Information Systems Integration – Tony Messina

Can cryptocurrencies kill you?

In a recent Reddit discussion, Bill Gates made it clear that he does not support cryptocurrencies. He believes they have had a very direct affect on certain criminal activity. From money laundering to illicit drug purchases on the dark web, the anonymity of cryptocurrencies have allowed criminals to hide in the shadows. Gates suggests that it is in our best interest to allow the government insight into transactions, as this can deter illegal and unwanted behavior.

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On the contrary, the CEO of a “digital currency information firm”, Charles Hayter, argued that Gates’ assertions were slightly naive. Hayter suggested that more and more legitimate business is being processed with digital currencies. Hayter also pointed at the paper dollar, and believes that any new money or currency will be involved with deaths to a certain extent at their inception.

So my question is how much anonymity do we want and how much is good for society? Total anonymity may not be in our best interest, but how much insight are we willing to give to the government?

2 Responses to Can cryptocurrencies kill you?

  • Government regulations on currency are in place to prevent illegal activity at every level. Cryptocurrency, in it’s current state, is dangerous to society’s well being and financial being. Building from what you have stated in your post, unregulated cryptocurrency allows illegal activity to occur undetected and more often, putting the well being of society at risk. The low security of these currencies and the uncertainty of the market creates large fluctuations in price and deters many large businesses from accepting them because of the risks associated with these currencies. Many believe that cryptocurrency is the future of money, but if the government does not step in soon with regulations, I believe many forms of these currencies will die off in the near future.

  • I think the recent performance of Bitcoin proofs that the cryptocurrencies cannot be a real currency which will be acceptable by governments. The US dollar trades worldwide is because the United States behind it . What do the cryptocurrencies have? Now the Bitcoin is a future goods in the market. A good currency should be stable and be widely using. but cryptocurrencyies did not have these characters.

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