I will gladly agree that crypto advocates have no monopoly on hubris, or in the expectation that a well founded belief in the ineviitability of a thing... assures of a linearity in continuity... or permanence, free of all risk.
Crypto exists as a fundamental protest of the status quo... not fostered as an expression of opinion, but as a deliberate case in an alternative that was crafted while fully intending it would enable a revolution.
The ratchet in the noise... very dramatic this week... the only thing we've seen in a while that has the powers that be in China, and the powers that be in the U.S., agreeiing to agree on anything... ?
There are three aspects in parallel with the ratcheting of the noise this week that are worth noting...
First, is that revolutions don't occur without "tweaking noses"... and this week it appears noses are notably being tweaked. Not that long ago, the similarly positioned skepticism emanating from the officialdom... was postured in a way that simply acknowledged, for the frist time, the existence of this new thing... with skepticism... as "what this might lead to" was already becoming apparent... if considered in context of the certainty in the inevitability that... that result would never be allowed.
Second, is that Taproot... doesn't care what the market is doing this week. But, it demonstrates a key aspect of crypto potentials... as welding an attachment to the side of "money" that converts it not only from the analog world to the digitial (noting that has already been done well enough in existing forms of money to make it more functional in digitial commerce than crypto is now)... but it demonstrates that money can be made digital in a form that is upgradeable on the fly as any other code based product.
That second item... appears as "a potential advantage"... which some might take as a justification of their belief in the inevitability in the crytpos winning the revolution ? But, that appears to me to be overly dependent on the expectation that the competition is aligned between "tech savvy cool kids improving the world by making alternative money upgradable" and "old money mounting analog defenses, showing it is certain to lose"...
The third item of note... significantly disrupts that binary view...
Third, China's own ongoing introduction of its own vision of the beneifts enabled by digitial currencies... shows them clearly seeing the future utility of digital currencies... seemlessly including the benefits of upgradablity to change the functions of money on the fly as they want.. But, it shows China sees that "improvement" as only enhancing the reach, the power, and the ability of the existing powers they wield... to expand their own capacities in imposing vastly more significant, and far more onerous, controls over the functions and flows allowed, to impose greater control over the users of digital money...
China's vision... uses the enhancement of money with digital technology... to vastly expand the power of the state... enabling it to intrude more deeply into every aspect of society... and into every element of each persons life... through their converson of the exchange of money into an all seeing eye... spying for big brother... while providing government an unlimited new power in management control over money flows... from the level of making each invidividual a uniquely controllable agent... with variable allowances... to making each transaction fully subject to central control... allowing, disallowing, or taxing each... as they will.
It also clearly indicates that China intends to IMPOSE those "enhanced functions" on users of money... whether they want them or not... in a form in which it is the CCP... and not "the cool kids" choices about how money functions... that will decide how money functions... in the brave new world of digital money.
That emergent reality... now clearly backed by the poiwer of the CCP inside of China, at least, as its debut approaches... was met by the punditry and addressed with a similarly dismissive approach as that applied in opting to read China's reiteration of prior expressions re crypto... as "Really, there's not any news" there.
Their response to it... in the degree it was not to ignore it... was to mock it... as "China doesn't get it" that the features they have enhanced are not the ones people want...
At which point the CCP's Cheshire grin... might be seen as the best reply... to what the inevitability of the future success of the digital money revolution truly looks like.... |
