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The Easiest Way To Eradicate Crypto

Updated: May 18, 2022

The Easiest Way Governments Can Eradicate The Crypto Market

I do not think that cryptocurrency is purely an organic phenomenon. Governments have fueled the crypto market by overrunning the printing press. People don’t love cryptocurrencies as much as they despise fiat money, If governments only went back to the gold standard, I suspect the coin market will drop atleast 30-40% overnight. Soon, the speculators would also lose interest. On the contrary, if someone comes up with a cryptocurrency whose value is pegged to gold (like DGX) or the dollar before it became fiat, it may cause the end of fiat currency. It will recreate what the US dollar used to be. People are not creating something new with crypto. They are recreating something that was lost. There was no need for crypto if we had real money.

Imagine if traditional banking and financial institutions understood the problem. They integrated cryptocurrency and lowered their charges. People would happily pay a little charge and not worry about wallets, exchanges, public keys, and a thousand passwords. No one wants to be an autistic piece of shit on the internet. People have to do it because they just don’t want to use fiat money.

This is the same phenomenon I see in the media. The rise of alternative media is not organic. No one loves to go to distant corners of the internet, look up on search engines no one has heard about, learn about TOR and digitally visit from a different country via VPN only to find basic information. If mainstream media straightened up, people would not go through so much hassle to get reliable news coverage. It is so much more convenient to read a newspaper.

Decentralization is not by default better. It requires more resources. The whole point of centralization was to save money by reaching economies of scale. A bus is more efficient than a car because of its centralized nature. But when the bus does not allow some people to board, they would have to buy their own vehicles. While this may be favourable to those who want their own vehicles, those who don’t want the hassle of maintaining a personal vehicle would have to do it anyway.

Centralized ownership of things is not particularly bad if the person entrusted is trustworthy. Spotify is an example. They did not cave in to the left and remove Joe Rogan. So long as they stay on this stance, there will be no need for a decentralized audio platform.

On the flip side, some decentralized technologies may actually be cheaper, in which case, people should adopt them.

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