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Who needs privacy? Drug dealers and scam artists... Crypto solves (to a degree) the problem of a huge amoount of power belonging to the few people who run the

Who needs privacy? Drug dealers and scam artists... Crypto solves (to a degree) the problem of a huge amoount of power belonging to the few people who run the financial system. Huge consentration of power is not a good thing. Power corrupts and so on. Crypto puts everyone on equal footing - rather than say the people/companies who have a banking license enjoying an unfair advantage over everyone else (like the power to create money from thin air in the fractional reserve system). The credit card companies, PayPal and the like get to decide which companies are worthy to exist and which not. If they don't like a business, they can just cut them off from receiving money. E.g. VPN provides who don't keep logs are all banned from receiving credit/debit card payment, PayPal, etc. - they have to resort to receiving cash by post and crypto.

dsr_ 4y ago
That's an awful lot of workaround to solve the social problem of "my regulatory agencies aren't regulating well enough" -- a problem which will still exist afterwards.
- sowbug 4y ago
  It's not to solve that problem. It's to have the option to route around it.
  - dsr_ 4y ago
    It certainly can't route around it. US: https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... CA: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/20221116_let.aspx https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/20221116... EU: https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/DLT_Blockchain_Krypto/DLT_Blockchain_Krypto_node_en.html https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/D... and so on.
    - sowbug 4y ago
      Fraud existed long before digital currencies, and nobody is seriously advocating to legitimize it. I hope that even if you love the current financial system, you'd still be in favor of giving its competitors a chance to exist.

dsr_ 4y ago

That's an awful lot of workaround to solve the social problem of "my regulatory agencies aren't regulating well enough" -- a problem which will still exist afterwards.

sowbug 4y ago
It's not to solve that problem. It's to have the option to route around it.
- dsr_ 4y ago
  It certainly can't route around it. US: https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... CA: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/20221116_let.aspx https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/20221116... EU: https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/DLT_Blockchain_Krypto/DLT_Blockchain_Krypto_node_en.html https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/D... and so on.
  - sowbug 4y ago
    Fraud existed long before digital currencies, and nobody is seriously advocating to legitimize it. I hope that even if you love the current financial system, you'd still be in favor of giving its competitors a chance to exist.