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I think you've hit on the core reason cryptocurrencies aren't going to take off as currencies. They've taken the governance aspect previously enacted by the fed
by wayoutthere 6y ago
I think you've hit on the core reason cryptocurrencies aren't going to take off as currencies. They've taken the governance aspect previously enacted by the federal reserve and enforced through the banks and replaced it with a shadowy cabal of exchange owners.
Ultimately I think it's a people problem that can't be solved through technology. But cryptocurrency does happen to be quite useful for money laundering...
- fastball 6y agoDecentralized exchanges exist for the more sophisticated cryptos (e.g. Ethereum).
- cortesoft 6y agoSure, but you will never be able to get out fiat currency from a decentralized exchange (which is what most people want).
- Acrobatic_Road 6y agoBisq and fiatdex do this.
- fastball 6y agoSure, but you can use something like LocalCryptos[1] to facilitate such a trade (which, in the case of Ethereum, has escrow that happens on the blockchain). There's still a middleman (if needed), but with a reputation system, they generally are not required. The whole idea of cryptocurrency is that one day you won't need fiat because all txs will be happening in crypto, so not exactly a dealbreaker for the concept. In fact, it kinda proves the concept – when fiat is involved, you need middlemen. With pure crypto, you do not. 1: https://localcryptos.com/ https://localcryptos.com/
- hanniabu 6y agoAlso for bitcoin- based protocols (Block DX)
- r00fus 6y agoIf the main purpose is money laundering, then perhaps cryptocurrency is good enough for those players? Maybe shady cabals are easier to deal with than governments, downsides included.
- deleted 6y ago[deleted]