The Darkside of Crypto
There are two big complaints about fiat money. It is backed by nothing (no precious metals) and it is subject to government scrutiny. Yet, are these not true of crypto currencies?
The value of your crypto is based solely on the faith that someone somewhere will want to accept it in trade. And what of the situation where the Internet or the Power Grid goes down? What is the sense of having thousands in crypto that can not be accessed? A dark and apocalyptic train of thought, I know.
As for the lack of Government scrutiny? To transform it into fiat, you must utilize the heavily regulated financial institutions. Of course, the taxing agencies of various nations are already taking an interest. Yes, I know, there are things you can use to keep it hidden. My argument is “not for long”.
Follow me as I relay my philosophies on the downside of crypto and what can be done.
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Interesting post, you are right about it relating to my post.
The government will take out the anonymity from crypto currency because they want to make money off of us. https://steemit.com/cryptocurrency/@rajesh-fashek/the-new-us-tax-bill-and-its-effect-on-cryptocurrency
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