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The reason why cryptocurrency has the benefits it does is that it is highly impervious to third party intervention, whether that intervention is repressive regu
by CryptoPunk 5y ago
The reason why cryptocurrency has the benefits it does is that it is highly impervious to third party intervention, whether that intervention is repressive regulation (which by the way, I would count KYC/AML laws as, after experiencing the financial exclusion and privacy violation it causes), benevolent regulation or just some party seeking to engage in rent-seeking, as in the case of a company with a locked in customer base raising fees to above what is economically optimal.
The only way to eliminate its negative effects is to obviate its core properties of permissionless-ness and decentralization.
- Nursie 5y agoIf those have to be given up, then let it be so. I don't see that either of those qualities is essential to the benefits you proposed above.
- CryptoPunk 5y agoThe benefits I referred to come from the fact that people all over the world can count on the protocol remaining globally accessible and apolitical/neutral. Without that, there would be no global adoption of the value transmission protocol to make the assets issued on top of Ethereum useful at the global scale. We cannot count only on the political system to maintain liberties. We need non-political institutions like cash, and its electronic corollary, cryptocurrency, to ensure certain freedoms, even in the case where the political system fails.