The Human Cost of Cryptomania

bloomberg.com

5 pointsversion_five7 comments

Thank-you. The more complete story was linked at the bottom:

Both excerpted from Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall by Zeke Faux.

Can we just ban crypto already?

It seems like one of the most attractive selling-points of cryptocurrency is that it is nigh-unbannable and uncontrollable by TPTB.

I’d argue that’s not really true. Yes it’s not really possible to fully prevent the use of it, but if you ban all financial entities from transacting with crypto in any meaningful way, scams become a lot harder to pull off.

You mean like, ban the ones in your jurisdiction that obey laws?

Criminals still want actual currency (USD) making on ramps and off ramps necessary.

If the US declared it a crime and sanctionable act to use crypto, requiring banks and trading partners to drop anyone who touches it even indirectly, crypto would be dead globally. 1 BTC < $1. Everyone has to interact with US banks, they can't even rely on China this time because they're already ahead on ditching crypto.

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