It's been time for awhile. We have Crypto tech but it won't find a useful use unless the majority of people trust it. When something like FTX happens over and over again, what's the point of dealing with it? There other more stable technologies that will help society. Why should we bother with what's constantly falling apart? It will never find a valid use unless we can trust it. Investors that invest in it are gambling with their money.
The constant criticism of crypto is that it does not have a valid use. Why would anyone want to use it or build on it if you can't trust it? It's like building in front of a unstable dam that can fall apart at any minute. It would be crazy to build in front of it.
Imagine what would have happened to e-commerce if there was a large chance that you would lose your money and purchase every time you used it and you had no way to get it back? Online purchasing would have no use. It would just be a novelty. But instead, because we trust it, it has created millions of jobs and billions in profit for society. We can even say that it helped many people from dying by letting people shop from home rather than risk getting COVID.
Right now, users won't trust it and investor's shouldn't trust it. Regulate it and bring some stability to it.
Right now, users won't trust it and investor's shouldn't trust it.
Why bother to try and normalize it?
What are the benefits to lawful society? Are there any that exceed the cost and risk?
The simple approach to regulation is to make it illegal for regulated banks to deal in crypto related finance. And prosecute blatant fraud such as "stable coins" being minted and sold without the backing that is claimed.
This would eliminate most of the risk to the overall economy by isolating it and leaving crypto to sink or swim on it's own merits without government interference? Isn't this the stated objective of crypto --- to avoid government money?
I mostly agree that it should be illegal but unless it's outlawed all over the world it will continue to thrive. It's too late to outlaw it. Now, the best we can do is regulate it and bring stability to it. It could be a very good alternative for countries where currency stability has always been a problem such as Argentina. It wouldn't replace the currency there but it would give people there a choice.
The constant criticism of crypto is that it does not have a valid use. Why would anyone want to use it or build on it if you can't trust it? It's like building in front of a unstable dam that can fall apart at any minute. It would be crazy to build in front of it.
Imagine what would have happened to e-commerce if there was a large chance that you would lose your money and purchase every time you used it and you had no way to get it back? Online purchasing would have no use. It would just be a novelty. But instead, because we trust it, it has created millions of jobs and billions in profit for society. We can even say that it helped many people from dying by letting people shop from home rather than risk getting COVID.
Right now, users won't trust it and investor's shouldn't trust it. Regulate it and bring some stability to it.