Bitcoin's Operation Chokepoint with Doomberg - WBD634
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 20 March 2023
⏱️ 75 minutes
🧾️ Download transcript
Summary
Doomberg is an anonymous collective producing the world's most popular financial substack. In this interview, we discuss coordinated action against the crypto industry being undertaken with limited congressional approval or oversight. We talk about historical precedents, what this could mean for Bitcoin and Bitcoiners, and why we need a financial bill of rights.
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Mark Twain once said that "History never repeats itself, but it does often rhyme." Therefore, Bitcoiners should be extremely wary of the recent precedents of a ruling US administration being willing to de-bank business verticals antithetical to certain political beliefs. In 2011, the Obama administration targeted selected online poker businesses. In 2013, the same administration used the DoJ to lean on banks doing business with firearm dealers and payday lenders.
The problem is simple: a legitimate business and/or technology is kneecapped by a ruling body for subjective political reasons. Public-private institutions, such as banks, are lent on to hamper the functioning of businesses earmarked as being problematic. The fundamental issue is the methods applied are anti-democratic. There is no open debate or examination. A decision is made behind closed doors, and people, institutions and businesses are pressured to comply.
We are currently witnessing coordinated illiberal action against crypto-aligned companies. The intent is clear. Yet, there has been no debate. And whilst Bitcoiners may gain comfort from the actions being taken against crypto, the problem is politicians haven't revealed their full intentions yet. It is highly likely that Bitcoin is also in their crosshairs. As Doomberg asserts "eventually they'll come for your Bitcoin too."
What this lays bare is the willingness of those in control to de-bank perceived enemies. De-banking at face value may seem like an annoyance, but it actually strips an individual of agency. A person without access to the financial system is effectively neutered. It is a malevolent, silent and effective means of control. And, the methods applied a decade ago are being reapplied to control first crypto, and then Bitcoin. Be aware, be prepared, and raise hell.
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Transcript
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| 0:00.0 | Ejection from the banking system can be random happens for political reasons in the US all the time |
| 0:07.4 | it's rarely reported about and you can't in a way it's it's more devastating than being on probation for having been convicted for |
| 0:16.4 | something because not being able to bank in 2023 is akin to not being able to function in society. |
| 0:24.0 | Hello there, how are you all doing well out there? |
| 0:27.0 | Did you have a good weekend? |
| 0:29.0 | Been pretty crazy last week with everything that's going on with this kind of banking shit show |
| 0:34.1 | and Credit Suisse now look like they're going to the wall, UBS picking that up on the cheap. |
| 0:39.6 | If you didn't check out my show with Cait Long, covering all this banking stuff, |
| 0:43.0 | please do go and check that out. |
| 0:45.0 | But yeah, pretty crazy times, |
| 0:46.3 | Bitcoin's rallying. |
| 0:47.2 | It's one of those weird ones over where Bitcoin's rallying. |
| 0:49.8 | And it's sometimes hard to enjoy |
| 0:51.6 | because you know with all these banking issues it's going to affect some people but you know it is what it is we'll keep producing the right content to keep you updated but anyway |
| 0:59.2 | welcome to the what Bitcoin did podcast which is brought to you by Gemini the only place I'm using for |
| 1:03.9 | buying Bitcoin I'm your host Peter McCormack and today we have the legend of |
| 1:07.4 | Doombird back on the show the feedback from the last show we did with the big green |
| 1:11.6 | chicken was very good and as he was |
| 1:14.5 | recently covering Operation Choke Point I knew I had to get him back on the show |
| 1:17.4 | to cover it. Now I first saw this covered by my good friend Nick Carter and we'll try |
| 1:22.4 | and get him back on the show in Miami to cover |
| 1:25.2 | this too but who knows what will happen by then pretty crazy times out there anyway |
... |
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