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It's hard not to see patterns emerging honestly. TikTok ban, Coinbase and now this. Seems like the US Gov is ramping up not only attacks on Chinese proxies bu

by ragnot 4y ago

It's hard not to see patterns emerging honestly. TikTok ban, Coinbase and now this. Seems like the US Gov is ramping up not only attacks on Chinese proxies but anything that might threaten US dollar reserve status. Should be interesting times.

psychlops 4y ago
If they need to work so hard to keep people in the system, it should be a good indicator of the state of affairs.
JumpCrisscross 4y ago
> TikTok ban, Coinbase and now this How is TikTok related to dollar hegemony?
- humanizersequel 4y ago
  >Chinese proxies
  - JumpCrisscross 4y ago
    How does one separate attacks on dollar hegemony from broad American interests? I'm struggling to think of what any country would do that couldn't be characterized as defending its currency.
    - ragnot 4y ago
      TikTok is a more conventional ban on a foreign security apparatus, it really has nothing to do with dollar hegemony. Attacks on crypto institutions is the US Govt defending dollar hegemony. I have no proof (obviously), but if you just look at the pieces together it's hard not to justify that this is a trend.
      - JumpCrisscross 4y ago
        > if you just look at the pieces together it's hard not to justify that this is a trend You don't see anything else in the last 6 months that could have turned crypto into an enforcement priority?
        ragnot 4y ago
        I want to say 1) I (admittedly) look at the world through a paranoid lens, 2) could be completely wrong. This is just my opinion. That being said, I think you are referring to FTX right? It is the natural way to look at it. You see FTX and a reasonable person could conclude that this is simply the US Govt making sure that it doesn't happen again. In fact, it could be the only reason. But when I see things like the TikTok CEO being dragged in front of Congress and multiple crypto exchanges (which allow for a potential way to side-step dollar hegemony) being attacked (legally) I like to stop and think about if this is the US Govt retaliating. Maybe the USG wants to shore up support after rising interest rates highlighted that many banks are not as strong as many thought (due to HTM treasury accounting tricks). Maybe the visits of Putin and Xi to each other countries is signaling an increasingly unified "new eastern blok" which is something that the US wants to weaken. I don't have the answers again. I'm just thinking. If you are wondering what it means for me personally, I am going to get out of crypto holdings entirely. I see this as a shift that the USG views crypto as a threat that can be exploited by enemies. Perhaps Bitcoin is safe, but that would be the only one.
      - deleted 4y ago
        [deleted]
malermeister 4y ago
Dude they literally knew their stuff was being used for crimes and said, and I quote: > "Like come on. They are here for crime." - "we see the bad, but we close 2 eyes." This is just criminals being criminals, like all the crypto junk always has been beneath all the lofty rhetoric. No grand conspiracy theory needed, the chickens are just finally coming home to roost.
- ragnot 4y ago
  I guess the art of geo-politics is achieving an agenda with plausible deniability. It's not a crackpot theory to suggest that the US Govt is enacting a policy change due to changing politics with China. Additionally, the US Govt has managed to weaponize the US dollar through the global financial system; allowing it to enforce it's will without bloodshed (even on nuclear capable states like Russia). It's a capability that is invaluable. So when you hear things like Russians selling oil in Yuan, you need to respond.

by ragnot 4y ago

psychlops 4y ago

If they need to work so hard to keep people in the system, it should be a good indicator of the state of affairs.

JumpCrisscross 4y ago

> TikTok ban, Coinbase and now this How is TikTok related to dollar hegemony?

humanizersequel 4y ago
>Chinese proxies
- JumpCrisscross 4y ago
  How does one separate attacks on dollar hegemony from broad American interests? I'm struggling to think of what any country would do that couldn't be characterized as defending its currency.
  - ragnot 4y ago
    TikTok is a more conventional ban on a foreign security apparatus, it really has nothing to do with dollar hegemony. Attacks on crypto institutions is the US Govt defending dollar hegemony. I have no proof (obviously), but if you just look at the pieces together it's hard not to justify that this is a trend.
    - JumpCrisscross 4y ago
      > if you just look at the pieces together it's hard not to justify that this is a trend You don't see anything else in the last 6 months that could have turned crypto into an enforcement priority?
      - ragnot 4y ago
        I want to say 1) I (admittedly) look at the world through a paranoid lens, 2) could be completely wrong. This is just my opinion. That being said, I think you are referring to FTX right? It is the natural way to look at it. You see FTX and a reasonable person could conclude that this is simply the US Govt making sure that it doesn't happen again. In fact, it could be the only reason. But when I see things like the TikTok CEO being dragged in front of Congress and multiple crypto exchanges (which allow for a potential way to side-step dollar hegemony) being attacked (legally) I like to stop and think about if this is the US Govt retaliating. Maybe the USG wants to shore up support after rising interest rates highlighted that many banks are not as strong as many thought (due to HTM treasury accounting tricks). Maybe the visits of Putin and Xi to each other countries is signaling an increasingly unified "new eastern blok" which is something that the US wants to weaken. I don't have the answers again. I'm just thinking. If you are wondering what it means for me personally, I am going to get out of crypto holdings entirely. I see this as a shift that the USG views crypto as a threat that can be exploited by enemies. Perhaps Bitcoin is safe, but that would be the only one.
    - deleted 4y ago
      [deleted]

malermeister 4y ago

Dude they literally knew their stuff was being used for crimes and said, and I quote: > "Like come on. They are here for crime." - "we see the bad, but we close 2 eyes." This is just criminals being criminals, like all the crypto junk always has been beneath all the lofty rhetoric. No grand conspiracy theory needed, the chickens are just finally coming home to roost.

ragnot 4y ago
I guess the art of geo-politics is achieving an agenda with plausible deniability. It's not a crackpot theory to suggest that the US Govt is enacting a policy change due to changing politics with China. Additionally, the US Govt has managed to weaponize the US dollar through the global financial system; allowing it to enforce it's will without bloodshed (even on nuclear capable states like Russia). It's a capability that is invaluable. So when you hear things like Russians selling oil in Yuan, you need to respond.