Topic: What is my opinion on crypto states? (Read 132 times)

In my opinion, the crypto situation is slightly over-repairing as the latest bitcoin prices increase unlike at the end of August. I hope this increase will continue until the price reaches 70k as of December of 2017.If the price of bitcoin increases as I expect, I can repair the life of my family using the money found in this bitcoin work. In addition, I can donate the money I get to the charity association to help those who are in need.

Investors still skeptical about the prospects of cryptocurrency actually resulted in further rise of Bitcoin. Soon many alternate coins ( commonly called Altcoin) were launched to skim the new found fad of cryptocurrency. As on date there are more than 4300 types of cryptocurrencies in trade. Now that takes away the uniqueness of these currencies.

Such crypto state idea is really creative and this will add a new dimension in the perception of the people regarding society. Such state is really needed but this is not the right time to work for it as it will require much time. We need to establish crypto first.

I get this question from time to time and I want to give a really detailed answer. First of all, what can a crypto state do this or next year? Protect its citizens in the real physical world? No. Crypto states have no power resources. Can crypto states protect their borders? Again, no. A crypto state can issue laws but it has no power to force people to abide by these laws. The only punishment crypto states can impose on those users who violate the laws is to ban them from the system. If the system is quite popular, this kind of punishment may be effective.   
 
I’ll give an example: I know entrepreneurs who run their business on Facebook. So, if Facebook bans them, it’ll result in a serious damage to their business. As a result, these guys pay close attention to the content they publish on Facebook, YouTube and other social media. At the same time, it’s quite the opposite in the crypto community – most of its members like to violate rules. Any crypto network, including Bitcointalk, is actually weak and small. Its rules are easy to ignore and violate. So, what will actually happen if we try to build a crypto state based on such foundations? It will end up being simply a pastime for a small group of people who like to write laws.   
 
What do we need to build a real functioning crypto state? How can we build a crypto state where ban is a serious punishment?  The answer is: we have to create a large marketplace. Why a marketplace? Because the only thing a crypto state is able to control at the moment are transactions between private individuals and/or companies. For this purpose, a crypto state should issue laws to regulate how the transactions are made. However, there is no point in doing all this if the number of transactions is small – it is no big deal if you get banned on a website that does not bring you money. No biggie. 
 
Consequently, we have to create a large and busy marketplace before creating a crypto state. But this marketplace will be valued and respected only if there are dozens or even hundreds of millions of customers. Unfortunately, we do not have so many crypto holders just yet. 
 
I’m really fascinated by the idea of a crypto state myself and it is my dream for it to appear. But let’s be honest – it is too early for it now.