🧵The existential threat facing crypto @scribeDAO
TL:DR; The US Gov has the capability to cripple innovation and usage of crypto across the country, and unless our collective can band together and overwhelm politicians into believing we're the future then dark times are ahead
TL:DR; The US Gov has the capability to cripple innovation and usage of crypto across the country, and unless our collective can band together and overwhelm politicians into believing we're the future then dark times are ahead
This essay explores the capabilities of the US Gov to stifle a budding industry, and how the broader crypto community can tackle that threat
Read the full thing by @DefiantNews @c_spelliscy @holmesworcester here: thedefiant.io/crypto-endange…
Read the full thing by @DefiantNews @c_spelliscy @holmesworcester here: thedefiant.io/crypto-endange…
1⃣ What's the problem?
Crypto is under threat by the regulatory and institutional powers that be
They may have ignored us up to now, but there's a good chance that as we continue to be disruptive and they become more aware of our potential they intervene to slow our progress
Crypto is under threat by the regulatory and institutional powers that be
They may have ignored us up to now, but there's a good chance that as we continue to be disruptive and they become more aware of our potential they intervene to slow our progress
2⃣ Why is this a problem?
Though the government cannot shut down crypto itself, they do have the capability to throttle our progress with regulation that creates a strong disincentive for current and future users to remain on the blockchain
Take Web2 as an example
Though the government cannot shut down crypto itself, they do have the capability to throttle our progress with regulation that creates a strong disincentive for current and future users to remain on the blockchain
Take Web2 as an example
3⃣ Example
Consider Napster and their innovative peer-to-peer music service
Music industry incumbents realized that billions of dollars of profit could evaporate if Napster wasn't stopped
Thus they lobbied the USGov to regulate and most people stopped using the platform
Consider Napster and their innovative peer-to-peer music service
Music industry incumbents realized that billions of dollars of profit could evaporate if Napster wasn't stopped
Thus they lobbied the USGov to regulate and most people stopped using the platform
4⃣ How do we stop this?
We must transmute the general public and political consensus around crypto to being a positive disrupting factor wherein suggesting otherwise would seem foolish
This will being a time-consuming and difficult endeavor, but it's definitely possible
We must transmute the general public and political consensus around crypto to being a positive disrupting factor wherein suggesting otherwise would seem foolish
This will being a time-consuming and difficult endeavor, but it's definitely possible
5⃣ What can we do practically?
What this would look like in practice is developing strong arguments for crypto from ELI5 to academic levels
Garnering public and academic support from institutions with high political and social capital
And much more covered in the article
What this would look like in practice is developing strong arguments for crypto from ELI5 to academic levels
Garnering public and academic support from institutions with high political and social capital
And much more covered in the article
6⃣ Conclusion
It'd be naive to think the lack of government involvement is a future indicator of possible government regulation
The reality is we just weren't on their radar yet and with progress in the space we need to prepare for any potential threats now
It'd be naive to think the lack of government involvement is a future indicator of possible government regulation
The reality is we just weren't on their radar yet and with progress in the space we need to prepare for any potential threats now
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