The crypto market had quite the scare recently. When it became evident that the Biden administration was moving towards more regulation around all things cryptocurrency, the FUD selling started. That's in the past of course, as things already seem to be recovering, for now, you never know in this environment. Even though it made a small dent in the overall market value of our digital gold, it does raise some questions and possibly concerns the complex and disorganized place that is my head. What can governments really do? And how far does their knowledge and power reach?
In terms of regulation, I think that would only be truly effective in cases where people go back into fiat, and some people do that. Others are living in the future and using cryptocurrency to directly pay for goods and services. We've already seen virtual stores pop-up that embrace the concept of magic internet money, a few of them right here on Hive where there are already many possibilities to purchase things with the tokens on the second layer or even with the HIVE token itself.
Would government be able to regulate a fully decentralized economy? By definition that is not possible. Well, it might be approachable by regulating the internet itself, but this would encroach on basic human freedom and privacy rights. Would the majority allow this?
The thought of a centralized power trying to prevent a decentralized revolution is ironic to say the least. And I don't see it happening. Manipulating the technology of cryptocurrency would mean manipulating blockchain technology itself, which is not an easy task, as a blockchain is immutable. And the fact that nodes are all over the world means that if government would want to stop at least 51% of those, they would have to bundle and coordinate. And with the way countries work right now, I don't see that happening either.
What do you think? Will governments be able to stop us? Or will resistance be futile?
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Good questions, Bredda.
I would say no, we work with "Love", they work with "Fear".
Love Energy swings 5 times higher than fear.
"They" just had a 200 years advance, and we're "catching up".😉
Greetings @rarej
Well said. And you already have the perfect tune to go along with it. :)
You done know😉
Big Up Bredda!
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Right on @bhattg ! Thank you. :)