“Cryptos are awesome, but they need to be regulated!!” I heard this sentence so often, and from so many different, smart people.
It was nauseating. Cryptocurrencies were created so that central authority regulation was NOT, and I repeat, NOT needed.
That was the idea behind Satoshi Nakamotos original Bitcoin. It was created in the tradition of crypto-anarchists.
I personally believe that the reason so many people use something so cumbersome, volatile and cutting edge as Bitcoin for a store of value, or to transact, is because they don’t trust the central authorities anymore and are looking for a way out.
If cryptocurrencies should be successfully regulated, their whole reason for existence would be instantly erased.
I fear however, that governments will outlaw any cryptocurrency that doesn’t supply KYC/AML to the full extent required by individual country laws, if governments ever find a way to do so reliably.
This would be a very sad day for all of us.
Until then, let’s use the freedom we have, and let’s fight to keep it. By innovating, by spreading the knowledge and by educating others.