I recently heard something that got my attention. It was the difference between self-regulation ofour industry and government regulation of our industry. I believe both cryptocurrency and blockchain technology have the capacity to intrinsically change the way we interact with businesses and the way we interact with the world around us. I also believe it has the capacity to change the way we trust and communicate with other people.
One of the big problems in our industry right now is regulation. Or more so the lack of regulation. The fact is the large majority of the Crypto community does not want to introduce regulation and have been fighting it. And while that’s OK, we have to consider that there needs to be some form of regulation, whether it comes from ourselves or from the government.
As I travel throughout different countries learning about their positions on cryptocurrency and blockchain technologies, I’ve witnessed increasing regulation occurring within some of these countries, and to be honest I tend to think it’s a good thing. That being said, there are a large majority of people in the community that do not share the same view. Countries like China have taken a very strong position against Cryptocurrency. However they have a very strong belief that blockchain technology can transform the world around us and they are looking to implement it in ways that will be extremely productive to their society.
It’s important to note that China is opposed to Cryptocurrency as a result of the bleeding scams that have come from their country and hurt their people financially. Many of these scams have taken money from families that just wanted to make extra money for food, clothes, and housing. The Chinese government claims to have seen the damage that has occurred from Cryptocurrency scabs to their people, and has decided to be calm and very strict on cryptocurrency laws, while still being open to blockchain technology and the way it can positively impact society and businesses.
And I think we are going to increasingly see similar government responses happening around the world, especially if we don’t take a stand and create self regulation within the community. The problem moving forward and progressing to self regulation is when greed becomes a major issue. The fact is many of these opportunistic scams can still produce large profits for investors and speculators, and whilst they are harmful to the industry, the proposition of making more money can blind people from progressing the industry through self regulation.
So while I believe the potential to self regulate the industry can limit the amount of control the government will have over cryptocurrency and blockchain as a whole, I also believe that we will face major issues when trying to self regulate amidst the greed. If we can begin to evolve past greed as a motivator, and see the bigger potential of regulation throughout the entire industry, then I believe that governments will not have to regulate as strictly as they are currently looking at doing.
I do not have the answers as to how we begin to self regulate. I do not have the answers on how we begin to organize or even create a brainstorm around self-regulation. But I do believe it is a possibility and I do believe it would be extremely beneficial to the cryptocurrency and blockchain space. If we are able to implement self regulation, it will force us to unite rather than standing divided and in competition with one another. By doing so we can put our time, our energy, our resources, and our attention towards building something that is bigger than we are.
Bio:
I’m ya boi, Shill Nye. I trade/investigate cryptocurrency full time. Learn more about me here.
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Disclaimer:
I do not give financial advice. I am not a financial advisor. If you are looking for financial advice, then you should go to google and look for a financial advisor in your area. The shit I write is simply for entertainment purposes. You should never blindly trust anyone on the internet who tells you where or how to invest your money.
