TL;DR
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Blockstream founder Adam Back recently stated, “As soon as one exchange shuts down or ceases to serve a market, people just move to another exchange,”
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Translation: Getting rid of crypto exchanges is like playing a game of Wack-A-Mole – when one closes, another will find a solution and fill the gap in the market.
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So while decentralized cryptocurrencies can be delayed due to regulatory pressure – they really can’t be stopped.
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In that case, governments might as well take regulatory action that nurtures blockchain (helps the economy) and eradicates the bad actors (protects consumers).
Full story
If you’re in the US and worried that soon there won’t be any crypto exchanges where you can convert cash to crypto and vice versa, well…
Blockstream founder Adam Back (who some believe are Satoshi Nakamoto), has some soothing words for you:
“Once an exchange closes or stops serving a market, people just move to another exchange or move to an international exchange.”
Translation: getting rid of crypto exchanges is like playing a game of Wack-A-Mole – when one closes, another will find a solution and fill the gap in the market because there are huge economic incentives to do so.
And that’s our guess as to why the US crypto community is crazy, but also kind of calm about this whole “crypto crackdown” thing…
They are calm because, while decentralized cryptocurrencies can be delayed due to regulatory pressure – they really can’t be stopped.
(There is no unique ‘kill switch’ in decentralized systems).
… but they are also angry – because if blockchain can’t be stopped, why not take regulatory measures that feed the industry (help the economy), while weeding out the bad actors (protecting consumers)?
The takeaway meals:
Getting government agencies to join and embrace the immutable economic power of blockchain will probably take a minute.
So we may have to exercise some patience.
