Government’s Lack of Action with Cryptos is Inexcusable

To say the world is moving faster than governments can keep up with has never become more apparent than what it has with cryptocurrencies and blockchain products. The objective of government as financial regulator is to guarantee fair and efficient markets and financial stability, to enforce applicable laws and try to prevent cases of market manipulation and corruption.

They hold the responsibility for market integrity and consumer protection across the financial system, to maintain, facilitate and improve the performance of the financial system and entities in it, promote confident and informed participation by investors and consumers in the financial system, and to administer the law effectively and with minimal procedural requirements. Well, I can’t see much of that happening.

So when cryptocurrencies came into existence what did governments do? They not only did nothing they got cross and hurled abuse and waved a dismissive arm over the whole crypto industry including the concept of cryptos. Instead of recognising the existence of a new financial product obviously coupled with a global system to trade this new financial instrument, and set out to first understand this new market and then work toward creating fair workable regulation and create protection for the consumer, they did nothing.

That is the job of government. So to this day many governments across the world simply won’t do their job. The arrogance of governments toward this new space goes a long way toward dismissing the current model of governing all together. Because governments won’t move on drafting necessary rules and regulations, the world will simply move forward without them. This has good and bad implications.

The good being that new things will be created before governments even know about them, let alone notice and take notice and have time to stop them. The bad outcome being things move so fast when unregulated that it opens the door for straight out crime. People and their money playing in unregulated markets are easily parted. And so much has been parted with.

50 billion dollars has been scammed, stolen, walked off with and probably that much again conned out of unsuspecting people through so called Bitcoin “investment” schemes that are still rife today. Two people that I know have recently lost $5,000 each thru Bitcoin investment schemes. Both were no more than a straight up scam.

How dare governments do nothing. How dare they simply wait for an industry to implode so they can say I told you so. They are ignorant and old fashioned in a new fashioned world, and straight out insulting with their slander toward something that is so obviously out of their depth. Insults like US Senator Sherrod Brown saying: “There’s nothing democratic or transparent about a shady, diffuse network of online funny money.”

Calling cryptos derogatory names like a child shows how childish they really are. The world is moving forward without them so no one cares what they think or say. By the time they’ve said it, it’s already too late. Governments are a disgrace, and in their current form are about as lasting as Ethereum is in it’s current form. Instead of playing in their sandpits, they should enforce all exchanges to store 95% of their clients cryptos in cold wallets like P2PB2B. This stops hackers steeling them. That should be mandatory across the board.

Imagine if banks left all our money in a cupboard with the key to the back door under the mat? They should have been active regulating ICO’s to stop the billions scammed from good intending people by fly-by-night operators. They should be actively stopping Bitcoin scams in their tracks through telecommunication outlets both national and international. Track where they are and raid them.

Close them down and continue doing this as they would if there were such operations as cold calling hit-man for hire services. Or cold calling paedophile rings. Treat the threat to the financial safety of their citizens the same way they would with a physical threat. That’s what government is for, to protect the people. Not to sit back and laugh at their misfortunes.

Cryptocurrencies should be taught as part of the curriculum in schools. They are a reality so why leave them a mystery for unsuspecting citizens to go out and get ripped off? Education is the key to understanding what cryptos are, why they are, and how they are going to transform our lives. Most people still don’t know what a Bitcoin is. Why not? It’s the simplest concept possible but 95% of people have no idea. It is the worlds first cashless digital currency, and global payment network. the end. That’s not hard to understand is it?

Bitcoin represents the future. A brave new world where government isn’t the creator and controller of anything big especially money. Bitcoin is a better way. Cryptos are a better way. Decentralisation is what will drive innovation in the future. The Bitcoin model is made to last for a minimum of 130 years. It cannot be printed and cannot be abused by government. It is sensible money. Money that increases in value over time not the opposite of decreasing in value through excessive and irresponsible inflation.

The decentralisation of a global currency is a huge step away from big government and all the problems they cause. Governments aren’t the solution to problems, they are the problem. The sooner the people of the world realise this the better off we’ll all become.

Source: https://iamkingcliff.medium.com/government-lack-of-action-with-cryptos-is-inexcusable-6178cebd96ce?source=rss——-8—————–cryptocurrency