Let’s talk privacy.
In the past, privacy has seemed like a fringe topic in crypto. The general idea that the U.S. government in particular could allow something like Monero (XMR) seemed preposterous.
Now, things may be changing.
Artificial Intelligence (AI) is being exported from China, allowing totalitarian governments to create “social credit scores.” These scores can be used to track people and allow governments to decide who can move from one place to another. Concern over “big brother” issues in China is on a scale big enough to be covered by the New York Times.
Rhetorical question: If governments can restrict your movements, is there anything they can’t do? How do people prevent governments from seizing their money?
And it’s not just China or Venezuela. It can happen in the U.S.
Right now, people in the U.S. are ignoring Bernie Sanders and Alexandria Ocasio-Cortez (AOC) the way people dismissed Donald Trump prior to the 2016 election. That seems incredible, considering AOC is driving the national agenda. She’s out-Trumping Trump on Twitter. I watched the likes increase on one of her Tweets. The stats on likes and retweets were moving up so fast, it looked like a video game.
Safe to say ignoring AOC and the American left’s agenda is foolish. The Congressional Budget Office (CBO) did an estimate that AOC’s Green New Deal would cost $93 Trillion. This story wasn’t found on some blog. It was reported by Bloomberg.
Has anybody thought about how even one-fourth of $93 trillion could be obtained? The Fed doesn’t want to print it, even though that’s what AOC wants. And if AOC wants to take away the Fed’s independence and print, Bernie will have to want to do it too.
Question: If the new American political superstars can’t get enough money via normal taxation or printing money, the only other option is confiscation. A wealth tax. You wake up one day and half your money is gone.
Bottom Line: Governments are not fooling around anymore. Your money can become their money in 2020. Monero below $50 feels absurdly cheap given the global political environment. The charts show the recent down move was met by support from a Fib speed line structure (Figure 1) — and that makes me even more interested in Monero (XMR) for its privacy features.