This article is difficult, as there are SOOO many angles that need to be considered – regarding today’s comment from U.S. FBI Director Christopher Wray, at a Homeland Security hearing, that…
“For us, cryptocurrency is already a significant issue, and we can project out pretty easily that it’s going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response, is harder for me to speak to.”
At this point, it’s getting comical to be fearful of Bitcoin “regulation” – given that, by definition, it is a peer-to-peer electronic cash system. Also, that in a world where most governments are either indifferent to or supportive of Bitcoin, the U.S. government has the motive, ability, or influence to “stop” it.
The fact is, Bitcoin is here to stay – and now that major governments like China, Japan, and France have directly or indirectly indicated support, attacking Bitcoin will be viewed as both backward-looking and futile.
What Wray is referring to, is the long-standing boogeyman, and FUD factor, of Bitcoin’s supposed significant role in crime and money-laundering – as if it’s more pervasive than in fiat currency, Precious Metals, or any other form of money.
Unquestionably, more crime is paid for with cash than anything else – and if crypto payments become more popular in criminal transactions, it will not be because it’s more “private,” but VALUABLE.
That said, the most important comment he made was not about Bitcoin and CRIME, but PRIVACY - when he said the FBI is already keeping an eye on cryptocurrencies, using “tools we have to try to follow the money.” In other words, the transparency of the blockchain is being used against users, as I have discussed in countless articles to date.
This is where MimbleWimble comes in – by far, the most revolutionary technological innovation in crypto history…that thanks to Grin, Beam, and soon-to-be-launched MWC (on Monday!), is being rapidly developed – to the point that at this time next year, it may well be fully functional and well-understood. As opposed to today, where few crypto investors know it exists; whilst close-minded Bitcoin “maximalists” typically ignore or spread misinformation about it, due to fear that a debate about HARD-FORKING it into Bitcoin might ensue.
The FACT is, MimbleWimble is far more scalable, private, and fungible than current blockchain protocol – and despite the fact Bitcoin cannot be “stopped,” it certainly can be followed via “chainalysis”; and thus, blacklisted like dollar bills with specific serial numbers.
In other words, comments like Wray’s could not scream louder that ALL crypto should consider implementing MimbleWimble – including Bitcoin.
MimbleWimble technology WILL advance rapidly, so avoiding its existence is unwise – particularly if you are a Bitcoin holder. This is why MWC Lead Dev decided to distribute 30% of MWC’s lifetime supply via the BTC airdrop scheduled to be claimable December 11th, one month after the November 11th MainNet launch – and why those who claimed it, amounting to approximately 1% of all BTC holders, have both an incredible tech investment, and perfect hedge if a Bitcoin “privacy debate” ensues.
Get psyched for MWC’s launch Monday – as per Christopher Wray’s comments, it couldn’t be at a better time for crypto investors!
The MWC airdrop registration ended July 19th, with MainNet launch scheduled for November 11th, 2019, and claims on December 11th, 2019. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.