Crypto enthusiasts call me a Luddite, statist, technophobe or worse. Asset bubbles are maintained by a common narrative, and anyone who dares question it must be attacked. But a growing chorus is pointing out the emperor has no clothes.
May 25, 2021
Ban Cryptocurrency to Fight Ransomware
[I’m certainly no fan of cryptocurrency. I might even concede that banning it would put a serious dent in ransomware. But I am very reluctant to advocate a ban on it. Doesn’t the First Amendment protect it?
When I first heard of Bitcoin I was rather enthused about it until I discovered it wasn’t completely anonymous. Anonymous financial transactions are a critical component of a free society. Anonymous financial transactions with anyone in the world who has access to a computer would solve a lot of freedom issues. To the best of my knowledge all anonymous financial transactions still, and will in the foreseeable future, require a physical exchange.
Hence, I am inclined to agree with Reiners:
It isn’t obvious that cryptocurrency provides any benefit at all beyond the chance to make a quick buck. I have been studying the crypto market since its inception, and I have yet to identify a single task or process that crypto makes easier, better, cheaper or faster. Don’t take my word for it. Ask any friend why he owns cryptocurrency, and the answer will invariably be “to make money.” In other words, speculation.
With all the above in mind what I would like to see is the natural death via a loss of faith in Bitcoin and cryptocurrencies in general such that it can’t be used for criminal acts.—Joe]