Re:The Crypto Backlash Is Booming
by headsoup on Monday February 07, 2022 @06:45AM
(#30243484)
I think the hope of Bitcoin is for countries where regulation and corruption impact one's ability to transfer and manage their money through banks, they have a separate, isolated system not vulnerable to that.
But cryptocurrency doesn't fix this, it just pretends to by throwing everything out of the window. I think what would ultimately work is a global 'bank' that implements all the safeguards the current system has without governments being able to touch them. That means it has to work within their legal frameworks, but also have high integrity and security to avoid the corruption... Which is probably fanciful, much like the idea crypto will fix it.
But cryptocurrency doesn't fix this, it just pretends to by throwing everything out of the window. I think what would ultimately work is a global 'bank' that implements all the safeguards the current system has without governments being able to touch them. That means it has to work within their legal frameworks, but also have high integrity and security to avoid the corruption... Which is probably fanciful, much like the idea crypto will fix it.