they are playing a very smart game. By crippling the supply of crypto to the common man and making it illegal, they are slowly restructuring the mindset of the citizens towards crypto. They are slowly weakening the trust people have in crypto, which is something that was really shaky for many right from the start.
I strongly believe that, for crypto to survive this flow attack, it needs to, at some point, to an extent, collaborate with the banks.
Before you throw stones at me, rethink that statement.
I think we can all agree that since its inception, and from the very concept of crypto, it facilitates criminal activîies (at least the few ones amongst us that are logically objective enough to see what's happening.)
The banking system might not have been the best thing to happen to humanity, but so far, having a central authority has always proved an efficient way to check and curb illicit activities.
A flock of sheep left to wander on their own will always go hay wire, but with a shepherd, no matter how wicked, a level of orderliness is seen.
The banks telling us how to spend our money is not really a very good move(at least, in our own perception), but in their own perception, they are trying to protect the sanity of the system.
Crypto is like that flock of sheep left by themselves. Like it or not, for things to work with us animals, there are to be an authority. Imagine your country without a leader and tell me how much progress you guys will make.
I think crypto has matured to the stage where it should have a central authority or should be able to come to terms with the existing authorities to bring ways to regulate this thing.
if not, we might keep having this wars more intensely, of which crypto might loose.
Friend you need to go and study the history of the banking system and what fractional reserve banking is and then your view will completely change. The current banking system is nothing more than a ponzi scheme, they literally create money out of debt and inflation is no more than a hidden tax that devalues the currency. Crypto will do away with inflation and banks will no longer be able to practice fractional reserve and that's the real reason behind the current backlash from global banks. Its absolutely nothing to do with crime at all.
I think you overestimate yourself too much and think you can spit out some fancy words and be "logical".
cryptocurrencies like Monero make value exchange completely anonymous. While this is a very good thing in itself because it gives us complete control of our privacy, it also plays the same on the other side.
Credit cards and high fund movements was one way to track fishy transactions in the past(although at some point, the banks overstep their imposition).
With cryptos, these transactions become seemingly seamless; Activities on the dark web has increased tremendously. If a terrorist group shaking the world were receiving funding smoothly and anonymously, I don't think there'll be a way to track and mitigate their actions nor will there be a way to ascertain their sponsors (or at least, this would be harder to do)
Again, this boils down to how objective you are in your thinking. I guess you should re-access your stand on my claim being "overestimated"