October 19, 2021

BitJackass Diary Part 5

“Still thinking about bitcoin. Until I came to some conclusion, I’m not campaigning, but I’m not rejecting it either. I recall that people were also skeptical when paper money replaced gold coins. ”

Lloyd Blankfein, Goldman Sachs CEO

Bitcoin as a payment system strengthens itsposition. The advantages and capabilities of the technology are appreciated not only by the crypto community, but also by ordinary Internet users, large monopolies and entrepreneurs see it as an opportunity to expand their influence and increase profits.
Clear rules must exist at the same time.to regulate the cryptocurrency sphere, which will help dispel fears that they can be used for money laundering. It is inappropriate to apply the rules applicable to traditional finance to the cryptocurrency market. This technology is only in its infancy, and for its regulation it is not enough just to choose from existing rules developed for other assets. There is a need to develop laws that will focus on the interaction between platforms and investors, as they can protect consumers and ensure market legitimacy.
The cryptocurrency industry is very similar to the Internetin the year 2000. When the dotcom bubble burst, only a few companies were able to survive and continue to grow. Blockchain is still at an early stage of development and in few places it is actually applied in practice. Therefore, it is necessary to support the market, as well as to promote the dissemination and deep integration of blockchain technology into the economy.

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