4 ms·
In the crypto world, this is not a problem at all. They benefit from crypto being illegal, the common saying is "USD is supported by people's trust to the gover
by anovikov 3y ago
In the crypto world, this is not a problem at all. They benefit from crypto being illegal, the common saying is "USD is supported by people's trust to the government, the crypto is supported by people's distrust to the government". Crypto Inc., official exchanges and other systems that create an interface between crypto and "paper" economy, exist on the sidelines of the actual crypto, which is born illegal and anonymous and seeks to remain so: people on the fringes of it who are trying to profit off making it somewhat legit, exist largely to the detriment of it, not to the benefit. Crypto world will be happy if all of it becomes completely illegal and criminalised everywhere (but it's unlikely to happen).
- throwaway22032 3y agoMostly agree. It's funny that HN of all places doesn't seem to get this. I wouldn't go as far as to say that crypto wants to be illegal - more that it's indifferent. The entire point of something like Bitcoin is that it works regardless of legislation. In the existing world, a law could be passed to prevent a person from giving their neighbour a $10 bill, but they can still physically do it, and will do. That's exactly the problem that systems like Bitcoin attempt to solve - censorship free transfers, which are becoming harder and harder to do via normal banking. Centralized exchanges are normal banking. They are subject to all of the same constraints. The only people that care about them existing are grifters.
- anovikov 3y agoWell, crypto being illegal means not being subject to regulation, which increases demand for it because it fulfils it's purpose better. Thus crypto world wins.
- throwaway22032 3y agoIt's not subject to regulation regardless. It might become illegal as a side effect, you're getting the directionality mixed up.