The Scope of Crypto, The Eating of the Financial System, The rise of the Tech Fascist Financial Prison
I promise I will try to do some short posts too. So here is one.
In their recent earnings call, CEO of Coinbase Brian Armstrong made some comments that I think are especially important. They are some great quotes that illuminate one of my biggest points, which is that “crypto” is a new financial system, owned and controlled by tech fascists, that promises to seize control of the global economy —
by turns cannibalizing it, subordinating it, replacing it, destroying it, slipping in its infrastructure beneath it, enveloping it in its new banks and exchanges and wrappers… debasing currencies and wrapping them in venture capital computers, establishing a control plane… compromising nation-states and their governments to install it… as we have seen in Argentina, in El Salvador, in Honduras and here in the United States, where we were just couped by these sick fucks, who came in with billions of crypto money.
To the comments from one smooth operator, Brian Armstrong of Coinbase, the mega-play of tech fascists for the world economy….
“our goal is to be the number one financial services platform in the world across each of the customer groups we serve, with crypto rails eventually powering the majority of global GDP.”
“… it’s important to realize that crypto is eating financial services, and Coinbase is 100% focused on crypto. We’re building better financial infrastructure for the world, which will enable more economic freedom. We’ve been focused on crypto since the beginning, 12 years ago, and we continue to be focused there, executing at a rapid pace. With growing regulatory clarity, we believe crypto rails are poised to power an increasing share of global GDP and update every aspect of the financial system over time.”
So. Believe them.
A few more tidbits, the bragging about the installation in Argentina, where the tech fascist techno-optimist Milei beloved of the Silicon Valley oligarchs is opening the country to plunder…
“We continue to repeat our successful international playbook driven by obtaining new licenses. So we secured a vast registration in Argentina.”
This, below, also an important point, the growth of lending products offered by Coinbase and backed by its new global commerce infrastructure Base… another venture capital subsidy allowing wealth crypto holders to live off loans and never give up their precious crypto.
“This quarter, we also expanded our onchain lending products, Powered by Base. We launched Bitcoin-backed USDC borrowing. This is giving users instant liquidity without having to sell their Bitcoin. In the first 100 days, we saw over $100 million in loans. It’s now up to $160 million in loans. Since January, it’s growing at a really incredible pace. So we’ve had a lot of success with that product.”
It is important to understand what crypto is: an attack on the global financial system, by people who will stop at nothing. Couping countries, compromising the judiciary and the regulatory bodies, setting up colonial outposts throughout the global south, blowing up banks — after causing a bank run on Silicon Valley bank, the outflows went into an a16z-owned crypto bank, weird.
War …
They pursue this at all costs. Crypto is the financial system of tech fascism and they will enslave the world with it. All of the labor of the peoples, all of their monies and their properties, their countries and governments, their homelands, and this beast is bearing down on it all.