Governments have a lot of power. They don't have the power to do what you're suggesting and they don't have the power to stop emerging revolutionary tech that is being picked up globally.
You know what other technology undermines government? The internet. If the government tried shutting down the internet, it would be impossible long term and cause widespread societal upheaval.
That being said, coins to be issued and controlled by the banks have already been made, like ripple. Yet ripple hasn't collapsed bitcoin.
However it seems you're convinced and your fear uncertainty and doubt are already set in. Exit the market if you lack the confidence.
Btw a block chain coin made by the feds fundamentally goes against how a cryptocurrency works. People aren't going to use a centralized coin that the feds can track and seize. We already have that, it's called us dollars. What's different between what you're talking about, fedcoin, and what we already have?
I just like talking about it. Pro and con. Good point about the internet.
But what about what happened to
e-gold in 2008, one of the first attempts to create an alternative currency. Launched in 1996, by 2004 it had over a million accounts and at its peak in 2008 it was processing over $2 billion dollars worth of transactions.
The US government attacked the four leaders of the system, bringing charges against them for money laundering and running an “unlicensed money transmitting” business in the case “
UNITED STATES of America v. E-GOLD, LTD, et al.” It destroyed the company by bankrupting the founders. Even with light sentences for the ring leaders, it was game over. Although the government didn’t technically shut down e-gold, practically it was finished. “Unlicensed” is the key word in their attack.
The power to grant a license is monopoly power.
E-gold was free to apply for interstate money transmitting licenses.
It’s just they were never going to get them.
And of course that put them out of business. It’s a living, breathing Catch-22. And it works every time.
Kings and nation states know the real golden rule:
Control the money and you control the world.
And so it’s gone for thousands and thousands of years. The very first emperor of China,
Qin Shi Huang (260–210 BC), abolished all other forms of local currency and introduced a uniform copper coin. That’s been the blueprint ever since. Eradicate alternative coins, create one coin to rule them all and use brutality and blood to keep that power at all costs.
