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Canada Needs Crypto

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Canada Needs Crypto

Why Canadians are going to leave their banks and go bankless

Ryan Sean Adams
Feb 19, 2022
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Canada Needs Crypto

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Dear Bankless Nation,

Canada invoked the Emergency Act this week in response to protests.

A first in Canadian history.

The law grants Trudeau’s administration the power to prohibit public assembly, travel, and the use of specific property for 30 days. The specific property includes access to one’s money in a Canadian bank.

Canada announces plans to freeze Freedom Convoy protesters' bank accounts

This means that the Canadian government now has the ability to freeze its citizens’ bank accounts without due process or court order. And they’re doing it.

This goes beyond stopping banks from transferring funds to protest organizations.

The order says that banks and financials services providers including credit unions, loan companies, crowdfunding platforms, and crypto exchanges must stop “providing any financial or related services” to people associated with the protest.

If you’re involved in the protest they can:

Freeze your life savings.

Strand your money.

Cancel your credit card.

Stop your mortgage application.

Eliminate you from the banking system.

It’s not just the banks either. They’re targeting crypto wallets too. 😱

Wait…isn’t crypto unstoppable?

While they can’t stop peer-to-peer transactions on Bitcoin and DeFi on Ethereum, they can prohibit centralized crypto exchanges from interacting with a blacklisted set of Bitcoin and Ethereum accounts. Centralized custodians are the chokepoint.

Twitter avatar for @TrueNorthCentre
True North @TrueNorthCentre
Deputy PM Chrystia Freeland: "The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions and accounts have been frozen and more accounts will be frozen."
5:10 PM ∙ Feb 17, 2022
8,149Likes4,675Retweets

Who gets this treatment?

Canadian Finance Minster Chrystia Freeland said she wouldn't get into the "specifics of whose accounts are being frozen" but “the consequences are real and they will bite.” No oversight or accountability. Who gets targeted is at the sole discretion of government authorities and Canada’s financial surveillance department FINTRAC.

“This ain’t my protest”

Let me be clear: this isn’t about us taking sides on the protest. This is us calling out the precedent this sets.

Whether or not you care about this protest, you have to ask yourself:

What happens if it’s a protest for something I care about?

What if it’s inflation? Or rising energy costs? Or social injustice?

This time it’s their protest.

Next time it’s yours.

How free do you feel when they can eliminate you from the economy with a mouse click?

This is why we need crypto. This is why we need DeFi. This is why we go bankless.

The banking system should not be a weapon used by governments on their people.

We need to be able to lend, borrow, trade without centralized institutions. We need DeFi built on a decentralized, censorship-resistant protocols. We need strong digital property rights in 21st century and we can’t rely on our governments to provide them.

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
The primary purpose of a nation is to preserve the physical property rights of its citizens. The primary purpose of Ethereum is to preserve digital property rights of its users.
7:16 PM ∙ Feb 17, 2022
159Likes20Retweets

This week caused a lot of Canadians to consider taking their money out of the banks. Where do you think that money goes?

When you erode trust in the neutrality of the banking system people move their money. As for the fate of these legacy institutions I think Minster Chrystia Freeland summed it up well—"the consequences are real and they will bite."

Here’s what’s lined up for next week:

  • Tetranode teaching us how to become a crypto whale (early access)

  • David is dropping a timely article on why crypto is here to set you free

  • We’re dropping the “how to get started in DeFi (2022 edition)” guide.

Have a ✊ weekend.

- RSA

P.S. Check out Green Pill, a new Bankless podcast from Kevin Owocki! Crypto is here to fix the world, Kevin is here to tell the story on how and why.


🙏 Sponsor: Ledger—Join the wait list for the Crypto Life (CL) Card powered by Ledger. 💳


Recap for the week of February 14th, 2022


🎙️ WEEKLY PODCAST EPISODE

Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed


ACTION RECAP 📚

📘 Best Crypto Superbowl Commercials

TL;DR

  • David ranks the best crypto commercials from last week’s Superbowl. Over 100M+ watched the event and crypto was front and center with four crypto companies shelling out millions to get featured.

  • The top crypto commercial was FTX’s which starred Larry David in “Don’t Miss Out”. The two and a half minute commercial struck a chord as it drew a parallel on how people brushed off impactful technologies like the wheel, the lightbulb, and others. Crypto is no different.

📘 How to sweep NFT floors

TL;DR

  • William dives into how to use NFT aggregators like Gem and Genie to make batched purchases and sales on NFTs. The tool helps everyone save gas fees when they want to sweep the floor on their favorite NFTs!

📘 Crypto can fix the world 🔥

TL;DR

  • Kevin Owocki wrote an amazing article on how regenerative crypto-economics can fix the world. These economic systems satisfy human needs, create positive externalities, and create balance and equilibrium.

  • If we collectively all take the green pill (choosing to coordinate), we create a more regenerative world.

