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Cryptocurrencies and risks of alternate payment systems

Discussion in 'Current News & Events' started by mukk_in, Jul 12, 2019 at 12:47 AM.

  1. mukk_in

    mukk_in Yankees fan Supporter

    +3,172
    India
    Christian
    Celibate
    I like the idea of crypto and the supporting blockchain technology has good uses. The President, however, is no fan. He does have a point. Crypto currencies can be used for money laundering, terror financing and other nefarious activities. Do these need more regulation or should they be summarily banned? What do you folks think?

    Links:

    Trump: I'm 'not a fan' of cryptocurrencies, and Facebook may need a banking charter for Libra

    Cryptocurrency: Risks and Benefits - MICS

    The Risks and Rewards of Cryptocurrencies

    https://www.coindesk.com/new-york-state-sees-first-conviction-for-crypto-money-laundering
     
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  2. Yekcidmij

    Yekcidmij Economist & Engineer

    +874
    United States
    Calvinist
    Married
    US-Others
    I think their sole utility is to evade government regulation and restriction. And I'm not really even thinking about the US, but rather places like Turkey, Iran, or Venezuela where capital flight is prevented by government restriction. When people are unable to get their capital out through normal banking channels, crypto could offer a very viable alternative. I do suppose this would be the primary utility in the US too though - that and perhaps as a way to gamble.

    I don't buy all the other talk about crypto being a "currency" (it's not), a store of value, or having a stable quantity.
     
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