Crypto regulation and nationalisation has always been in the news and a matter to discuss. But the effect and wish of users and the purpose of creation has not always been put in the front, we will try to give a short discussion about this.
It always seem a selfish opinion when some group seek for government intervention and domestication of crypto, even when many articles will always say it is a way to become mainstream. The problem however is that actions always have an effect. So what is the effect of that on Crypto?
Essence of Cryptocurrencies
It seems no doubt that one of the main thinking behind crypto creation is that of security and private transaction. For users to become anonymous and enormous cash to become weightless. This will help keep identities secret. It has an adverse effect though; and that is in terms of money laundering.
In fact many of those ho kick against crypto have cited this as a reason. it is easy to transfer cash and the genesis of the money won’t be known. In fact Crypto exchange hacker do get away with it because they are holding a money that cant implicate them.
What do you think will happen to this attribute of security should the government be involved in crypto?
Freedom to be rich
One of the opportunities in crypto is a possibility of getting rich easily. Many coins are distributed for free at a time that they have no value but will later grown into a big value coin enriching those who still hold the coin.
What do you think will happen to these?
Do you think government will allow arbitrary creation of currencies under them and will they airdrop or conduct a bounty for those ones available? have you ever gotten an airdrop of you local FIAT currency?
There are many other systems that only the freedom in crypto can motivate. A good example of that is Universal Basic Income (UBI). There are many projects that currently distribute UBI. There are other projects tackling different issues and empowering their innovation with their local crypto. Another one is STEEM, a blockchain platform to share contents and get paid.
Looking at these issues closely, the call for FIAT replacement may not be the best for the crypto world. Government don’t give free money but Crypto does. Replacing FIAT will make crypto do the same thing that FIAT is doing and it may just drift people away when all Bitcoin, Ethereum and others become the property of the State.