There is a resolution ‘Expressing support for the Bitcoin economy in Texas‘.  This comes at a time when it seems like a lot more banks are going fail.  This declaration from Ron Desantis that there will be no CBDC in Florida seems all so well timed, as if they all know something we don’t know.

At sblock we were excited when Silvergate bank started taking customers.  We were one of the first to fill out the online application to join.  Then they informed us that we needed to deposit $1 million USD to open an account.  That for us was a red flag, and we changed our minds.  Why would a company force you to deposit a million dollars when the FDIC will only cover $250,000, we thought.

The latest bitcoin rally and the rash of banks going out of business are related. It may be as simple as people are just looking for a place to put their money but either way it says a lot. We’ve never thought bitcoin, the blockchain or cryptocurrency needed banks to be successful. In fact banks in there traditional form banks are in direct competition with cryptocurrencies. The banks that try to control cryptocurrencies and the blockchain industry will fail. The ones that understand that the ideas behind the blockchain and cryptocurrencies is simply one of those ideas ‘who’s time has come’ and embrace it will be successful. The blockchain is a great technological achievement it can continue to gain acceptance with or without the help of banks. We all know that largest economies in the world are still adverse to cryptocurrencies all while most have already implemented a digital currency. They are using the same technological ideas created by the blockchain developers to create their digital currency except it’s not decentralized and they control it. Who ever controls it will have a lot of power and that’s what they want. Absolute power does lead to absolute corruption. More power leads to more corruption.