Too much Decentralization is not good for a Cryptocurrency's health!

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rafaelken1989’s Crypto Trivia for today!

September 11, 2020

Too much decentralization is not good for a cryptocurrency’s health!

Why is that so??? Simple, because too much anonymity will entice bad guys to do bad and nasty things!

A great example of that is the infamous digital black market platform Silk Road (Website) launched in 2011 and and eventually shut down by the FBI in 2013. The said black market operated before by using the king coin Bitcoin itself.

Government won’t tolerate illegal things even though they can’t control over cryptocurrencies like Bitcoin but they can intervene the transactions dealt with them! To the point that they can decide to restrict, blacklist, or delist the use of cryptocurrencies in their respective countries to protect people and institutions.

One recent example for this is the recent delisting of one of the most popular privacy cryptocoins in the world Monero or simply called XMR. Though lawyers have warned that removing privacy coins alone will not eliminate crypto-powered crime in South Korea after Bithumb became the last major exchange in the country to announce it will delist the Monero (XMR) cryptocurrency at the end of this month.

Image courtesy of redd.it

To wrap up my crypto trivia for today, just always remember that anything too much is not good. ;-)

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God bless and may the LORD Almighty God protect you always in Jesus name! :-)