I’d rather see them properly regulated rather than gone. But then again, many people prefer it to be a wild west.
If they’re properly regulated, they just become banks and pretty much every benefit of crypto disappears. If they’re unregulated, they’re basically just a hive of scum and villainy, but you can probably use it most of the time without losing too much.
Personally, from a historical perspective, I find it deeply amusing that crypto bros are just reinventing the modern financial system from the ground up. It’s a lot like people constantly reinventing worse versions of the apartment block and the train.
Kind of, except the traditional financial system doesn’t have digital cash, which is where crypto currently steps in.
Any traditional digital wallet is custodial. Adding non-custodial options with immutable transactions could drag the investment away from a messy system that crypto is, and back into tradfi. But this won’t happen, because governments and central banks love the control they have.
To be clear: control isn’t necessarily bad, it allows to combat financial crime and corruption, keep the social system up and running, control inflation, efficiently manage funds etc.
But there is a legitimate (and illegitimate, too) demand for money that you can put into your own wallet and be the sole person to decide what to do with it, while enjoying the convenience of digital payments.
It’s hilarious watching crypto bros singing the praises of the blockchain and its lack of regulation, only experience a scam and desperately try to introduce reforms.
The old adage that regulations are written in blood still applies, and they’re basically speed running the history of financial regulation.
If they’re properly regulated, they just become banks and pretty much every benefit of crypto disappears. If they’re unregulated, they’re basically just a hive of scum and villainy, but you can probably use it most of the time without losing too much.
Personally, from a historical perspective, I find it deeply amusing that crypto bros are just reinventing the modern financial system from the ground up. It’s a lot like people constantly reinventing worse versions of the apartment block and the train.
Kind of, except the traditional financial system doesn’t have digital cash, which is where crypto currently steps in.
Any traditional digital wallet is custodial. Adding non-custodial options with immutable transactions could drag the investment away from a messy system that crypto is, and back into tradfi. But this won’t happen, because governments and central banks love the control they have.
To be clear: control isn’t necessarily bad, it allows to combat financial crime and corruption, keep the social system up and running, control inflation, efficiently manage funds etc.
But there is a legitimate (and illegitimate, too) demand for money that you can put into your own wallet and be the sole person to decide what to do with it, while enjoying the convenience of digital payments.
It’s hilarious watching crypto bros singing the praises of the blockchain and its lack of regulation, only experience a scam and desperately try to introduce reforms.
The old adage that regulations are written in blood still applies, and they’re basically speed running the history of financial regulation.