“This time is different” is a mantra often repeated during bull cycles, with cryptocurrency enthusiasts, at least those subscribed to the dogmas of four-year Bitcoin cycles, often disregarding it. While bull cycles still exist, they tend to be different from each other, with changes being often for the worse and based on Black Swan events. Last time it was COVID-19 pandemic, this time might be something much more sinister.
The recent sentencing of Binance founder Changpeng Zhao, the arrest of the Samourai Wallet creators, and the FBI's warning against using non-KYC crypto wallets are all part of a much broader trend towards authoritarianism and totalitarianism. This troubling development is the result of an unholy alliance between Big Tech, the intelligence apparatus, big banks, and big corporations, who are exploiting various crises, such as pandemics and wars, to maintain the status quo through increasingly oppressive means.
Cryptocurrency users have long taken the privacy and freedom afforded by this technology for granted. However, the actions taken against individuals and companies in the crypto space are a clear attempt to crush any semblance of financial privacy and self-sovereignty.
This trend might also represent another monkey wrench in the current bull cycle. The spectacular FUD (fear, uncertainty, and doubt) generated by these events could suppress the price of cryptocurrencies, allowing big corporations to accumulate at the expense of the increasingly impoverished retail masses.
The crypto world must react to this assault on privacy and freedom by remembering what "crypto" in "cryptocurrency" stands for. The community must return to the original principles of self-sovereignty and sever as many links to the state and traditional financial order as possible. This may involve a renewed focus on decentralized finance (DeFi), non-custodial wallets, and privacy-enhancing technologies like zero-knowledge proofs and mixers. Only by standing firm in the face of these attacks and remaining true to the core values of the cryptocurrency movement can the community hope to preserve the freedom and autonomy that drew many to this space in the first place.
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