Can Cryptocurrencies Remain Ethical in the Long Run?
Agere asks "Considering the ethical issues some have with XRP, do you think that crypto can remain 'ethical' in the long run? With so many big players wanting a piece of the pie it got me thinking, 'what's stopping big investors from owning a small fortune of one crypto and have a large influence in its performance?', for example".
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
Another great interview! Agree! Bitcoin survived despite off every attack from left and right. People love crypto! People are humans, which means greed, speculation... is involved. Where these kind of things are involved, it’s always tempting. It’s only up to you if your mind gets taken in by manipulation, you should do your own research and not to rely on others opinions. You can hear them out of course.
That’s true! However, we still should be cautious, the downtrend may not be over yet. Recently I did my own research on EOS thanks to recommendations from different steemiens. I liked it and my research got me in.
nothing can stop avery big whale from doing exactly that.There can be a sort of manipulation in every coin and especially sincethere are no regulations.When we will have to face regulations and there isnoanonymity then and only then we will talk for ethics
I've read so much about Cambridge Analytica and similar organisations! It's such a fascinating topic how these organisations with power and a broad reach can influence the cognitive behaviour of a complete community of people.
Phenomena like what Cedric says (and wow, both of you are one of a kind in smarts) are OneCoin, Bitconnect. It's interesting how such a massive amount of people can fall into such things, but it's nothing new and has been happening from the beginning of society. I think that most of what is in politics is a macro-view of this phenomenon.
This is one of my areas of study, so forgive my enthusiasm hahaha
If we are to trust the current state of the world as a positive simulation of what tends to happen in a human-run free market, then we can safely assume that there will be many major coins in the future that will be centralised and will have doubtful/controversial features such as Ripple's centralisation and Dash's lack of transparency.
Cryptocurrencies can not be totally ethical because they are used by human beings, what we can do is create laws and incentives that make their use as appropriate and healthy as possible.
Also remember that morality is subjective, should cryptocurrencies have to remain ethical based on what? Western society, Hindu society or Chinese society?
In my opinion, If we truly want to see cryptocurrency go mainstream regulations are what it is going to take.
do you think that crypto can remain 'ethical' in the long run?
I believe that crypto will remain ethical, humans don't accept change in the very beginning, we have a lot of history to validate this, it takes time to accept the change and I think same is the case here, crypto is gonna touch the stars as soon as we will accept the change.
Yeah that's right, it's highly likely that whales will be manipulating cryptos when mass adoption knocks on our door. (This is already happening anyway, this is the market.) But that's the case with fiat currency, central banks and billionaire investors anyway.
Like all those institutions warning people how crypto can be used for illegal activities. Give me a break! Like we didn't have such issues or criminal activity funded with fiat currency all those years.
Lack of regulation is what is stopping big investors, too much money is simply tied up in markets which is making it impossible for it to grow into cryptocurrencies. Those with billions of dollars have their hands tied and unable to enter crypto markets without the regulations.
The concept of cryptocurrency creates a new standard of systemic fairness that ethically dwarfs fiat currencies. Transaparency and accountability is built into the system. Ask Youtube about the benefits of the Blockchain technology, which underpins Bitcoin and Ether. Your ethical take on it may evolve dramatically. The point of view you currently hold on the association of black market and drugs is a mainstream slandering of cryptocurrency to deter mass adoption.
You have to give regulations on cryptocurrencies to avoid this type of events and bring more people with the generated trust.
Of course, there will always be someone "clever" who wants to break that confidence and take advantage, but it would be a matter of minimizing those events.