фото показано с : blokt.com

At the Senate Banking Committee meeting on Oct. 11, the wedges between crypto supporters and deniers grew deeper. The differences became clearer as Coin Center’s research director Peter Van Valkenburg and Dr. Nouriel Roubini, two of the strongest critics of digital currencies, came together. Norbert J. Michel explained in an article on The Hill how crypto deniers rely on stale arguments to save face.

Roubini’s entire discourse on digital currencies relies on one statement — the anonymity of digital currencies is being taken advantage of by criminals. Hence, cryptocurrencies must not be allowed to flourish. However, this argument was raised 10 years ago, when Bitcoin first arrived on the scene, and this has been defended against several times since then.

Indeed, cryptocurrencies cannot be disassociated from criminal activity. However, the same logic can be applied to cash as well. It changes hands without any record. With the public ledgers used in digital coins, it becomes easier to catch criminals, as explained by Van Valkenburg in his testimony. Cryptocurrencies leave a trail, even if they are anonymous. And their public ledgers are immutable, which means that they cannot be tampered with. All transactions are visible to everyone at all times, making cryptos safer than cash.

Roubini’s more compulsive argument against digital currencies is that they show aggressive price volatility. According to him, there could be some party deliberately influencing the price of Bitcoin at the expense of regular users. He also suggested that most computers verifying Bitcoin transactions are part of a Russian or Chinese oligopoly but didn’t explain how exactly it happens.

He also thinks that cryptocurrencies should not be considered money and they are not scalable. Roubini’s arguments also lean toward cryptos being used and controlled by rogue or nefarious governments and criminals. Not only this, but cryptocurrencies also enable money laundering and tax evasion, simply because they don’t come with government backing.

One of the most basic problems with crypto deniers is their lack of understanding of cryptocurrencies’ underlying technology and the motive behind the creation of these digital assets. Bitcoin is powered by blockchain technology, which is a system of highly secure immutable ledgers that are available for public scrutiny but don’t come with real-name wallet addresses. Instead, one’s identity is hidden behind a public key, that is, a string of numbers and letters.

Cryptocurrencies emerged after the 2008 financial crisis, which ruined many lives. It is time for governments to see technological and financial innovation in a positive light.

Are Crypto Deniers Living in Denial of a $200-Billion Market? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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