There's a lot going on in cryptocurrency and a lot of people are working on developing it's algorythms, software, and hardware, to make it all possible. Why? The answer is easy, right? Because it's a better currency for the digital age and because it's decentralized and anonymous. Right?
But, where is it going? Some governments have already made crypto illegal. Interestingly enough, even though it's value is pushing $1 trillion, aside from some minor attempts, the US government hasn't done anything to curb it. So, is our government telling us that they approve of crypto and they are fine with having Bitcoin around, even though they can't tax it or control it?
Maybe the government is not doing anything because they can't stop it; you'd have to take out every computer on the network that runs it.
I think the government is not doing anything about it because they want it. In other words, the government wants their own cryptocurrency. They want to switch us away from the use of dollars; cashless society. But unlike the crypto that's out there now, decentralized and anonymous, the governments version won't be. They will know exactly who's buying what when. They will have your entire record in the blockchain, and they will manipulate us by manipulating the crypto. Ultimate power over our financial lives.
But, the government can't make cryptocurrency by themselves. How many programmers and hardware developers have put in how many hours and resources into building the crypto technology to the point it is now? I can't even begin to guess, but they are huge numbers. No one government or company could possibly dedicate that kind of time or effort to the project. So, what's the next best thing? Just allow it to be developed open source, as is currently being done. We know there is no shortage of developers who want to dive into a puzzle of this magnitude, and no shortage of companies who see $$ signs at the prospect of supporting the development effort.
People all over the world, are creating a technology, that, when adopted by government, will give governments more power over those people than they have ever had before. And once they have that technology and that control, all non government crypto will be made illegal or legislated into uselessness. Ironically, the fantasy of having a currency that is not government controlled is what's going to lead to more government control.
What we should do, is stop it. Stop developing it and destroy everything that's been done up to this point. But that's also a fantasy, because it's too late. We should have stopped years ago. Now Pandora's box has been opened, development is moving at breakneck speed, and has come far enough that it's only a matter of time before the government implements a centralized cryptocurrency.