U.S Senator, Elizabeth Warren believes that corporate giants like Amazon and Facebook have the power to disrupt the entire economy and corporate systems. She thinks that these juggernauts can greatly decide the course of global wealth and must be confined in or ‘broken up’. Being too powerful is always fatal, Warren suggested, which is a similar characteristic associated with bitcoin. In the past, U.S. 2020 presidential candidate said that Bitcoin and other virtual currencies could be potentially harmful to American families that place their savings into the market.
The founder and partner at Morgan Creek Digital, Anthony Pompliano, shed some light over the fact that whether she will be able to disintegrate the digital asset. He states that though the bigger entities can pose a serious threat to the entire system, bitcoin is the one that is to make things right. He said;
Elizabeth Warren is planning on breaking the giants like Amazon and Facebook apart in order to prevent future destruction as they possess a great deal of power. It would be a surprise for her to know that bitcoin cannot be broken up at all.
While talking to BlockPublisher, Pompliano revealed the potential target for Elizabeth Warren, with her currently targeting Amazon and Facebook. The target being bitcoin is a possibility, because Pompliano suggests that bitcoin will bear a similar power and will hold not only a chunk of wealth but a maximum amount. Why? Because the massive amount of people joining the bitcoin fan base, supporting no matter what, will increase with time. The increase obviously should express gratitude to the appreciable features of bitcoin including the likes of decentralization. Decentralization is the framework that holds the entire system together like in cryptos. In case of bitcoin, there are nodes which deals with transactions without having any third party governing the transaction.
Amazon Marketplace, Google’s ad exchange, and Google Search would be platform utilities under this law. Therefore, Amazon Marketplace and Basics, and Google’s ad exchange and businesses on the exchange would be split apart. Google Search would have to be spun off as well.
Most of the companies and ventures believe in merger which is a dangerous thing as Warren suggests. This shuns fair competition as a newbie would be shut down immediately if two mega forces like Amazon and Google shake hands. The same she describes for Facebook too because it has grown out so rapidly and irregularly. Though the spread of such grand stature, is sure a thing to accomplish, this stunt leads to abolishing such things to transpire again. People cannot fend off the massive competition from the giants at all and resort to smaller markets. Splitting businesses will be healthy for beginners as they will be able to get hands onto the projects that they needs to build themselves up.
Bitcoin, and the entire crypto market currently does not amass a revenue or market-cap matching the aforementioned giants. But given the circumstances, the crypto market, led by bitcoin can surpass the entire corporate industry. Anthony Pompliano, along with other crypto peers, are sure that bitcoin will turn into the legendary coin to becomes the supplant for the fiats. Until that time, bitcoin has much to achieve including being regulated by incumbent authorities and scoring an ETF. These will help bitcoin to gather a strong user base that is needed to get everybody on board.
Companies with an annual global revenue of $25 billion or more and that offer to the public an online marketplace, an exchange, or a platform for connecting third parties would be designated as ‘platform utilities’.
Sen. Elizabeth Warren, the presidential hopeful for the next elections, put forth her proposal aiming to promote fair competition to the starting businesses. This, she intends to accomplish by putting the companies that garner a revenue of $25 billion or greater, under the label, ‘platform utilities’. The platform utilities, is just the branding of the companies that boast such a grand revenue, except from the restrictions that Warren proposes for these platform utilities. The platform utilities, according to Sen. Warren, will comply to limiting mergers, not stick to being proprietary marketplaces and to be regulated thoroughly. These measures as Sen. Warren suggests, limit competition. Mergers and proprietary marketplaces accumulate more power which must be regulated by relevant authorities.
Anthony Pompliano suggests that politicians seemingly do not grasp the concept of decentralization. Though the concept is much similar to democracy, it is a wonder they do not pay much attention to it. This can be because of of the two reasons. First, they do not think that this concept can do any good to the existing systems at all. Secondly, they reside in the moulded and manipulated version of democracy which does not resemble decentralization at all. Decentralization means power for everyone but the democracy of today does not depict this at all.
The way Sen. Warren describes breaking up a corporate entity is similar to what we call forking in the crypto industry. Forking has yielded the resultants even more hype and potential than the predecessor. Recently, the bitcoin cash fork resulted in bitcoin SV and two others, giving the opportunity to the three of them to practice their own norms. For example bitcoin SV (Satoshi’s Vision) is set to follow the genesis concepts of bitcoin keeping to Satoshi’s vision and stay simple and straightforward. Transactions are made to be simple and without any additional layers. Nevertheless, this has brought three separate entities into existence.
As far as competition is concerned, bitcoin, Ethereum and Ripple do not hinder other projects in any way. As far as innovation stick intact a magnificent project can score the same success as bitcoin. Given this, there also is a chance Sen. Warren will not go for breaking the crypto projects after all.