A good analysis. I feel the key thing we need to achieve is to prevent creeping centralisation. This is why the banks are pressuring governments to pressure exchanges to do KYC, enable records for taxation, treat crypto products as securities etc.
Once a certain point of centralisation is achieved, it enables the banks to just take over crypto. They've got the money to just buy it (by buying all the exchanges and other key control points), since they can hand-wave as much money as they need out of thin air.
Then they will integrate it into their systems and treat it as just another of their financial services. With the same kind of ridiculous fees, rules and restrictions attached, of course.
I am not sure it is creeping.
I recall people in crypto talking about when will Wall Street get involved so their tokens would moon. I was like are you people stupid. The answer is yes. Wall Street has the funds to take over.
In traditional banking, they are limited by the fact they require a borrower to create money. So they really cant just hand-wave. In the Eurodollar system however, that is what they can do.
Of course, now so can we. The ability to generate money out of thin air is within our power.
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Taking over exchanges will just allow them control the on/off ramps. My hopes for Crypto is that this will also become obsolete as we build out the alternative economy.
Fork the bankers.
We need to be able to have people to purchase stuff in crypto, everyday items they need.
This was something that people overlooked.
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