Re Crypto: If it is used as intended, as a currency, then it does not need to be regulated nor can it be, since the block chain plus proof of work really does make it unnecessary to regulate what is really no more than an open ledger that stops double spending. If you try to fiddle with the block chain everyone knows immediately, and t…
Re Crypto: If it is used as intended, as a currency, then it does not need to be regulated nor can it be, since the block chain plus proof of work really does make it unnecessary to regulate what is really no more than an open ledger that stops double spending. If you try to fiddle with the block chain everyone knows immediately, and to fiddle with it sufficiently to run a scam would cost more than the scam itself could possibly make. That is the beauty of the cryptography that makes cryptocurrency possible in the first place: "SHA 256." CryptoCURRENCY will be fine. And yes, it will still work for illicit business since even though the block chain records everything, two key cyptography means the seller and the buyer never even have to meet each other or know each other's whereabouts. Cash is always tied to a national bank, crypto is un-banked and international. The crypto crash is like the tulip bubble of 1636, which even wiped out Newton's fortune. Yes Isaac Newton was foolish enough to invest in tulips to his great economic loss. Any and every bubble is driven by "me too, me too!" mania. There is absolutely nothing unique about the crypto crash, but cryptocurrency itself is quite unique, and will always be unregulated as currency. I entirely expect Gary Gensler will figure out how to regulate the daylights out of crypto as a speculative financial investment. As it should be. Go Gary, Go Gary!!!!
Bingo. Over 7% of our entire economy is in finance, meaning people keeping records of where we put our money, Banks by and large. Once block chain really becomes efficient, we will not need any more banks to keep those ledgers, and then money can become international. But the GPU and electric costs are still pretty high, and transaction times are quite slow relative to credit cards etc. Yet I think there is more to be perfected in the block chain itself and perhaps proof of stake might turn out to be sufficient to assure the security of the system. We are still in the "if man were meant to fly he would have wings" point in Cryptocurrencies.
Re Crypto: If it is used as intended, as a currency, then it does not need to be regulated nor can it be, since the block chain plus proof of work really does make it unnecessary to regulate what is really no more than an open ledger that stops double spending. If you try to fiddle with the block chain everyone knows immediately, and to fiddle with it sufficiently to run a scam would cost more than the scam itself could possibly make. That is the beauty of the cryptography that makes cryptocurrency possible in the first place: "SHA 256." CryptoCURRENCY will be fine. And yes, it will still work for illicit business since even though the block chain records everything, two key cyptography means the seller and the buyer never even have to meet each other or know each other's whereabouts. Cash is always tied to a national bank, crypto is un-banked and international. The crypto crash is like the tulip bubble of 1636, which even wiped out Newton's fortune. Yes Isaac Newton was foolish enough to invest in tulips to his great economic loss. Any and every bubble is driven by "me too, me too!" mania. There is absolutely nothing unique about the crypto crash, but cryptocurrency itself is quite unique, and will always be unregulated as currency. I entirely expect Gary Gensler will figure out how to regulate the daylights out of crypto as a speculative financial investment. As it should be. Go Gary, Go Gary!!!!
Bingo. Over 7% of our entire economy is in finance, meaning people keeping records of where we put our money, Banks by and large. Once block chain really becomes efficient, we will not need any more banks to keep those ledgers, and then money can become international. But the GPU and electric costs are still pretty high, and transaction times are quite slow relative to credit cards etc. Yet I think there is more to be perfected in the block chain itself and perhaps proof of stake might turn out to be sufficient to assure the security of the system. We are still in the "if man were meant to fly he would have wings" point in Cryptocurrencies.