Cryptocurrency Is Most Useful for Breaking Laws and Social Constructs

[sdsonjoy50 886]

Jill Carson is co-founder of the Open Money Initiative, a non-profit research organization working to guarantee the right to a free and open financial system, and co-host of the What Grinds My Gears podcast. She also works as an advisor and consultant for startups including Algorand, Risk Labs, dYdX, CoinList, and Tezos.

Why hasn’t cryptocurrency gone mainstream?

“It doesn’t scale.”

“It’s slow.”

“It’s expensive.”

“It’s volatile.”

“It’s hard to use.”

Or maybe it was never supposed to go mainstream.

This is not to say cryptocurrency is any less important, meaningful, or useful. Rather, I think perhaps we have been judging cryptocurrencies’ success (or lack thereof) according to a false metric. We would not judge a fish by its ability to climb a tree.

By design, cryptocurrency does not solve mainstream problems.

Scale, speed, and cost are all examples of mainstream problems within finance, from main street to Wall Street. Credit card networks go down. Stock trades take days to clear. Wire transfers are expensive. In some situations, cryptocurrencies may offer marginal improvements on any of these issues, but more often blockchain-based systems will fail when compared to more conventional, centralized solutions.

This does not represent a design flaw. In fact, this is an intentional trade off. Decentralized systems forsake scale, speed, and cost in favor of one key feature: censorship resistance. Cryptocurrency solves problems faced by the censored who, by definition, are not the mainstream.

 

Source -  coindesk

[bentayebsalah 2280]

Cryptocurrencies are very beneficial to society but they are harmful to governments and banks and for this they are fought under the pretext that they are used in illegal business.

[Linkkoin 116]

1 hour ago, Loly said:

Many criminals turned to the Bitcoin coin as a new method of financing in its business, because this method is decentralized .. easy to use and allows to hide the sender and receiver identity of the money behind the digital codes without restrictions and has advantages using innovative and difficult to track.

This is why FATF guidelines are so harsh, for authorities to be able to identify users and track transactions.

[Sourovdeb890 416]

Many countries think that cryptocurrency is breaking many laws, and because of this many banks are not accepting Bitcoin from outside cryptocurrency, and they are not doing so I think this solution will be done very soon and Bitcoin and currency will be valid throughout the world.

[Naga 1250]

Slow expensive and volatile? Those things  are all fake  because they don't understand that transactions in crypto ar faster now and the Price isn't expensive because its the market that set the price.  And volatility also depends on the market orders whether buying or selling. 

[scorpiali 5626]

There is no law in real currency it's really fake if you see deep in side the economic system you will discover a lot of shit thing that manipulate money all over this, Crypto currency is coming to broke this to be clear and without any manipulation that's why we love it 

[Migo 7946]

20 hours ago, Goodcoin said:

Cryptocurrencies are not breaking laws but are powerful than laws and regulations. That is why laws and regulatory bodies and governments do not have option that to let it be a substitute to local currencies.

Yes you are right, and there à lot of people who are using cryptocurrencies in some illegal actions this is way a lot of countries are considering bitcoin like a threat 

[Linkkoin 116]

19 hours ago, Loly said:

Bitcoin allows you to buy prohibited things in your country, for example, and no one can stop you, but because everything is on the block chain means that the opportunity to reveal the identity of the sender and the future is very large. 

The more transactions on your wallet, the easier it is to track you. Already there had been cases of Silk Road merchants or crypto scammers being sentenced as they were tracked.

[tienda 8776]

Cryptocurrency is very good and helpful for a lot of people and in our society, the problem is not cryptocurrency, the problem is about us we need to find how we develop it to be more secure and not anybody can use it for bad things.

[Bappu 11]

Dumb laws and outdated social constructs?

[umar786 40]

yaa you are right about these thing crypto break all the law an i love that and there are worldwide people who are using crypto all over the world and earn money and that's why little much love cyrpto.

[Sumayya 493]

Cryptocurrency was built to go to mainstream, it is not built to break any rule, it is just a simple currency

[Aereen 456]

I think if you meant law on economics then perhaps the creation of the now known cryptocurrency does break it, it is unexplainable in a way, because people are not exposed to such stuff and it is so different from fiat but functions like one; in the online world. 

[Crypto123 0]

For me, and I am not an economist of course, but I think the most important reasons that people accept on cryptocurrencies is the ease of dealing with them and their availability in every place and the ease of sending and receiving them to and from anywhere in the world and the most important thing that most people and them believe I can give them freedom Finance.

[Afrizal rahman 2636]

I don't think crypto violates the law, it's just that it hasn't been accepted yet, because it's still a process of research. for me crypto is very profitable, we like working here and being paid.

[nicolas1234789 2566]

We can use crypto for illegal activity but in other side we use it as alternative income because get job/ currency is more difficult right now. Government, institution and citizen has different respond about crypto, as ordinary people I will take positive side and stay away from negative side, simple isn't?

 

[littledi059 1010]

Well until the crypto currencies emerged the dollar played this role pretty well. And the social constructs have always been ruined with using traditional money but no one thought it must be prohibited

[andrehol 16294]

Is cryptocurrency slow? Depends on what currency you use for transactions. For example, dogecoin is fast and cheap. you only need to have a computer - it’s very convenient!

[Emma 611]

Actually everything is anonymous in crypto world. as i know, bad guys are now paying bitcoin to the criminals and it is also used from dark web now

 

[thiscomm 306]

I think it all depends on the user. whether they will break the law or they will follow orders from the law. because basically there is no creator who wants their work against the rules of applicable law.

[duncun007 3577]

1 hour ago, Emma said:

Actually everything is anonymous in crypto world. as i know, bad guys are now paying bitcoin to the criminals and it is also used from dark web now

 

not just now because crypto has been used in dark web for as long as i can remember, they started coins like monero which cant be tracked and also zcash because these two are privacy coins so they are popular in the dark web.

[Fatihgani12 348]

Well, there is no other choice, the government has no choice about crypto world law, the reason is stronger than the law. hopefully this will happen mass adoption throughout the world. pray.

[nasipadang 399]

Blockchain system can still be developed, if the government accepts this technology, it should be easy to develop it into solve problem management. it is currently not possible when compared to the central solution as you said. Despite all this difference in perception.

[Akbor 1042]

Mainly people can use any good things for doing any bad work. it depends on mind set up. we should not use crypto for any illegal work I think.

[bliznec 22267]

It depends on what hands cryptocurrency is in and who uses it. Yes, there is an opinion that cryptocurrency carries both good and bad, but you need to deal with this.