Re:On anti-crypto toxicity
by JumpCrisscross on Wednesday April 20, 2022 @09:37AM
(#31096732)
> it’s naïve to expect that it will remain outside of government control
Not sure what about crypto is outside government influence.
Crypto is regularly taxed, seized and landing people in jail. Countries that can't manage that wouldn't find an offshore bank account, as evidenced by their entire population of elites having one. "Government can't touch my crypto" is a founding myth.
Keeping crypto without the government being able to know or touch it: no problem
Make crypto-crypto transfers: no problem.
Of course when government cracks it down, it will be hard to turn into fiat or buy/sell legal stuff.
I'm thinking more of the cross-border uses which are more "in the news" recently.
But fundamentally, I believe we agree.
Re:On anti-crypto toxicity
by SuoDuanDao on Wednesday April 20, 2022 @12:10PM
(#31099072)
I don't think it needs to be beyond government control in the way you mean to be useful. It just needs to be beyond the control of corrupt actors, in government or elsewhere. I don't mind the government being able to tax my crypto gains - I mind the people in it being able to bail out their golfing buddies when they gamble too aggressively on junk bonds.
It's counterintuitive to think that a financial instrument that increases transparency would make people more difficult to govern, and it would - unless the government is very corrupt.
I believe it’s naïve to expect that it will remain outside of government control. That it won’t get slammed with the same laws and regulations applied to fiat currencies.
Governments live on money. As alternatives gain traction, the governments take notice and start regulating. There’s a fair bit of historical precedence around this.