>So are you saying crypto currencies are making it impossible to do the right thing?
Cryptocurrencies are designed to subvert regulation and oversight. That's the selling point. That current societal infrastructure to protect innocent (sometimes gullible) people from everything from weapons trade or pyramid schemes.
If you want to 'make it do the right thing', thats already exists and is your wallet. Thats called money. A ledger with a tax identity. A bank account that requires a legal id. There is no point in burning all this electricity to verify those hashes, except to circumvent regulation and law.
I can't start a pyramid scheme and steal money from gullable idiots. Thankfully, an ICO is completely legal (for now). If you want to sell bread to hungry people, use money. If you want to sell guns to a hitman, use a cryptocurrency. Thats why cryptocurrencies are economically viable compared to money. Because they make it harder to apply the laws we voted on democratically, like how you can't sell children for sex.
The reason any money out there is investing into cryptocurrency technology, is because of the expectation of moral subserversion of society. Its a not a side effect. Its the bussiness model.
What do you think Venture Capital considers some startups worth so much money? Because they see the potential of price dumping and becoming a monopolist. If markets were actually properly regulated to always keep competition alive, people wouldn't be investing millions into apps and websites, they would be investing in actual R&D and hard science.
But doing the real work, can never compete, with just plain cheating. You always make more money being the bad guy. Even if a lot of startups have sincere intentions (Facebooks' mission was to connect people, not destroy democracy), the money will chase the decision down.
Cryptocurrencies are designed to subvert regulation and oversight. That's the selling point. That current societal infrastructure to protect innocent (sometimes gullible) people from everything from weapons trade or pyramid schemes.
If you want to 'make it do the right thing', thats already exists and is your wallet. Thats called money. A ledger with a tax identity. A bank account that requires a legal id. There is no point in burning all this electricity to verify those hashes, except to circumvent regulation and law.
I can't start a pyramid scheme and steal money from gullable idiots. Thankfully, an ICO is completely legal (for now). If you want to sell bread to hungry people, use money. If you want to sell guns to a hitman, use a cryptocurrency. Thats why cryptocurrencies are economically viable compared to money. Because they make it harder to apply the laws we voted on democratically, like how you can't sell children for sex.
The reason any money out there is investing into cryptocurrency technology, is because of the expectation of moral subserversion of society. Its a not a side effect. Its the bussiness model.
What do you think Venture Capital considers some startups worth so much money? Because they see the potential of price dumping and becoming a monopolist. If markets were actually properly regulated to always keep competition alive, people wouldn't be investing millions into apps and websites, they would be investing in actual R&D and hard science.
But doing the real work, can never compete, with just plain cheating. You always make more money being the bad guy. Even if a lot of startups have sincere intentions (Facebooks' mission was to connect people, not destroy democracy), the money will chase the decision down.