its way to its transformation as a universal exchange currency and main store of value, this fact will be inevitable, therefore the IMF and Davos are setting up a control system based on our own fears, that is, to make people see the dangers of BTC and cryptos that are not regulated. What is the duty of those of us who know the power of BTC, cryptos and DeFi to make us more independent and put the balance in our favor, simple: support the prisoners of the defi system, convince them of the need to join the world of cryptocurrencies and prove that another world is possible when you are the one who takes control of your economy and your own life.
