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The article fails to point out that cryptocurrency has already effectively been banned (or at least delegitimised) in other major economies like China and India
by astoor 3y ago
The article fails to point out that cryptocurrency has already effectively been banned (or at least delegitimised) in other major economies like China and India, so the US is in some sense just playing catch-up. At this stage, at the national level, cryptocurrency is primarily supported by mafia states like Russia, rogue states like North Korea, micro-states like various Caribbean islands, and otherwise failing states.
- kristjank 3y agoIf you don't agree with my outlook on cryptocurrency, you're mafia, rogue, too small to matter, or failing otherwise. Sheesh, what a well balanced outlook on the state of affairs.
- qeternity 3y agoRussia has been a mafia state long before the advent of crypto…
- KptMarchewa 3y agoAnd to add, they are not for using it internally, just as an additional method for scamming westerners.
- jacknews 3y agoI mean, why would any state support crypto, something explicitly designed to bypass state control of money? Only those suffering oppression of their ability to transact, of course.
- roguas 3y agoCrypto was not designed to bypass state but to provide transparency and stability to currency/money. Say you are in Venezuela where your money is constantly devalued and your political power is diminished, every option that you have to survive that doesn't harm people directly should not be considered in high horse moral terms.
- jacknews 3y agoIndeed, the comment that only NK, narco-states etc support crypto is a bogus moral attack on crypto NO state truly supports crypto, as it bypasses state-controlled money (by design or not; I'd argue that is exactly one of the design goals).
- SketchySeaBeast 3y agoAre we ignoring El Salvador now? Or is its support not "true"?
- amadeuspagel 3y agoSome states have accepted that they are unable to run a trusted currency and used the US dollar instead. Bitcoin seems like a straightforwardly better choice there, since the US Fed can't print bitcoins.
- ChatGTP 3y agoBecause they're benefiting from it? I'm not sure how true it is, but I have read N Korea uses cryptocurrencies to trade ?
- theknocker 3y ago[dead]