Quote:
Originally Posted by sil
You could argue we are using cryptocurrencies by default, most people use credit cards and no cash or gold or anything physical changes hands, its all numbers and trust. No different to bitcoins really.
|
I take issue with this. With credit cards and the like, you know who you're dealing with. They are listed on the Stock Exchange, have a registered office, can be sued, taken to court, scrutinized by regulatory authorities, have statutory reserve requirements and held to a raft of other requirements and limitations, and all that. Hell, they even have a web presence and a phone number. If they are found to have facilitated money-laundering, funding terrorism or the commission of crimes against international and national arrangements, they can be held to account. They are subject to scrutiny and control at a national and international level. With Bitcoin, you throw your money into a legal black hole and hope. You know it is the preferred medium of exchange for criminals, terrorists and all the rest. It is no coincidence that the recent ransomware attacks all required payment in Bitcoin, for example.
Peter