I'm no fan of banks, but that doesn't mean I'm about to trust the same small group of people that brought us The DAO, MtGox, OpenSea and the endless churn of cr

I'm no fan of banks, but that doesn't mean I'm about to trust the same small group of people that brought us The DAO, MtGox, OpenSea and the endless churn of crypto scams. Your arguments are the same ones that argue for cash, and not more layers of unaccountable middle men or networks that are controlled by a minority of wealthy stakeholders. I even made the argument for cash using that same exact anecdote about Cyprus that you used about a week ago[1]. At any point the government could order exchanges to take a haircut on deposits and transactions. If that happened, 99% of people who hold cryptocurrency would not have the ability to liquidate it without taking a haircut. Even LocalBitcoins needs to follow KYC laws in the US, and will comply with laws of the country as long as they want to operate in the US. If people used any legal exchange in the US, their wallets are associated with their identifying information and there will be a record of transactions on the blockchain that point back to them should they try to escape the haircut. [1] https://news.ycombinator.com/item?id=30436347 https://news.ycombinator.com/item?id=30436347.