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Users must "cash out" at some point (Even the miners need to be able to convert to their currency to pay for electricity, etc.). And you can only cash out thro
by cocktailpeanuts 6y ago
Users must "cash out" at some point (Even the miners need to be able to convert to their currency to pay for electricity, etc.).
And you can only cash out through these "custodial wallets". For example you can't "cash out" and convert your ETH into USD from MetaMask. So all that's needed for the government is to enforce the law on these custodial wallets.
It's not so different from how they deal with Tor. Even though the onion network gives the false sense of security, government agents mostly have taken over the entrance and exit nodes of the Tor network, and most criminals get caught this way. Using the "cash out" analogy, the entrance and exit Tor nodes are equivalent to the custodial wallets.
- biolurker1 6y agoThe point of crypto is not cashing out but using it as money to buy services. You are talking about speculators.
- garmaine 6y agoOh my goodness, no. The point of crypto is not to speculate and “cash out.” The point is to actually use it, as currency or as a platform (for smart contracts, etc.). No conversion to fiat is required.