I get little update emails from a crypto business. Generally, I find them informative.
In yesterday's email, though, they were celebrating the possibility of more legislation. They said, "The journey to getting effective legislation and regulation passed in the US has not been an easy one..."
They are complaining that the gov has been committing evil without the benefit of legislation so far, "...the Securities and Exchange Commission appearing to regulate through enforcement in recent years." OK, that's obviously wrong of them to do.
The solution is to get gov out of it, not to give them another doorway in.
Cheering this kind of development shows a lack of brains.
I love crypto. I'd like to see it go "to the moon". But not if this is what it takes.
The last thing crypto needs is "effective legislation and regulation". It needs liberty. Don't kill the good thing because you hallucinate a need for government oversight. Don't embrace a bad idea because you feel something worse might be inevitable otherwise. No compromise. Give me liberty or else.
Kent, Here's an idea for a future post: 'crypto-currency for dummies'...like me. I don't 'get' crypto...I don't understand how it works. Gold I get, but lil 'bits' that don't really exist, nope, I'm flummoxed. -Henry
ReplyDelete“lil 'bits' that don't really exist”
DeleteCompletely arbitrary, non-substantive computerized accounting units, created by humans and thus alterable and able to be eliminated by humans. In essence, just another variant of fiat currency. No need for lessons Henry, I think you already understand ‘crypto’!
Since there's no one "in charge" of crypto and the blockchain exists everywhere all at once, everyone would have to simultaneously agree to eliminate it and delete their own crypto. I don't see that happening since you can't get 100% agreement and follow-through on anything. And that's what it would take. Even if the value crashes, it would still "exist" in the digital world. I might spend all of mine, but I'm not going to intentionally delete it
DeleteAn EMP or a sufficiently powerful CME could eliminate electronics which would eliminate it, though. I keep my physical crypto wallet in a Faraday cage, but that only protects it from local effects, not global ones.
I like gold and silver, but we've seen the market for those get manipulated (not eliminated) by bad guys, too.
I like to diversify and have both. I even use fiat as long as there are those willing to accept it in trade, but I prefer precious metals and crypto, if possible.
I'm not sure I understand it well enough to do a "Crypto for Dummies" post, but I'll think about it.
Henry-- I wrote a cryptocurrency for dummies post for tomorrow. You can judge how well I explained it... to the best of my understanding.
DeleteI've paid scant attention, but I thought the whole idea of Bitcoin was to get government out of the money business.
ReplyDeleteI'm not sure that was the whole idea, but it was an attractive feature. However, government has been finding ways to interfere anyway. But those who imagine they can ban crypto are dreaming.
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