A friend once tossed a $100 bill from her birthday into
the wood stove with birthday wrapping paper. There was no
expectation this form of currency could recover access by
negligence, fraud, theft, acts of god, or otherwise, yet
she was thrilled to mass-adopt that $100 until it turned
into ash.
Put that together with the fact that it is far and away easier to lose your cryptocoin holdings than it is to lose cash or money in your bank account and a cryptocoin is in most ways a step backward for consumers. They benefits they tout (Easier to send money to someone else, Proof against government meddling) sound good but the second is why it's a step backward for most people and the first is hampered by the combination long transaction times and the volatility of the coins value.
Is it possible that these will all get remedied? Sure. But until you remedy them most people shouldn't be using a cryptocoin unless they can afford to lose what they put in there.
Not with cash or gold. Yet we consider them money.
And yeah, if someone steals your cash or your gold, you can sue them and obtain a restorative court judgement. With your magic beans you just blame the victim and shrug suggesting they should have been more careful, aka "SFYL."
Let's look at these for cash, which has some level of mass adoption.
> 2. How do we stop payments to international terrorists and rogue states.
Both of these are amply funded today, so between cash and banking system, this isn't really a thing. Whatever form does work, isn't hampering adoption.
> 3. How do we stop money laundering.
(a) This is an invented problem. Just because it's propagandized in compliance training doesn't make it real, and it's unfortunate banks are having to spend time and money obliging local governments so politicians can pretend they're having an effect. (b) Neither cash nor banking system succeed at stopping it today, yet both enjoy mass adoption.
> 4. How do we stop price manipulation by fraudulent actors.
Mass adoption? See pink sheets versus mainstream stocks. Chicken and egg problem, granted.
> 5. How do we allow people who lost access to their money by negligence, fraud, theft, act of god or otherwise, access to their money again.
A friend once tossed a $100 bill from her birthday into the wood stove with birthday wrapping paper. There was no expectation this form of currency could recover access by negligence, fraud, theft, acts of god, or otherwise, yet she was thrilled to mass-adopt that $100 until it turned into ash.
> You know, the “currency” problems and not the “crypto” problems.
It doesn't seem as though these are real problems for the adopters of currency. It seems as though they're problems for authorities who wish their jobs were easier.