Crypto is the future is what people are always saying on various social media platforms. As soon as we get rid of that blasted FIAT the better. But do people really mean this? I would not like to see FIAT money gone for privacy purposes. I do not want Johnny Two Doors down to know my financial business. But this is what we are signing up for. Crypto is more traceable than FIAT ever was and this is a conflict for many blockchains with the exception of the privacy chains such as Monero for example. These privacy chains are also known as pedo chains for reasons I won't go into today/
With Hive I can see where the money is flowing in and out of wallets. I can check peoples rewards and what they are doing with them. People can make up new Hive names and alt accounts but if you have time it is easily deciphered. You can see everything. And people do not see this as a good thing. Now it does prevent many dodgy dealings going on in Hive as people can just check your wallet but is it a tool that stops people signing up. Most crypto wallets are a 17 digit address which makes things a bit more private. Obviously like Hive you can track addresses as well but it much harder to go especially when it comes to cross chains and bridges and the like. Rug pullers just make up a new wallet in Sol and go again with a scam. Rug pulls are turning into the scourge of crypto. If people want mass adoption then this is not the way to go about it.
I lived in Germany for a time and it is the one country that has not taken to tapping their bank card. They hate cards with a passion because they like their privacy. Cash is king in Germany and they do not want their spending recorded on a ledger. Gunter does not like a record buying the new BBC 3000 rocket vibrator and rightly so. It's none of your dam business. Switch to a country like Sweden with a socialist government. Maybe a Swede on Hive may correct me but I think you can check what salary Johnny Two Doors down is on by a simple laptop check. Maybe it is not as simple as that but a Swedish friend of mine told me it can be done.
I was watching the day of the Jackal the other night and I found it excellent. There was a guy in it that was unveiling "River" which was basically a financial system that was transparent. In a way it was crypto because it is exactly what he was saying. The Jackal was tasked to shoot this founder by the big bad banks. I won't tell you whether he succeeded or not. But the idea was that the rich did not want this new financial system because the transfer of wealth from poor to rich could be tracked. This new financial system would transfer the wealth from rich to poor. When you think about the likes of Bitcoin and Ethereum, it did just this as most people that got in early were the tech-savvy who were crying out for a new financial system. Ok I get it. Many rich probably got in early as well as Bitcoin was like buying magic beans back in the day. Nobody thought it would explode quite as much as it did. But there was a transfer of wealth here and new millionaires made over night. I think we can all agree on this. But since then I think many rich whales have come in and this transfer of wealth is going back from poor to rich.
We talk about Freedom of Speech alot on Hive. It's never the way I look at Hive as I think an highly opinionated whale can stifle the freedom of speech in an instant much worse than any facist dictatorship. But I do not think people value this over wallet privacy. Give them an option and it is wallet privacy all the way I would imagine.
But it all comes down to whether you mind if the guy next door knows how much you are worth. If you do not care then you will more likely switch to crypto in the future. If you do care and I assume 95% of people do then they are going to stay with FIAT because as we all know. Cash is King.