Hello,
There’s a lot of things to consider here, but I’ll mention two:
1) https://mashable.com/2018/04/06/india-cryptocurrency-crackdown/?utm_cid=hp-h-3#fIFOLJx4Akq1
We learn: Central governments cannot maintain law and order when anonymous, decentralized mechanisms are being used to fund illegal activities. It goes against the very reason governments exist. Some may argue that this is the very point of crypto, and its a good thing. I would point out that, whilst decentralized (let’s pretend that’s happening) currencies do hand back ‘the power to the people’ that unfortunately, as has been seen all around the world, the people do not hold the bigger stick.
2) America, China, or any other country won’t switch to using crypto. Think about this: how much is crypto worth? Hmm. Intriguing right? You can only quote it relative to the USD (or JPY or some other fiat currency). It has no intrinsic value; it is purely pegged, and therefore, and this is a very hard thing to come to terms with... it has no value. And that’s ‘none’ as in, different to fiat currency which has a similar problem. Fiat falls back on the might of the holding country. Crypto falls back on...?
It should be noted that I work in the technology sector, and am pursuing blockchain technology options for the startup I foundered. I have a realistic view of emerging tech, and don’t want to unnecessarily pan something unless I can see it being a step sideways or backwards. And at this stage in their lifecycle, with limited use-cases, and a highly (highly) damaging effect on the environment, I remain hopeful but feel a little pessimistic about (most) crypto currencies.
(20min delay)