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> An open, permissionless, and GLOBAL monetary network for final settlement and small payments (and micropayments) which no single competing nation state has un
by colechristensen 4y ago
> An open, permissionless, and GLOBAL monetary network for final settlement and small payments (and micropayments) which no single competing nation state has unilateral control over would be a game changer for fintech innovation. The function of everything from Visa/Mastercard, Fedwire, SWIFT, Paypal, Western Union, etc, all rebase onto one global network with countless businesses competing on top of it to provide the most appealing user experience.
This is not ever going to happen.
Witness today the Ethereum tumbler getting sanctioned. When a payment method gets significant enough it will either be regulated or squashed by the state.
- anonporridge 4y agoStates are welcome to try to exclude themselves and their citizens from the network, as many nation states attempt to do now with the open internet.
- colechristensen 4y agoSome people do compare the relatively free exchange of information on the Internet with cryptocurrencies, but modern democracies regulating commerce isn't anywhere near the intent of dictatorships regulating information. It is also quite easy for a state to exclude themselves from cryptocurrency networks, to the extent that the only transactions taking places are enabled by black market in person exchanges for cash, and no legal business entity could use that currency so you're left with the only thing bitcoin was really ever good for, evading legal controls to do trivial things or illegal things. Nothing more.