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Cryptocurrencies are not "just like cash". I cannot teleport 1 billion dollars in cash across state borders. I cannot store it my head while imprissoned. I cann
by cornholio 8y ago
Cryptocurrencies are not "just like cash". I cannot teleport 1 billion dollars in cash across state borders. I cannot store it my head while imprissoned. I cannot manage it without accomplices and theft risk.
The whole premise "exchanges as identity gatekeepers" is in contradiction with the promise of stable world wide cryptocurrencies that ar just as good as fiat. When that happens, nobody needs exchanges and money laundering becomes a fundamental feature of the financial system.
- fineng123 8y agoWhy would the powers that be allow this to happen? I don't understand this fairy tale view
- erikpukinskis 8y agoI don’t see how a government could stop it without basically banning writing code. Also, if blockchains prove to be a valuable technology then jurisdictions that ban them will be at a competitive disadvantage. I make the same argument about self driving cars: yes they could be banned, but SOME government will allow them and then global media will make that difference stark.
- fineng123 8y agoThe ecosystem is quite dependent on fiat crosses... the U.S. government alone has the power and the tools to destroy crypto. You can't hurt the rentiers, e.g. large American banks, and expect them to not get compensation or destroy you in turn. They are the law. To think that it matters that the technology is better (and it's debatable that it really is) is ludicrous.