Cryptocurrency is being hijacked.
We know that Circle is a centralized entity that is looking coming under banking regulation. Now we have Tether freezing wallets including the one tied to Tornado Cash.
Here is the article
In this video I discuss how this is where the industry really needs to focus. The change in the future is going to come from the fringe. Right now, it is key to remain out of the limelight and keep the bullseye off our chests. This is how we need to alter things by operating under the radar.
HBD is a solution for all of this.
▶️ 3Speak
I think this is a big deal. One of the supposed advantages or goals of Crypto is decentralization and removing control. Crypto is supposed to prevent organizations from locking people out of their funds, similar to how banks operate. This happening on crypto assets should be an eye opener for a lot of people.
I agree it is a big deal. So we have to be mindful of what is taking place.
How do you think this impacts growth for Hive? Growth brings attention. Couldn't centralized entities try and block funds coming from the chain, like with Tornado?
Hive has to build decentralized options. This is where DEX and liquidity pools come into play. Hive is not going to be carried on the centralized entities since they will block it.
Gotcha. I see what you're saying. Cut out the middleman all together.
"security measure" yeah sure...
This is the issue that comes with "Institutions" entering crypto. Everyone who cheers the process thinks only in terms of piles of cash that would continue to make Number Go Up. Few think that "Institutions" means that crypto is getting at the mercy of the likes of Jamie Dimon and Elizabeth Warren.
Summary:
In this video, Task talks about Tether freezing all OFAC sanctioned wallets as a security measure to comply with regulations and AML. He expresses concerns about centralized entities like Wall Street gradually taking over the crypto industry. Task emphasizes the importance of staying decentralized and below the radar to avoid regulatory scrutiny. He criticizes stablecoins like Tether and USDC for being controlled by centralized entities, warning against putting too much trust in them. Task also discusses the potential takeover of cryptocurrencies like Ethereum by big financial institutions and advises staying cautious to maintain decentralization in the crypto space.
Detailed Article:
Task delves into the recent headline about Tether's proactive security measures, freezing OFAC sanctioned wallets, and Tornado Cash contract addresses. He explains how this move aligns with regulatory compliance and reflects a broader trend towards centralization in the crypto industry. Task expresses disdain for this development, highlighting the industry's shift away from its decentralized roots towards traditional financial systems.
He stresses the importance of focusing on decentralized platforms at the fringes, away from the control of centralized entities like Wall Street. Task warns about the looming centralized control of Bitcoin, possibly by sovereign wealth funds and Wall Street banks, eroding its decentralized nature.
The discussion shifts towards the control exerted by entities like JP Morgan on cryptocurrencies and exchanges, citing examples such as Coinbase and Circle as potential acquisitions for larger institutions. Task criticizes centralized control in stablecoins like Tether and USDC, urging caution in trusting them as solutions for the future of finance.
Task encourages developers and individuals in the crypto space to operate discreetly to avoid regulatory interference, pointing out the necessity of decentralization in the face of government limitations. He criticizes the increasing influence of institutions in the crypto sphere, underscoring the need for vigilance and continuous development towards decentralization.
Lastly, Task warns of the imminent takeover of Ethereum by financial institutions as spot ETFs gain popularity, leading to potential control by Wall Street and hedge funds. He urges viewers to anticipate battles with regulators and stresses the importance of preparation in navigating challenges in the evolving crypto landscape.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.