A fresh walk-through of Inventor of Bastyon Daniel Satchkov's video "Attack on Cryptocurrencies! Banksters start & lose./Атака на Криптовалюты! Банкстеры начинают и проигрывают.", the key highlights.
Banksters' hidden attack on cryptocurrencies and why it will fail.
Daniel Satchkov's video on Bastyon (ru): https://bastyon.com/index?v=8fcde9c476d19a55c01abb6dafdff9e2c9806517d9a3a8aed0057a76b0df2ddf&video=1&ref=PXPX9J67r1bgLxJb2gCcN5M7V5nga6hA3d
Daniel Satchkov's video on YouTube (ru): https://youtu.be/GXQtgjVF39g
Fiat Money Has Won The Battle Against Cryptocurrencies, Says BIS Chief
“That battle has been won … A technology doesn’t make for trusted money,” Carstens said.
Daniel: A clear psychological attack, when we can say the war has not yet begun, and they are already claiming that they have won it. He stated that there are three reasons why cryptocurrencies lost already.
1) First is that cryptos lack a “sound nominal anchor.
Daniel: Lacking a nominal anchor, cryptocurrencies are too volatile - this is often stated, in fact, fiat currencies are also quite volatile, especially nowadays. Besides, the volatility of these currencies is on the rise. We also have high inflation in the dollar at the moment. Dollar inflation is about 20% right now, if you count that correctly.
2) Second, fiat money is anchored in a trusted institution like a central bank that guarantees the stability of the currency.
Daniel: This is ridiculous, who trusts central banks today? Central banks are not trusted by almost half the population in different countries. It looks like things are not going the way they want them to, but we have to present it as if everything is going well.
3) Third, the decentralized nature of cryptocurrencies means that it relies on incentives to anonymous validators to confirm transactions in the form of rents and fees.
Daniel: In fact, the scaling of bitcoin and such networks is going very well. Transactions in bitcoin are just penny drops. Bitcoin is a technological dinosaur, it is even slower, but everything is going well there and so all this criticism goes by. If they claim so assiduously that victory is ours, it shows that they feel they are failing.
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs
Daniel: We can see that there are some interesting moments in December and January, i.e. there is a roll-up in the United States. They are not allowing banks that work with cryptocurrency clients to join the Federal Reserve System. They are restricting and shutting down banks from cryptocurrencies. That is, they are trying to keep big clients out of the banking system so that big money doesn't go into cryptocurrencies. Look, we see a whole series of similar events on January 27 and we also see that Binance was attacked in February.
On February 7, they are issuing an official rule for banks, the federal register. They are trying to bypass Congress, Parliament, because they are running out of time, they are in a hurry, and they are trying to put the brakes on cryptocurrencies with these actions. There will be a strike, maybe they will collapse cryptocurrencies. However, in the long run, this strike will only make cryptocurrencies healthier. Cutting off the banking system allows people to act with cryptocurrencies directly, cryptocurrency-commodity, cryptocurrency-cryptocurrency. Their desperate measure is an attempt to protect the banking system with all their might, but time is running out and it does not bode well for them.
IMF Executive Board Discusses Elements of Effective Policies for Crypto Assets
Daniel: The IMF has released a major policy paper on what to do next with cryptocurrencies.
1. Safeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status.
Daniel: They are defensive, they have no initiative how to deal with it, they understand that the cryptocurrency machine is out of their control. People are using this to get out of the financial concentration camp. The IMF is throwing out such a flag - don't do this under any circumstances.
2. Guard against excessive capital flow volatility and maintain effectiveness of capital flow management measures.
Daniel: Do not allow capital to go out of the banking system into cryptocurrencies. Why? Because when your money is in the banking system, it is very easy to turn it into a digital dollar or euro. Banks close and open tomorrow already under a new banner "please, now you have a new digital wrapper -> $". And cryptocurrencies are not so easy to withdraw, which is why they write the third point.
3. Analyze and disclose fiscal risks and adopt unambiguous tax treatment of crypto assets.
Daniel: They plan to strangle cryptocurrencies with taxes.
5. Develop and enforce prudential, conduct, and oversight requirements to all crypto market actors.
Daniel: Here they are trying to put in place a system that will help reconstruct the chain of transactions "who is who" to analyze what is going on. Partly they already have such a system, but bitcoin has also evolved a lot over the years, there are so many clever ways not to get caught up in it. Moreover, there is such a cryptocurrency as Monero, it is an awesome cryptocurrency with old math-technology, we can say proven, which is only beneficial. The prediction is that Monero will be hit hardest, Bitcoin too. Maybe Monero will decline, but it will be a great opportunity to take advantage of this cryptocurrency, because, it does not lend itself to the 5th point. Bitcoin succumbs a little bit. Ether succumbs a lot, it's a centralized thing in general.
9. Strengthen global cooperation to develop digital infrastructures and alternative solutions for cross-border payments and finance.
Daniel: Why strengthen cooperation? Because there is a very big temptation for these players. The U.S. begins to put pressure on cryptocurrencies, simultaneously China as the main enemy of cryptocurrencies, bitcoin is incompatible with the digital 'concentration camp', and suddenly Hong Kong announces that on the contrary - we open up to cryptocurrencies. Cryptocurrency is such a complicated world right now that you can't just crush it all at once. It's not that simple, it's not a banking system anymore. So they are in a race to see how fast they can do it. This means that central bank digital currencies will be introduced somewhat faster.
Bitcoin in Nigeria is 60% more expensive, but there's a catch
Daniel: The story about Nigeria and this amazing case is like a controlled experiment. The soaring bitcoin price suggests that you need to have contacts with people in the real life who can trade cryptocurrencies for cash in order to survive. In a time of crisis, cryptocurrency is a very flexible and censorious thing.
If you don't want to be completely digitized, you need to learn how to use cryptocurrency and you need to find someone hand-to-hand to do it.
Nigerians have been so effective at avoiding this digital noose that there is news like this:
Naira redesign no more: President’s directive canned by Nigerian Supreme Court
The Supreme Court of Nigeria says no to redesigning Naira, ruling that the old banknotes will remain in circulation.
As a result - Naira notes remain in circulation until Dec. 31, 2023. This is certainly a very big win for the Nigerians, they obviously won this round.
Daniel: A referendum in Switzerland to ban any abolition of cash. There will be a law in the constitution to ban the prohibition of cash. There will always be cash.
Is Switzerland About to Become First Country to Outlaw a Cashless Society?
Daniel: In the US the same thing, some politicians have introduced a bill that prohibits the Federal Reserve from issuing digital currency central banks and working directly with people.
US Legislators Introduce Bill That Would Prohibit Creation Of An American CBDC
Wiocor Energy DIY electric sailboat project: We see struggles, attacks, and ongoing change that force people to defend themselves and their activities. Therefore, the project aims to cover the topics of financial autonomy from the system and how to use decentralized platforms and cryptocurrencies. Perhaps this will help in creating a certain community of sailors who will be able to confront the system and help each other. Exactly in this way this project aims to contribute to this direction.
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