Why aren't governments all banning crypto...

Why aren't governments all banning crypto? Do they just not understand yet how this removes power from all financial services incumbents?

Other urls found in this thread:

youtube.com/watch?v=SYPsygSHnAs
etherscan.io/txs?a=0x9f4fd6c336388f2ab7dc7bbe4740ae7b88b880d7&p=11
twitter.com/AnonBabble

as soon as gold gets smart contracts, it will kill crypto. Screenshot this post

cause it doesn't do anything until a majority of businesses accept crypto
right now crypto is fucking worthless in the real world

>create a coin that you can control with code and convince a generation of idiots to accept it
>not the greatest jew scam ever imposed
Oh nigga they are just getting started. You are the experiment; they are already gearing up m8. Once enough people get scammed they will swoop in as saviors creating more Ripples and using the media to hype their own shitcoins and you lot will dump all of your worthless fiat into something even more worthless and get absolutely butt blasted.

>Do they just not understand yet how this removes power from all financial services incumbents?
No, you don't understand that it doesn't.

>Why aren't governments all banning crypto?

Why would they? Because of the rapid adoption of any crypto as a replacement for USD? haha No. Anyone who wants to buy anything first has to convert crypto to fiat, and thus, you're still under the central banksters' control.

That's funny, I've already stopped using my bank account as anything other than a temporary intermediary step for converting my paychecks into crypto. Once employers start offering payment through crypto I will switch over and close my bank account completely. There, banks are done for. Now we need to move towards blockchain based proof of ownership of stocks and automatic dividend distribution via smart contracts and revenue oracles, and there, the financial services industry is completely dead including stock exchanges themselves

Almost all services that are offered for fiat can be offered for crypto. If you think banks aren't immediatly going to move into that market as soon as it's viable you're deluded.
Banks do a lot more than transactions. I would still use banks for the sole reason that my deposits would be insured. Then there's lending which of course would be just as profitable.
Plus banks will offer services to make crypto more user-friendly for normies. Stock exchanges won't disappear either. They'll adapt and trade crypto currencies.

user do you not understand how crypto works? You don't need crypto services to be offered, there is nobody offering crypto services, you just download the wallet, node, or mining software, and join the decentralized hive. Your deposits are insured? What does this even mean? No, really - go into detail and describe why this is necessary in the crypto world. People can undercut services banks try to offer to normify crypto by offering decentralized solutions

You're not getting it. The only caveat is lending which is still being worked out through fiat - you can instead stake your retirement holdings in a smart contract in return for liquid cash now, and it's completely automated on a decentralized market

youtube.com/watch?v=SYPsygSHnAs

They are releasing their own crypto called SDR, traded on the ACC chain. They will force all banks to divide houses they own into SDRs. Any new house bought, all taxes paid will be done behind the scene in SDRs.

You will be forced to use their garbage coin even if you don't want to. You will have your house divided up into tokens that are spendable. millions of retards will unknowingly spend these tokens representing ownership over their house and not even know it.

stop spreading FUD retard

Crypto isn't magic. All those services you just described have to be offered and maintained by someone. Guess who that is. And as I said normies don't want to fuck around with wallets, nodes and mining software.
Insured means that in case anything goes wrong, a transaction, a faulty smart contract or if someone somehow manages to steal from my wallet the bank will reimburse me.
This is the beginnning of a new technology. There will be an infinite amount of services and products offered that we might not even think of yet.
The financial industry will NOT go away. You have to be incredibly naive to believe that.

Kek, this but unironically

>t. retard
They don't have to be offered and maintained by someone, they already exist my user and are simply being updated by open source developers. Normies don't want to fuck around with wallets, nodes, and mining software? It's not an issue, all we need is some normie friendly apps and hardware which we already have in the form of hardware wallets

A transaction goes wrong? A faulty smart contract? Someone manages to steal from your wallet? Don't be a retard then

The existing financial services industry will go away - the one where centralized power controls the wealth and you are just allowed to use it when they want to be nice to you

There are so many already participatin in the fintech business, including the stock exchanges themselves(SIX for example).
And you're right these services will be maintained most likely by banks.

