by Marvin Dumont
The media and investors portray crypto regulations as a necessary legislative or bureaucratic process that will move the $220 billion industry towards maturation: a new financial sector that’s regulated like Wall Street.
But cryptocurrencies are NOT like Wall Street products.
Technologists and libertarians resist government rules for cryptos. They argue that more regs would:
- Stifle innovation
- Are inappropriate for censorship-resistant technologies
- Make transactions inefficient, instead of being frictionless
- Reduce economic activity because of added friction
- Place burdens on the ecosystem (such as KYC, AML, etc.)
- Eliminate privacy
- Increase risk of hacks and data breaches
- Introduce third parties to peer-to-peer networks.
Regulations seem to defy the original vision of Bitcoin: a direct electronic cash system that doesn’t need outside intermediaries. And it was designed in such a way because Wall Street and central banks nearly destroyed the global financial system in 2008.
With what else (the government) bailing them out.
While the threat of imprisonment would scare off a few scammers and hackers, the cost of regulations may be too high.
Bigger government makes citizens that much smaller. However, a limited government gives people more freedom.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in an unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. “Apollonauts” use features such as Encrypted Messaging, Smart Contracts, Decentralized Exchange, Dapps, and Decentralized File Storage.
Learn more at www.apollocurrency.com