Binance CEO Changpeng Zhao is apparently squarely in the cross-hairs of the Department of Justice, facing indictment likely to consist of laundering, unlicensed money transmission and breaching criminal sanctions. As we have been warning since 2013, the elite power structures behind the G7 central banking system will never permit the privatization of money by any entity not part of the incumbent few.
But so many (primarily) young people have invested so much of themselves into this idealistic dream that the entire community is to a great extent irrationally addicted to the vision of a global decentralized currency system free from trust. It has become a global cult.
We have always held that global regulators were permitting the proliferation of cryptocurrencies led by Bitcoin because they first thought it would flame out of its own accord, and then when it did the opposite, it became a sponge for a portion of the excessive liquidity that was being injected into the world banking system by the G7 cabal of central banks. It also assisted in the “wealth effect” that stimulates the growth of financial independence among the upper middle class, which serves to accrete public acceptance of the rampant money fabrication by the central banks.
But as the cult grew, and the wealth effect of the growth stage of the ponzi scheme inflated the value of bitcoin to astronomical heights, the wizened elites behind the G7 governments and central banks adopted a hands off stance, knowing from experience that the Sam Bankman-Fried’s and Changpeng Zhao’s of the world would certainly appear among the crypto illuminati to cause massive wealth destruction in due course. And here they are, almost as it on cue.
The forces behind the largest financial institutions in the world knew that when the emergence of larcenous billionaires catalyzed huge losses for millions of people, there would be a massive public outcry for regulation. And its funny, but the loudest voice “demanding” regulation today is the ‘spokesman’ for FTX – Kevin O’Leary – who now claims he really didn’t cash in on the $15 million he most certainly did collect from SBF for his mouthpiece gig because he invested “something like 9 million in crypto” which is now gone.
Now regulators are moving up their scheduled dismantling of the crypto universe by preparing charges against Binance, simply because the hue and cry for regulators to do something may die down if the momentum of losses isn’t crystallized decisively.
While dedicated crypto evangelists may argue that the centralized exchange layer of the crypto ecosystem was a plague on the entire movement that needed to be removed, the parallel legislative progress toward neutering bitcoin’s potential as a globally sanctioned legal tender is all anyone who is not part of the cult should need to understand that this is the terminal end game for the whole crypto universe.
The embryonic Digital Commodities Consumer Protection Act of 2022 (DCCPAcurrently under construction by a group of democratic politicians (who all received campaign donations from one Samuel Bankman-Fried) has wording in it that clearly illuminates regulatory intent to classify Bitcoin as a digital commodity, which by definition renders it unfit to serve as a legal tender.
And, with the Central Bank Digital Currencies at various stages of implementation among G7 countries, the psychological manipulation being perpetrated on the cult members of the crypto universe is to put them through the mental exercise where they want and believe in digital cryptocurrencies, but only government managed centralized currencies can protect them from the nefarious grifters behind the largest crypto scams that have caused them to lose all or a portion of their crypto wealth.
Its a brilliant strategy perfectly executed, and demonstrates exactly why we are all subject to the monolithic system of debt and fiat currency which are the means by which the establishment agency banks maintain the only financial channels through which we can transact.
The Direction of CBDC’s
Cult members of the cryptoverse are somehow of the like mind that the launch of CBDC’s by central banks is proof that the future of bitcoin is most definitely assured. But the DCCPA working draft, if interpreted without the influence of crypto cult koolaid, is clear in that its seeking to categorize most coins and tokens as securities, and anything exceptional to that classification as commodities.
This section of the DCCPA working document rather pointedly defines the distinction between sovereign currency and digital commodity:
- IN GENERAL.—The term ‘digital commodity’ means a fungible digital form of
personal property that can be possessed and transferred person-to-person without
necessary reliance on an intermediary. through the use of distributed ledger
technology or a similar means.
(B) Inclusions.—The term ‘digital commodity’ includes property commonly
known as cryptocurrency or virtual currency, such as Bitcoin and Ether.
(C) EXCLUSIONS.—The term digital commodity’ does not include
an interest in a physical commodity;
a digital form of currency backed by the full faith and credit of the United States; [empahsis is mine]
(This is an excerpt from the working document )
There is a widespread conspiracy theory in social media that the CBDC regime will give banks the ability to control who can spend the money they have, on what, and will be able to force them to spend it because it will expire. If governments sought to implement that level of surveillance on the digital money supply, the reality is that a large portion of the population would not use it to conduct transactions.
Just as there is an underlying “cash” economy in most G7 nations where taxes are avoided by transacting in cash and not via digital transaction or paper cheque, such a level of surveillance, assuming that cash would also be abolished, would result in some or a range of commodities replacing cash as barter items in the non-surveilled economy that would surely result.
The CBDC is the next evolution of the monetary system
So despite the cultish global following of crypto “assets” that have enriched so many virtually, this phenomenon is coming to an end, and the collapse of FTX and Binance are just the first acts in that play. As the contagion from these two major events spread, the faith in the cryptoverse by even its most ardent supporters is going to wane, as they begin to realize that, while Bitcoin is a very nice and elegant monetary system that, in another world, might be permitted to exist, in this one, it will not.
Original article: Binance CEO Changpeng Zhao arrest next catalyst for bitcoin bear
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