My suggestion to governments: What the world wants, it will get.
Regarding the recent ETF Rejection and WeChat and Alipay to block cryptocurrency.
The easiest, and most "cool" thing to do, is just ban cryptocurrency as much as possible, hoping it will just "go away".
Once you open pandora's box, things don't just "go away".
What did Napster try to do? Allow people to share their mp3s with other participants.
Well how many people (without the help of Napster) have a bunch of mp3 files sitting on their computer? Having a bunch of MP3 files is easy... the world didn't stop getting what it wanted.
"The service operated between June 1999 and July 2001. Its technology allowed people to easily share their MP3 files with other participants. Although the original service was shut down by court order...."
Regardless of how hard you try... if the world wants something, it will continue its quest to achieve it.
By denying cryptocurrency acceptance, you're making it more attractive for people to want to use it.
...sounds ironic, doesn't it?
It's called the Streisand effect and all of your banning and hardships you are trying to cause for cryptocurrency is just making it more popular.
Moreover, it is obvious these regulators need to consult some people trained in psychology, because if they did, they would understand reactance
Reactance: Reactance occurs when a person feels that someone or something is taking away their choices or limiting the range of alternatives.
Why not give people a decent framework to work with already? Unless of course, you're purposely trying to promote more cryptocurrency use... then in that regard, I understand your motive.
If you understand the needs and wants for cryptocurrency... and you'll see existing financial systems don't satisfy those needs... Outlawing and banning something NEVER stops the trade. If it did, marijuana use would have stopped already.
Why must regulators and government continually make the same mistake? It's insanity.
you have already answered that..... :) ...they are trying to promote crypto in a bigger scale!!
Great post buddy....@intelliguy
Hi @intelliguy! We are @steem-ua, a new Steem dApp, computing UserAuthority for all accounts on Steem. Starting from the witnesses, UA propagates from user to user based on its followers until equilibrium is reached. We are currently in test mode upvoting quality contributions with a high UA value (UA_author + UA_post)!
But what are your thoughts on his remarks concerning government regulations of crypto and it's subsequent reactive effects by the general population?
I don't think the adoption rate of MP3s can be compared with that of crypto: MP3s can be used on any MP3 player, but the ability to pay with crypto greatly increases its value (and decreases it without being able to widely utilize it). Interesting mention of the Streisand Effect though!
Now tell me your thoughts on UA!
(You didn't think I'd answer your question, now did you?)
A good philosophical rant @intelliguy, like it. The dilemma I've been having is with the current state of most crypto technologies, how does one country government regulate them all? Do they set a blanket framework for people, do they put each coin through a process to be compliant, do they leave it to an exchange?
The next thing, is what if a government embraces cryptocurrency too much?? - i.e. goes 100% digital. There are no more paper notes or coins. Everyone has to use their chip, and can use all the crypto they want. Using it in other ways is punishable as treason/fraud. This is the big scary question - Would they allow a crypto with as much anonomity built into it as a pile of cash? They could track where money moved, but would they go the extra step and 'for all our own good' know to which individual every step of the way? Do you think such worst case scenario is something we as crypto futurists should be thinking about, or am I panicked about nothing and you've got something I should go read?
:)