They wouldn't be trying to ban cryptos if they weren't frightened of their potential, let's see how this approach works out.
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They wouldn't be trying to ban cryptos if they weren't frightened of their potential, let's see how this approach works out.
So instead of trying to be as scary as possible why not invite them to join in on the benefits of crypto? Obviously trying to scare the banks and traditional societies doesn't seem to work.
My opinion as always is take the approach which shows signs of success. That doesn't mean become like Ripple, but to figure out a way to negotiate with banks to achieve solutions which every side can get wins (with compromises of course).
They want KYC AML? Fine. The SEC and similar regulators want to enforce their laws? Fine. But in exchange for this they have to make some concessions (which to some extent they have).
The SEC for example doesn't currently label Steem, Ethereum and a majority of cryptocurrencies "securities". This indicates that the SEC and crypto are attempting to co-exist. The IRS labels crypto "property" which indicates that the IRS does not want crypto to be used as currency. Various different agencies all have their own view of crypto based on internal sentiment of the people who are in those agencies.
So you can see it's a matter of dealing with public sentiment above all else, and political sentiment, and not something solved by mere technology. How do you for example change public sentiment? First you have to make crypto safer than credit cards (or at least perceived as safer), and then you have to show how crypto makes the world safer which honestly is a lot harder.
If a person is anti-cash they'll for sure be anti-cryptocurrency. If people see cash as supporting evil, because only criminals like cash, well how exactly are you going to ever be on the winning side of public sentiment in that? On the other hand ICOs, or digital property, or tokens, this isn't merely "cash" anymore and it's a lot easier in my opinion to be on the winning side when you show that anyone can have the opportunity to raise money, start a business, get rich.
Opportunity attracts everyone. Why did ICOs become a thing? It gave access to opportunities. Where are ICOs going wrong? ICO technology is far ahead of where the regulators are. So long term I think if crypto is to go mainstream it will be off ICOs and more exotic use cases which simply are not possible outside of the digital realm. Crypto cash as very limited use cases in comparison.