I know about that stuff, but I just don’t see how you fix the fundamental problems of crypto without turning it into basically another ACH anyway. I.e. to regulate out the scammers, enable people to reverse transfers, tamp down on the straight out pump and dump schemes, wallet hacking / securing, the central exchanges going bust or being a scam themselves…
I just think that by the time you make it equivalent to Visa or PayPal for end users, you’ve now made it basically one of those.
Some people see the value of self-custody as superior to any downside. They don’t see it as a problem, and that’s most of the crypto we have now, with all its downsides.
Regulation, reversing transfers, and all of that, can be implemented only by centrally controlled entities, which is in the process of happening as we speak. It will become the equivalent of VISA or PayPal, but hopefully with either one of those, or some other regulated entity, still allowing micropayments and at least some smart contacts.
I know about that stuff, but I just don’t see how you fix the fundamental problems of crypto without turning it into basically another ACH anyway. I.e. to regulate out the scammers, enable people to reverse transfers, tamp down on the straight out pump and dump schemes, wallet hacking / securing, the central exchanges going bust or being a scam themselves…
I just think that by the time you make it equivalent to Visa or PayPal for end users, you’ve now made it basically one of those.
Some people see the value of self-custody as superior to any downside. They don’t see it as a problem, and that’s most of the crypto we have now, with all its downsides.
Regulation, reversing transfers, and all of that, can be implemented only by centrally controlled entities, which is in the process of happening as we speak. It will become the equivalent of VISA or PayPal, but hopefully with either one of those, or some other regulated entity, still allowing micropayments and at least some smart contacts.