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RE: Crypto purification

in #cryptocurrency7 years ago

Very nice post, thank you for that cicbar! I agree that what you describe is what will most likely happen someday and also that it is needed in most people's minds. But let me play devil's advocate for a moment and say this: with great freedom comes great responsibility. And maybe what you describe isn't necessarily what we want to happen.

Here's where I see a potential problem:

"This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects."

The problem you describe here is real, but it also is exactly as cryptocurrencies are supposed to function: all cryptos are really treated the same, and that's a good thing... It's an indication of the fact that this young market really is free. If coins are to be treated differently, then we are back where we started, not a free but a (heavily) regulated market. And in a regulated market the rules are made by the rulers... Do you see where I'm going with this?

The whole idea of crypto-currencies, at least those with a public blockchain, is to take the power the that comes with issuing money away from centralized entities like banks and governments, and give that power back to us common folks :-) All transactions between humans should be between the humans involved and be completely voluntary, without having to get permission from anyone else. That's why Wikileaks was so happy that Bitcoin existed when Visa and MasterCard refused to wire them their donations any longer, because some stupid government decided they were a terrorist organisation.

So, with all that in mind, don't you think asking or wishing for regulation of any kind is somewhat contrary to the goals of money on a decentralized public ledger? Didn't Satoshi have his great idea to get rid of banks and governments? Wasn't the algorithm to be the ultimate arbiter in this imagined future, and take the place of the "man in the middle"?

Now, don't get me wrong: I do see where you're coming from and I do agree that right now the crypto markets are like the wild west where many casualties will occur... But maybe, just maybe this is just a much needed phase in our cultural evolution as free inhabitants of a planet, not a city or country. And if we want freedom, we can't ask the government to protect us from thieves and charlatans, but we must arm ourselves with the knowledge needed to protect ourselves as best as we can. And maybe protect each other on a completely voluntary basis because we finally understand that if our neighbors are safe, we also are safe. Maybe true freedom comes with the realization that we need each other, and not the government, to stand up for us.

I do see that nowhere in your post you actually ask for legislation or regulation, but I can see no other way for scam coins to be treated differently from good coins. Maybe I got you all wrong, and in that case I'll gladly stand corrected if and when you point out where I missed or misunderstood something.

Just some food for thought for the food for thought you gave me. How's that for a voluntary transaction ;-) Once again, thanks for a great post!

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I agree with free market and freedom but my point is that you can't treat scam projects like Bitconnect same like serious ones.