The biggest scam preventing mass adoption and quicker acceptance by the general population has always been the fear and control which governments promote.
They give crypto a very bad reputation and it’s not getting better by the anti-money laundering (AML) and know-your-customer (KYC) practices. These practices are absolutely required of every crypto startup when boarding new customers. They cost way more than all the fraudulent ICO scams together and they have produced a disgusting system.
A global system which keeps billions below the poverty line and provides the banking cartels all the needed justification for their war on progress and freedom. It’s truly the biggest scam against humanity. In order to digest this oppressive system, we need to go back to 1970 and take a look at the Bank Secrecy Act.
Long story short, this act allowed banks to informally become a sort of secret/not so secret police department. This allowed banks to monitor the activity of their customers and share any activity they deemed as suspicious to the authorities. This also allowed them to block any financial access they did not approve of.
Starting from the United States, these AML/KYC regulations have spread like a plague across the entire world. Despite Orwell’s warnings, today the entire world has willingly adopted these regulations. Some countries like Switzerland did try to resist at first, but were ultimately subdued by the immense pressure.
The biggest scam will ultimately cost us our freedom
Big Brother is watching and today he sees everything. If we overlook the obvious privacy issues, we can see that many groups of people are denied access to the banking system. The poor, people without citizenship, people without the appropriate government ID’s, they are all denied access to the formal financial sector. If we look at the so called “first world” we can see that there are over 10 million people with no bank access in the US, but the problem is far more serious in developing nations.
The saddest part is that because the AML/KYC, it’s impossible to really estimate what we missed out on. This phenomenon can be seen the easiest in crypto industry. Just imagine how many genius projects were forced to shut down because they couldn’t get banking. Imagine how many ICO’s were forced to spend their gathered capital on lawyers and banking institutions.
Governments always have a boogieman to justify their financial Big Brother element. It’s always the drug cartels, the terrorists, the tax evaders and all those other evil doers who are kept at bay by the AML/KYC. Another very popular excuse is that whatever the current boogieman is, is after our freedoms and we need to trade in more freedom for more “security”.
This has probably cost us far more than we can imagine because this global, privatized surveillance system isn’t going anywhere and it’s only a matter of time until we get tangled in the biggest scam and become the next boogieman.
You can also check out:
- Yuan-backed Stablecoin Soon to be Issued by Tether - Aug 23, 2019
- Indian Supreme Court Slams the Reserve Bank of India Over Crypto Ban - Aug 23, 2019
- PBoC and its New Currency Can Take Business From Chinese Giants - Aug 22, 2019
- World Bank Raises $33 million for Kangaroo Bond Only Via DLT - Aug 22, 2019
- PlusToken Exit Transactions Totaled 22493 Bitcoins or $2.9 billion - Aug 21, 2019
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