  • The article also features the launch of Green Pill, a new Bankless podcast.

📘 WTF are veTokens 🔥

TL;DR

  • Ben dives into the rise of veTokens and how to avoid the pitfall of valueless governance tokens.

  • The veToken model encourages long-term decision making, aligns incentives for protocols participants, improves the supply and demand dynamics for DeFi tokens.

  • The downside of the model is that it drives a lack of liquidity and encourages bribes and other negative governance externalities.

💬 What’s your crypto conference experience?

TL;DR

  • Crypto conferences are an important part of crypto culture. Bankless Nation shares their experiences with the conference circuit and the positives and negatives of their experiences.

P.S. Thoughts on the new format? Leave a comment or say something on Twitter!

WATCH & LISTEN 🔊

  1. 🎙️ Listen Crypto in Washington | Congressman Tom Emmer

  2. 📺 Watch $1M BTC and $180K ETH Predictions | Ark Analysts

  3. 📺 Watch Are Music NFTs the Future? | M Shadows

  4. 📺 Watch ETH DENVER | SEC Fines BlockFi | Canada Freezes Funds

METAVERSAL 🧙‍♂️

  1. Cool NFT Tools | Q1 2022

  2. The Metaverse Land Tax

  3. NFTs: New Fun Time

BANKLESS DAO 🏴

  1. The Future of Digital Identity } Decentralized Law

  2. DAO Dash, Ultrasound Merch, PM Working Group | Gearing Up

  3. The best NFT sneaker drop | Decentralized Arts


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

  • Full Access: Best Crypto Bowl Commercials

  • Exclusive: Crypto in Washington Debrief

  • Early Access: How to Become a Whale | Tetranode

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.

Get Bankless Badge


🎙️ STATE OF THE NATION

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


🎙️ WEEKLY ROLLUP

Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed


Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

  1. MomentRanks is hiring a Senior Product Engineer

  2. dYdX is hiring a Community Manager (Contractor)

  3. dYdX is hiring a Governance Growth Lead

  4. dYdX is hiring a Business Operations & Finance Associate

  5. dYdX is hiring a Marketing Associate

  6. SmartDeFi is hiring an Accountant

  7. GoldFinch is hiring a Web3 Engineer (Solidity & React)

  8. Syndica is hiring a Senior Engineer (Go & Rust)

  9. StarX is hiring a Smart Contract Tech Lead

Browse more roles (or add your own) at the Bankless Jobs Board



Go Bankless. $22 / mo. Includes archive access, Inner Circle & Badge—(pay w/ crypto)


🙏Thanks to our sponsor

The Crypto Life Card

The Crypto Life (CL) Card, powered by Ledger, is a crypto debit card built to be compatible with the Ledger ecosystem.

With the CL Card, you will be able to:

  • Instant exchange to fiat—stay in crypto until the last moment. Only sell your crypto when you make a purchase using your card.

  • All in one place—securely top-up your card using either fiat or crypto deposits. Manage your balance - and more. All in Ledger Live app.

  • Spending without selling—need cash? Now you can increase your spending limit by using your crypto as collateral.

  • Get your paycheck in crypto—set a percentage in your card account to receive your paycheck partially in crypto.

Join the Waitlist!

Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥

Bankless repping hard at EthDenver. You there?

Twitter avatar for @BanklessHQ
Bankless 🏴 @BanklessHQ
david is discussing scaling vibes and “vibes go up” to kick off #ETHDenver2022
Image
12:59 AM ∙ Feb 18, 2022
39Likes6Retweets

Want to get featured on Bankless? Send your article to submissions@banklesshq.com

Write for Bankless


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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Canada Needs Crypto

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Rosie Hamer (HRH) 🌐👌
Writes Rosie Hamer HRH ’s Newsletter
Feb 22, 2022

Ryan Adam, as you mentioned here, “truly the Canadian protest is not our protest” and of course us commenting in a nice manner does not make us part of the revolt rather to identify with them and show compassion with those who are must affected.

On the other hand and in regard they targeting crypto and their creators;

I believe then-that will be our protest and we will stand in the same nice manner to support Crypto and their creators, would I say in my humble opinion.

The Crypto’s Creators, Writers and podcasters like you and I, Bankless and Substack and LinkedIn Social Media, Twitter, Instagram, metaverse and other platforms will use their talents to communicate, artistically.

That’s the immerse beauty of communication to use it wisely and well.

Thank you, Ryan S. Adam.

HRH.

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Laramie
Writes Coming Crypto Battle Lines
Feb 20, 2022

Well said. Everyone should think long and hard about how they would proceed should something like this be a reality for them.

The Bitcoin genesis block contained the following message: “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.” It was a reminder that governments will always use money for political purposes if they are permitted to do so. If you are on the wrong side of their politics, you'll get the opposite of a bailout.

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