As a former “crypto cop” who spent almost a decade fighting crypto-enabled crime at the US Department of Justice, I have witnessed the ugliest side of crypto’s use cases in facilitating some of the most horrific crimes. Despite seeing crypto’s darker side, I maintain my belief that distributed ledger technology is the most important information technology innovation of our time. It is critical to protect this technology not only from the malicious actors that exploit it but also from the motivations behind government regulations that could drive it into extinction.
The criminal use of digital assets has surged alongside the mainstream adoption of cryptocurrencies in recent years. However, it is important to remember that crypto is not inherently bad – it is the individuals who misuse it. Just as a street corner claimed by a local drug dealer should not be demolished due to criminal activity, so too should cryptocurrency not be exiled from society because it is occasionally used for malevolent purposes.
Distributed ledger technology might be the key to saving the world from the catastrophic consequences of humanity’s historically unbridled pursuit of power and resources, which arguably lies at the root of all current and past human disasters. Unfortunately, the exponential growth of cryptocurrencies also correlated with a “crime revolution,” where their anonymity and ease of use for money laundering became all too appealing to global criminal syndicates.
Despite the disruption caused by crypto’s darker aspects, this innovative technology still stands as our only defense against tyranny. Furthermore, its significance cannot be downplayed, particularly for those who have experienced living under oppressive governments or restrictive financial systems. Cryptocurrencies offer the potential for decentralized and peer-to-peer monetary systems that can bypass traditional intermediaries, such as central banks and governments handling our transactions.
In conclusion, it is essential to recognize the unparalleled potential that blockchain technology and cryptocurrencies can bring to society. Despite the concomitant increase in crypto-related crimes, the development of distributed ledger technology may be the only way to save the world from the devastating consequences of humanity’s historically relentless pursuit of and competition for power and resources. We need to work together to ensure the continued growth and innovation of this transformative technology while also finding ways to combat its nefarious uses.BTC holds the promise of a trustless, decentralized, peer-to-peer global monetary system that is immune to human flaws and manipulation. Thus, it is our collective responsibility to guarantee that this revolutionary technology is saved and utilized in ways that benefit all while mitigating its drawbacks.
Source: Blockworks
