We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
before it came out into the open and eventually into the mainstream arena.
However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.
Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?
I need your wide perspective on this please. Thank you.
Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.
This is exactly what I meant to say when I asked the question of whether the revolutionary system of cryptocurrency is being dragged toward the old system that we have right now that is primarily controlled by the banks and the governments.
This KYC thing as well as the proof of funds requirements are not features of the new system of cryptocurrency. These are basically against anonymity and protection of personal identities which are being pushed by the crypto system. And yet crypto seems to become helpless and eventually implemented such old system features.
They aren't exactly against anonymity. They are against scams,illegal activities etc. There is nothing much a single person can do. Probably use TOR in the online world to be anonymous and keep avoiding exchanges but in real life, if you don't want to use banks because of you being afraid of giving proof of funds, you have to stay hard to cash, and it will be not easy to survive. There is a need for decentralized organizations, otherwise kyc would doom people's anonymity.
If I get it right, we cannot really go full-time on one system alone and totally disregard the other. Somehow, both systems will have to adjust and look for a common ground, taking some features from each other that will somehow create a new hybrid system. For example, as much as we want to avoid it, personal identities cannot be kept away unattached from a certain wealth, even if that wealth is crypto-based. The banks and the governments won't allow it to come out if they are not assured where the money came from, how the money is made, etc.