But the power and potential disruption of cryptocurrency is the anonymity. It's the benefits of cash brought to the digital world. I understand the dangers of the criminal element, but underground economies benefit oppressed people when governments turn tyrannical. If you're response to that is only that "it can't happen here", I don't know what to say. They can and do happen faster than anyone realizes. And they are not quick to give power back.
If your argument is that governments should not regulate cryptocurrency because the point of cryptocurrency is to evade government regulation, you should expect cryptocurrency to become illegal rather than regulated.
Not solely for the point of evading government regulation. I said it's useful to get around oppressive governments. Governments usually become tyrannies so gradual you don't notice. But it's faster than you think.
> underground economies benefit oppressed people when governments turn tyrannical
They also benefit the rich and powerful by enabling tax evasion and graft. Pyongyang, Tehran and Caracas make regular use of illicit trade and money laundering to facilitate upward wealth transfer.
Yours is a legitimate point. It's an argument for curtailing the power of law and government. That's fine. We can debate that. But until America decides it doesn't want to collect taxes anymore, the reporting is sort of required.
