I am not here to say how great cryptocurrency is, although it can undoubtedly be extremely profitable (for better or worse), but to point out shaping it positively is important.
I guess your argument boils down to suppressing cryptocurrency being more viable than shaping its development positively, but history shows that many goods cannot be effectively suppressed and if people derive a benefit from it they will continue to use them, with all the disadvantage a black market brings (I am talking about the drug market).
Also you have to seem a rather idealistic conception of government, where even if people have to deal with the consequences of dysfunctional monetary system (eg Venezuela), it’s still preferable for people to suffer the consequences than to provide an alternative that is not sanctioned by the state.
I’m not saying it should be “suppressed”, but that it should fall under similar regulations to normal money, to prevent abuse and fraud.
Cryptocurrency is a solution looking for a problem. Buying drugs is one of the only problems it’s a significant improvement upon, everything else we can already do with normal money. I see no reason to believe it will ever account for more than 1% of the world’s transactions.
And yes, if the monetary system is completely dysfunctional and a tool for stealing wealth from your citizens, like in Venezuela, then I guess internet money is better than normal money. In the case of Venezuela, Runescape money for example has been used for this same purpose.
Ah, OK, so I think your point is more along the lines of “it’s relatively irrelevant” which I really didn’t even take into consideration given the already significant effects of crypto (for example in terms of CO2 emissions which are already about 0.1% of total emissions) and the extreme growth the market has seen and is seeing. I would say the percentage of transactions is not really the main factor here, more the wealth held in it, and crypto already is well on it’s way of holding 1% of the world’s wealth.
Maybe you don’t believe it solves any genuine problem for you in particular or for society as whole, but creating money out of nothing clearly is a very powerful tool if you happen to wield it, so I don’t see it going anywhere. Even if it does end up just being used in the black market economy, that is estimated to be >10% of global GDP.
Here is documentary that might give you an impression how creating new local currencies can successfully solve real-world problems, blockchain technology fits very well into that because of it’s decentralized and digital nature, making it a lot easier to create, distribute and convert currencies (although the documentary doesn’t focus on that aspect, but is explained more in depth on the website).
Unfortunately you seem to miss the point.
I am not here to say how great cryptocurrency is, although it can undoubtedly be extremely profitable (for better or worse), but to point out shaping it positively is important.
I guess your argument boils down to suppressing cryptocurrency being more viable than shaping its development positively, but history shows that many goods cannot be effectively suppressed and if people derive a benefit from it they will continue to use them, with all the disadvantage a black market brings (I am talking about the drug market).
Also you have to seem a rather idealistic conception of government, where even if people have to deal with the consequences of dysfunctional monetary system (eg Venezuela), it’s still preferable for people to suffer the consequences than to provide an alternative that is not sanctioned by the state.
I’m not saying it should be “suppressed”, but that it should fall under similar regulations to normal money, to prevent abuse and fraud.
Cryptocurrency is a solution looking for a problem. Buying drugs is one of the only problems it’s a significant improvement upon, everything else we can already do with normal money. I see no reason to believe it will ever account for more than 1% of the world’s transactions.
And yes, if the monetary system is completely dysfunctional and a tool for stealing wealth from your citizens, like in Venezuela, then I guess internet money is better than normal money. In the case of Venezuela, Runescape money for example has been used for this same purpose.
Ah, OK, so I think your point is more along the lines of “it’s relatively irrelevant” which I really didn’t even take into consideration given the already significant effects of crypto (for example in terms of CO2 emissions which are already about 0.1% of total emissions) and the extreme growth the market has seen and is seeing.
I would say the percentage of transactions is not really the main factor here, more the wealth held in it, and crypto already is well on it’s way of holding 1% of the world’s wealth.
Maybe you don’t believe it solves any genuine problem for you in particular or for society as whole, but creating money out of nothing clearly is a very powerful tool if you happen to wield it, so I don’t see it going anywhere.
Even if it does end up just being used in the black market economy, that is estimated to be >10% of global GDP.
Here is documentary that might give you an impression how creating new local currencies can successfully solve real-world problems, blockchain technology fits very well into that because of it’s decentralized and digital nature, making it a lot easier to create, distribute and convert currencies (although the documentary doesn’t focus on that aspect, but is explained more in depth on the website).
And here some research:
https://www.grassrootseconomics.org/research