Cryptocurrency regulation — the end of the blockchain revolution

Or not?

Probably, many of those who have seriously reflected on the role of the Internet in modern society would appreciate the ideas of cypherpunks. Apart from its obvious advantages, the Internet poses a threat connected with the total control over society by governments and large corporations.

Programmers and developers started to speak about the necessity of information protection long ago, in the early nineties. Reading the manifestos of cryptoanarchists or the address of the WikiLeaks founder, Julian Assange, with their gloomy forecasts, makes me feel uneasy. In many respects they have turned out to be right. The monopoly over the Internet, in other words, the monopoly over the information belongs to several large corporations. They define the content which users worldwide see everyday.

Even one of the WWW founders, sir Timothy John Berners-Lee slammed Facebook, Google and Twitter several months ago declaring that their advertising turned the Internet into a dump and forced millions of people to change their opinion on things.

Actually, now these corporations control the consciousness of people all over the world and have access to the personal data of millions of users. Seems like the dystopia written by cypherpunks has become a reality in less than 20 years.

Information protection was one of the main objectives of cypherpunks that eventually led to the creation of blockchain.

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When cypherpunks thought about creating a system for carrying out anonymous transactions, most likely, they assumed that criminals would become interested in it, but, possibly, they didn’t dream of cryptocurrencies becoming a huge market, consisting of 80% swindlers and scams.

Is the regulation of cryptocurrencies good or bad?

State regulation of cryptocurrency circulation goes against the blockchain founders’ ideas. Nevertheless, there is a need for this in the current conditions.

The community that has formed around cryptocurrencies can be divided into three camps. The first one — cryptoenthusiasts interested in the technology of blockchain and its application in different spheres of human society. The second — speculators who crave hype and profits. The sooner, the better. Finally, the third group of cryptoenthusiasts is drawn to blockchain from the point of view of the possibility of their use for conducting transactions secretly from the state institutes. The last group is the closest one to cypherpunks ideologically.

As blockchain gets more and more interesting for businesses, the question of market regulation becomes more burning.

On the one hand, regulation is necessary for blockchain to start being used in usual life. Cryptocurrencies are regulated most rigidly in the USA and this country, according to the latest researches, is the prime location for the creation of cryptocurrency startups.

On the other hand, cryptocurrency regulation contradicts the idea of personal data protection and liberation of the person from the total control of the state institutes, for the sake of which, actually, blockchain was created.

Does it mean that, in the end, this technology will be absolutely useless for people?

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