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Monday, September 25, 2017

Crypto News: Big Governments Won't Kill Bitcoin Or Uber

Big Governments Wont Kill Bitcoin Or Uber

Big governments and the institutions that align behind them -- big banks and big unions -- have scaled up the campaign against Bitcoin and Uber recently. Russia has been added to the list of countries that are trying to limit the spread of Bitcoin, as London is added to the list of local and national governments that banned Uber's operations.

There’s a good reason big governments have been going after Bitcoin and Uber. They are innovations that challenge the status quo, the power of elites to write the rules that advance their own interests at the expense of the people at large.

Bitcoin has emerged as a "people's currency," an alternative to national currencies, freed of the control of central banks and banks. And that means a loss of seigniorage income for governments—the benefits derived from printing money and from controlling the economy, as discussed in a previous piece here.That's why big governments from China to Russia -- and smaller governments like Venezuela -- have been trying to crush it. How? By banning Initial Coin Offerings (ICOs), by closing Bitcoin exchanges, and by going after Bitcoin developers.

And it seems they are succeeding it, with the digital currency having lost close to 30 percent of its value in a matter of days.

Full story at

Source: Forbes

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