As the tentacles of cryptocurrency spread out, especially Bitcoin, we see many articles appearing that discuss the idea of crypto regulation.
This point was further enhanced by Mark Cuban's involvement in a rug pull. He was in the Iron Finance pool that goes sucked dry. Now, the Shark Tank billionaire is screaming for regulation of the DeFi space.
Word of note to Mark: notice the word decentralized in Decentralized Finance*. In other words, it is up to you to be responsible with your own money.
Alas, we have another billionaire who fully resides in the nanny-state.
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Make no mistake, cryptocurrency is full of adults and independent thinkers. This is exemplified by the different groupings. Try to get them to agree and you will find yourself up a creek without a paddle. About the only thing agreed upon is the fact that governments are not invited to this party. At the same time, neither are those who want to bring the government, aka Big Brother, with them.
Sorry Mark, it is tough growing up. It is your money, take better care of it. Since you have a lot of it, one would think you knew there were a lot of nefarious people out there trying to take it.
Alas, the virtues of the industry (and technology) disappear when someone loses his or her own money.
The real scoop is that regulators, governments, and other entities like central banks have no prayer about controlling this beast. People involved deeply in crypto understand that. The technology is spreading in a manner whereby people all over the world are free to contribute. Not all of them have the same views of governments or regulation. In fact, in many countries that is a really dangerous thing to depend upon.
It appears Satoshi knew this. We have no idea where that individual(s) resides or what type of system he, she, or they lived under. What we do know is Bitcoin was designed so as not to be under the control of governments. Originally termed "the people's money", it was a stark contrast to the monetary system governments provide.
Hence, the idea this train is stopping anytime soon is completely absurd. We are seeing things expanding in so many directions that even the most ardent of follower is apt to get lost. Simply put, it is impossible to keep up with all the innovation and advancement.
This means that the game of cat and mouse is no game. It is near impossible for centralized entities to keep up with the pace things are happening. This industry knows no borders, requires no permission, and is filled with people who really care little what the likes of Mark Cuban or any other establishment individual have to say. They will just keep developing and building.
Some have attributed this to trying to herd cats. However, a batter analogy is when a light is turned on a bunch of cockroaches. Instantly, they all scatter in a million different directions. That is what decentralization is all about. There is no single point of access, making it a much more resilient system. Trying to go after one or two is not going to yield many results. The total of the system is much bigger than any one entity or group of individuals.
With each passing year, the technology gets more advanced as innovation takes place. Present the crypto community with a threat and it will figure out a way around it. This all started with Satoshi's vision and expanded from there.
Now there are dozens of blockchains that operate on different principles, occupied and ran by different individuals. The same cockroaches are not likely to be found in different holes. This makes it very difficult to harness.
With each advancement in computerization, we see the prospects for the industry doing the same. Cryptocurrency is not operating in a vacuum. It is part of a greater technological move that we are undertaking.
Therefore, anyone who believes there is a way to control all of this is missing what it is all about. From the very start, it was designed in a manner so as not to be controlled. With each iteration, that value is being brought forward.
Article by @taskmaster4450.