Cryptocurrencies and risks of alternate payment systems

[mukk_in]

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

 

[Yekcidmij]

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

New York State Sees First Conviction for Crypto Money Laundering - CoinDesk

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.