>easily transactable
not really
in a couple years maybe

>updated by open source developers
>all we need is some normie friendly apps
>writing smart contracts
Oh my god, are you for real? Those are literally the services I'm talking about. Who do you think will do all that? That's literally the finance industry.
If you think NEETS in basements will handle multi-trillion dollar industries you're simply deluded.
>Don't be a retard then
Or just use banks in return for 100% safety. I know that's what every normie will do. You don't actually think normies would write their own smart contracts, do you?
They will use contracts someone else wrote. So which idiot would use a contract if he's not insured in case someone fucked it up? No, banks will design and write the smart contracts.
>The existing financial services industry will go away - the one where centralized power controls the wealth and you are just allowed to use it when they want to be nice to you
That centralized power will control crypto. It just takes money to control it and who do you think controls the money?
Also why do you think automation would destroy an industry? It's literally the opposite. Automation makes an industry more efficient. It was true for every industry until now and it will be true for the finance industry.
Thanks. I can think of dozens of services for crypto. They will all be done by banks because it's basically what they're doing already.

>Or just use banks in return for 100% safety
Okay you're a little snowflake bitch who lives in a first world country and hasn't seen a financial crisis in his life - that explains your viewpoint. User p91Gt7zL discarded.

You think banks are 100% safe? What if they go insolvent? What if they decide you're an enemy of the state for some abstract reason, because you said something a future ruler doesn't like, and they decide that "your" wealth isn't "yours" anymore? See the issue? No, because you're privileged as fuck and can't see reality

You don't understand why decentralization is important because you live in a relatively well-ran country. Most people in the world don't even have access to banks, did you realize that? The vast majority of people in the world could not open a bank account if they wanted to, and this is a serious problem.

Insult smart phone apps but they bring this to the whole world.

>gets butthurt like a snowflake
>calls me snowflake
I'm not telling you what I want to happen. I'm telling you what the reality is.
So you admit that those services will obviously be done by banks?
Would YOU use some pajeet's smart contract that gives you no insurance and could mean you losing your money
OR would you use a bank's smart contract that guarantees your money is safe even if the contract is faulty?
Plus yes, banks are as safe as you can get when it comes to money. Even if a bank fails the government will most likely step in like in 2008.
Don't know what this all has to do with rich and poor countries.

Thing is, crypto is volatile and quite likely always will, just look at gold. People won't want to accept their salaries in crypto, and companies don't want to accept crypto as anything more than a gimmick because they'll convert it back to fiat anyway. Volatility kills crypto as a currency, plain and simple. A currency absolutely just needs to be stable on the short term, and only centralization can guarantee that. So people will keep using fiat for actual transactions. Paying with crypto is kinda like paying with stocks - nobody has asked for that. In the end the payee wants to receive stable fiat that he can invest anywhere he pleases, not a specific stock he might have no interest in.

I never said I admit that, I'm saying those services are irrelevant

Look user you clearly don't understand anything about crypto or the financial services industry, or economics, or game theory, so I'm done arguing. Please study some more

Crypto will not "quite likely always" be volatile. It just is right now because it's new. We will have very stable crypto in the coming future, more stable than any financial market, due to the EXTREME amenability to market making, algorithmic trading, and things like this, which will remove all inefficiencies from the market

It's a bit unfair to put cryptos as more scarce than gold since new coins are created all the time, and even if we were to only talk about Bitcoin, new forks are created constantly.

Crypto can be created with predictable upper limits, in the future we may be able to find more gold, mine it from outer space, or even synthesize it.

Maybe volatility can reduce, though gold with all the volume it has for example is still very high. I suppose a free market will always have considerable volatility. But seriously, do you see the volatility, even if it decreases, being acceptable for a currency? A currency just can't go -10% in a week. That would be a disaster for something used as a means of exchange. So that tells me those who are actually using currency for actual currency thing wouldn't want that when theit businesses amd livelihood depend on stability. Which is why I'm pretty sure that in the ends banks will just improve fiat with their own crypto, and the free market cryptos will remain digital gold with the odd use as value transfer.

Yeah, good arguments, not.
Btw here are the first victims of faulty smart contracts. etherscan.io/txs?a=0x9f4fd6c336388f2ab7dc7bbe4740ae7b88b880d7&p=11
Yes, one guy just lost 232 fucking ETH and nobody will reimburse him.
But no, we don't need banks. Let pajeets write our smart contracts.
Yes, because the central powers will control and stabilize it.

