For a while now it has seemed that a major problem surrounding crypto-currencies is the image problem that surrounds them in the mainstream financial and political circles.
Often, biased media outlets such as the Financial Times and countless newspapers will come out with the old classic "they're used by drug dealers and gangsters" (although they conveniently forget that the most widely used form of transaction for criminals is cash) or that "you would only use them if you've got something to hide".
With regards to the first accusation, the fact that a small minority of the transactions in crypto-currencies are used for illicit means only proves to confirm the effectiveness, power and world changing potential that crypto currencies hold. It is well known in the crypto community that annonymity amongst parties is the tip of the iceberg when it comes to usage potential (but that is a different article altogether). With regards to the second accusation, as a matter of fact, yes, many of us do have something to hide, and it comes in the form of a £30 bank transaction fee that we would rather keep in our own pockets that add to the bonus of an incompetent banker who feels that we are privelleged to be at his service. Also, we would rather not wait a number of days to make foreign transactions; it seems that many of us actually have things to be doing in this time. Anyone who has read George Orwell's "1984" will also see the appeal of crypto-currencies.
My point though, is that the potential of crypto-currencies to change the world is clear, most of all to banks and to the govenment. While crypto-enthusiasts are a minority, I suspect that the government will try to enforce some sort of regulation upon crypto-currencies to meet their own finanical agenda. The threat of banning crypto-currencies is non-existent however, as the only way to do this would be to shut down the internet, and they certainly wouldnt want that.
At the current time with many ransom-ware attacks and criminals demanding Bitcoin, it is easy for the government and mainstream to tarnish the image of crypto-currencies considerably, and this worries me. It worries me because of the huge potential that these currencies have to change the world for the better when they hit the mainstream, and it would be a travesty to see that potential go to waste due to a minority using the currencies irresponsibly and tarnishing the reputation of crypto-currencies, making the mainstream ever harder to reach. What is most annoying is that these scams usually have nothing to do with bitcoin other that the method of payment, which could easily have been cash.
I suspect that the government will try to enforce some sort of regulation not only on the usage of cryptos but also on trading as such vast amounts of money are being made, which serves only to boost the growth and hype of cryptos ever further. How they will do this I do not know, which makes me think a rash and unfair decision may be made.
I would hate to see the potential of cryptos go to waste due to the personal agendas of a minority of very powerful parties.
My fear is that the banks will inconspicuously insert themselves into the Crypto markets and obtain a strangle hold on them Like they have done to the precious metals. They have owned the value of the precious metals for a long time through their processes of shorting and will at some point attempt to do this with another threatening form of value which are cryptocurrencies. They may already be practicing for their taking hold and controlling or at least shaking out the majority of holders, due to, if they do this, will be to hold the price down in the end so that it is no longer profitable to us.
Yes i think that is also a threat. They will definetley try to undermine it in some way. Thanks for reading and for the feedback! 😀
The banks have already begun building privatized block-chains such as ripple, many banks and corporations have adopted IBM's "Hyperledger" . Much like the early internet this technology will be used first privately and industrially as "private" blockchains, we should not fear this but rejoice the adoption and wait for "public" block-chain services such as EOS and STEEMIT to reach the "rest" of us.
excellent point
Thank you.. I just hope it isn't true.
Really interesting post
hey bigman,
fantastic post! thanks for sharing! although they want to control it, they'll never ever get the chance to control it. its simply impossible to control a decentralized cryptocurrency, no matter how much they try to tame it to fit into their agenda. thanls for your post, mate
I hope what you're saying is right! What i'm scared of is governments making a rash decision that would put the mainstream off crypto currencies, but i don't think they will ever be able to control them. Thanks for the feedback mate :)
Es futuro
If the government is allowed to get it's grimy little hands on cryptocurrencies then any hope for a free market for the little guy is over. Yes, criminals use things that are unregulated to do bad things, but the government does the same thing only they've made it legalized for themselves the minority. While everyone else has to live within their created ponzi scheme. I don't agree with regulation. There is risk with anything that can allow people to fly free from the chains of governments and banking cartels. For the first time in history the little guy has the upper hand. He can't even see what is in front of him because he is too busy looking for safety. Jefferson did say that would be the death of freedom when people were convinced the government would make them safe.
I agree! Thanks for the feedback :)
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Great post. The cryptos are absolutely revolutionary and they are a chance for the rest of us to get back a fair and free market, but I am concerned about what sick regulations the government could dream up.
Thats exactly what I'm thinking. Thanks for reading!