Assume for sake of argument that lawyers and politicians develop a strategy to restrict crypto trading to accredited high net worth investors, and only people who have ability to hire legal teams can deal with crypto? What if each year politicians enact more barriers to entry until eventually it is a legal moat which only allows for the rich to be able to afford to play with crypto tokens legally?
Is there a way to stop this? Or is this the natural progression of crypto technology?
I would figure politicians will try and do everything they can to control cryptos. They are going to have a difficult time adjusting at the pace of growth and I think it will be a long time until they can "rein" in cryptos. I hope they never can.
I think perhaps the thing most in favor of cryptos being OK is the fact that it basically "takes an act of Congress" to enact legislation... and one would hope that the cryptos might be "fluid" enough to reinvent and redefine themselves and "move around" faster than the legislation trying to fence them in.
Well crypto is actually legal though. And everybody believes that it's a money of future. Even politicians will step into crypto world
anything is possible, since media and many other factors are in the rich's hand :/
Politicians are using crypto for money laundering... They won't enact barriers :p
Politicians are millionaires. They are rich.
but adding more barriers will slow them down to exchange everything into fiat :D
Even if they're not rich when they enter office, they're rich by the time they leave.
The only way is to use ONLY crypto, fiat currencies have to die. As long as we only use crypto currencies to resell them to have more fiat, this scenario can happen. When people will really begin to trade services and goods with cryptos, nobody will be able to restrict it to a certain category. I am more concerned by the vulnerability of the wallets when the quantum power is going to be unleashed.
They will try but no way for them to control everything... Cryptocurrency is also developing itself to be free from regulators.
I think, it's against the very nature of crypto. You might restrict access to a coin but people could develop another one, because the technology is available.
Is there a legal way to restrict access to standard IT? Maybe there is
Politicians have no more control over crypto then you or I. There's no need to stop this because it can't happen.
I don't know that the question is so much if it can be stopped as, "Can their efforts be circumvented?"
I don't personally know any, but I think some of these crypto-people are pretty sharp.