It's a free market user, fiat currencies go down 10% in a week all the time in shittier countries. Once again you're just a privileged snowflake who lives in an economic powerhouse taking advantage of its ability to exert economic power on others to prop up the value of its currency

You aren't understanding - the price of cryptos are not inherent to cryptos, and the price of fiat is not inherent to fiat. It's a market dynamic, if people wanted to stop trading with the US the price of USD would drop. Is this an indictment against fiat currencies in general? No because it's an unavoidable market dynamic and it applies just as much between fiat and crypto

With fiat the situation is better though in the longterm because they are not tied to one country

He trusted a central authority, an external smart contract writer, and he got burned, big deal

As we move forward with more formal verification this will become less of an issue

No central authority. Just some stupid pajeets.
Who will do that "formal verification" and how will it look like?
It couldn't possibly be a job that banks could and would do?
You still have to explain to me who will write smart contracts and who will guarantee that they're not faulty.

ICO idea: smart contract insurance

The advantage of fiat really is that some entity you'd hope to be benevolous can control the price and ease the fluctuations. So in developed countries crypto can probably not match fiat in terms od volatility.

Seriously good point about third world countries though. There's nothing stopping their fiat from going crazy with the small liquidity and unstable conditions. So I guess those countries actually will adopt crypto as a currency, with no need ro convert back to fiat. Maybe that will be where the revolution starts.

First worlders would still stick to fiat for a long time, but they might slowly accept crypto too. It's hard to say if govts would kill it at that point, and which cryptos would make it. But I gotta say you were right, the potential is there

>Who will do that "formal verification" and how will it look like?
If you don't even know what formal verification is you have absolutely no right to even continue bothering with this conversation.

Yeah, pal. You have zero arguments and got completely destroyed. I'd stop, too.
Good thing is, we'll see who was right in a couple decades.

Also I personally would rather have a crypto-only world too. There's some practical problems like decreased security (fuck it up and your money is gone) and privacy+scalability problems, but I love owning my funds for myself. I think I've been too pessimistic about the general population's appreciation of crypto

Correct, you didn't. You're a fucking idiot kid

>ad hominem
>still zero arguments
man, you're so brave and mature. what other insults do you know?

I tried to explain why you were wrong reasonably and you just said "you're wrong" and didn't bother explaining why, then you demonstrated that your knowledge of computer science doesn't even extend to formal verification. You're out of your depth, this is a technical and mathematical topic and you don't understand it, that's all there is to it, sorry bye

You couldn't explain two simple things.
Who will write smart contracts?
Who will insure the money of the people who use the smart contracts?
Don't worry. I can program and I'm pretty good at math. I'm sure I can at least grasp the basics of what you're about to explain.
Btw doing formal verification also requires people. Man, so many people needed in this process. I wonder who could do all these tasks.

Format verification does not require people, it is performed by software which will itself be highly scrutinized and open sourced, and generic enough where it can itself be formally verified manually or bootstrapped

Nobody will "insure" the money because the vast majority of people won't be using custom smart contracts, they are just for special edge cases. They will be using generic industry-standard smart contracts for various purposes which are heavily scrutinized and audited by the entire software world

Anyone who sends their money into some idiot's smart contract they haven't themselves checked for bugs deserves to lose it, sorry user. General purpose every day users will not be doing this

>Format verification does not require people, it is performed by software
Kek, if you think custom contracts can be verified by software without the involvement of people.
>highly scrutinized
By whom?
>software which will itself be highly scrutinized
By whom?
>verified manually or bootstrapped
By whom?
>generic industry-standard smart contracts
Which industry?
>heavily scrutinized and audited by the entire software world
What software world? Will game developers audit the contracts?
>haven't themselves checked for bugs deserves to lose it
We have labor division for a reason. Not everybody needs to do every job because it's fucking inefficient.
>General purpose every day users will not be doing this
So the vast majority of people will still need banks.

Just to summarize, the smart contracts will be written by people who are not the finance industry.
The smart contracts will be verified by software which is written by people who are not the finance industry
The formal verification will be done by people who are not the finance industry.
And the smart contracts will not be insured so people willingly risk losing money.

OP, don't you realize that you have just listed a bunch of financial tasks that need to be done by professionals and are already done by the finance industry today?
It won't be some random developers doing that. It will be the highly specialized finance industry. And if you really think people have no need of insurance you must literally be a kid.
OP, you're pic related.