All noble goals. But your real intentions for the technology is clear (/get rich quick/), otherwise you would be a very vocal critic demanding correction like I am doing.
I already regret responding to you. But I don’t know why you think I’m not in favor of a correction.
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I agree. And many would consider the fact that crypto transactions are irrevocable to be a drawback, not a feature. It’s a cool tech solution to something that’s not necessarily a problem.
Where I do see it as valuable is in perhaps a developing (or illegal) economy that doesn’t (or can’t) have a robust banking and legal system. Just leapfrog over banking and rule of law with crypto money and contracts. Similar to what mobile did to landlines in Africa
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The dollar says “wut”?
The problem with the dollar is that it’s too heavily regulated. Because it’s become too widespread. That’s why criminals adopted BTC. Criminals probably do not want a currency that’s heavily regulated, and thus they don’t want BTC to become more widespread/well known as it increases the likelihood of regulation and AML/Counterterrorism efforts directed at it.
Quick, someone trademark MooCoin. With Proof of Steak for lower emissions. 
/ apologies to our resident 
.
I’m getting rich in my $50 investment when it was in the $300 range. I think the technology is cool but it’s never going to replace USD or other fiat currency. Not everything in the world is black and white. Reality is complicated and nuanced.
Going outside of the law seems rather difficult for day-to-day currency itself. You’re going to need access to network for transactions for everyday commodities and/or exchanges for traditional fiat currency to pay at merchant not accepting crypto. I doubt the authorities are gonna allow exchanges freely unless they can regulate them which voids the point of trying to get outside the law.
The most telling example IMO of these dynamics is India. They’ve just managed last year to change their currency regulation to recapture tax revenues that were just never reported before. And not surprisingly, they seem extremely reluctant to welcome the bitcoin party to allow the restoration of unregulated transactions.
Similarly, look at the trends in state sale tax collection for online transactions. Like South Dakota pushing their law to the SCOTUS to force collection for orders from their residents even without physical presence in the state. Now imagine one or more cryptocurrencies taking off as payment method accepted everywhere. I don’t see States and the IRS forgoing this tax revenue stream and allow anonymous transactions for the bulk of business done in the country.
I’m seeing this from the standpoint of someone who has a freelance gig bringing in not insignificant income annually. Assuming USD - cryptocurrency somewhat stable exchange rate in the future, which do you think I’m going to ask to be compensated in for my work? Of course the one in which the IRS will have no oversight over. I’ll take my 25% income bump thank you.
But on the flip side of the customer-client relationship, which customer among us is gonna accept a system where charge back is not an option in case of fraud, in case of damaged goods or services rendered?
That’s where I see a paradox. To truly succeed in a mainstream transaction/payment method, I think cryptos need some kind of governmental endorsement (akin to FDIC for bitcoin wallets and reversible transactions) or at least significantly increased regulation. But then they’d become just an alternate fiat currency which would make them redundant, at least in developed countries with robust banking systems.
In the meantime, that still seems to me to remain a massive resource sink (maybe alleviated by PoS switch eventually) that is used solely in the hope of getting rich quick (speculation) or procure illegal goods. And as such, no matter what the value of the research experiment is, it’s not hard to see why it’s not getting good press.
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Please cite your source.
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relevant article :
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Deduction is my source. There aren’t that many legitimate merchants that accept it, and given the crazy value fluctuations, unless you live in Venezuela, you’d be insane to actually trade another currency for cryptocurrency unless you are speculating or trying to evade the law.
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Add to that the exorbitant (by consumer standards) transaction fees and terrible delays, which instead are relatively quick and cheap by money laundering standards…
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Amazon “$”, better than bitcoin!
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And those with a brain respond with ‘duh’