Blockchain - the "System" View
A week ago Parliament's Treasury Select Committee released a report into crypto assets; unsurprisingly those representing our centralised system were generally critical and made numerous errors like referring to cryptocurrencies as "crypto-assets" - clever because adding the word "asset" provides the opportunity to further demands for regulation, consumer protection and of course control. The term "wild west" was actually used in the report as a reference to crypto currencies!
Much of the report referred to Bitcoin with no mention of the 6,300 other currencies; also no mention of the power of Blockchain technology which drives cryptocurrency.
No mention of the utility now in place with leading cryptos which can be spent anywhere in the world, removing the need to cash in.
No mention of the billions raised in ICOs helping companies to grow, develop new and innovative projects and of course employ more people.
And of course, absolutely no mention of the strict regulatory processes in place with the leading currencies which demand full proof of ID and source of money information.
The reader might conclude that these people don't fully understand what they were debating...or don't want to.
Aside from stating the obvious - currency, whether digital or fiat - is cash and therefore a commodity, the report confirms to many just now nervous the centralised system is - you know, the people responsible for the financial crash in 2008, and certainly responsible for the next one.
This report is a distraction aimed at causing concern but like all those spreading the fear, uncertainty and doubt, it will fail.
Normal Blockchain service resumes tomorrow!