In recent months, we’ve seen payment processors, web hosts and other
corporations brazenly take coordinated action in lock-step with government
priorities to financially freeze out disfavored businesses online. The
elimination of a sitting president from social media, whatever its perceived
merit or rationale, opened the door to a regime where those who can cancel
and suspend accounts do so at whim and in unison. This logic has led
directly from one payment platform, Stripe, zapping away Donald Trump to a
much bigger one, PayPal, blacklisting customers to purify its user base.

Feeding the beast makes it stronger: The more power these organizations
wield, the more arbitrary and punitive their ethical or ideological
standards become. As PayPal’s founding COO David Sacks has warned, the
orchestration of interlocking federal, financial and technological power to
punish its critics and perceived opponents circumvents our core
constitutional protections: A person who finds his financial and social
media accounts shuttered after being identified as a subversive by the
government will have no legal recourse.

Thanks to its huge resources, spanning Silicon Valley and federal
government, the regime has deep knowledge of your activity online.  Think,
say and do what it wants, and you are allowed to function.  Deviate, and you
are shut down. This is the un-American logic of the social credit system
being imposed on us.

Without a fundamentally new and better way to generate, circulate, save and
exchange wealth, Americans will be increasingly powerless to prevent their
financial system from being used to transform their country into a
technological cage.

Bitcoin and similar cryptocurrencies can free ordinary Americans from the
financial and psychological discipline and punishment at the core of this
system of control. But this gift will disappear if policymakers and
legislators, beginning at the state level, don’t firmly establish regulatory
and statutory impediments to the combined efforts of Washington, Wall Street
and Silicon Valley to make cryptocurrency just another cog in the system
they control.

States need to become broad legal sanctuaries for cryptocurrency. The use of
digital technology to refound America as a soft social credit system can be
stopped only by placing digital power in the hands of the people. For
generations, our military and intelligence agencies have progressively
organized America’s technological advancement around unaccountable and
extralegal social control. Our dependence on this system for future
innovation exacts an unbearable price on our freedom and our flourishing.

https://www.nytimes.com/2021/09/15/opinion/cryptocurrency-americans-free.html

By admin