Governments taking over cryptos? Are the things going in the wrong direction?
The success of Venezuela's El Petro that collected astonishing $775 million in just 1 day is making many crypto enthusiasts worried.
The crypto currencies and blockchain were created to let people have a decentralized and government-free environment.
With more and more governments taking over the market, the whole idea of Satoshi Nakamoto seems to get in the wrong hands.
Iran and Turkey are planning to launch their own cryptos as well. Turkcoin will be backed by the stock of popular companies such as Turkish Airlines, Istanbul Stock Exchange and Turk Telekom.
China main bank is preparing their own crypto as well.
If this continues, more and more countries will jump on the wagon and sooner or later take over the market with their totally centralized cryptos.
At the same time it also means more regulation, more stability and most important MORE MONEY coming into the crypto industry which is good for everybody, as the big companies and hedge funds will prefer to invest in the government based cryptos instead of traditional ones.
Are the things going in the wrong direction Or it's good for the industry? What do you think?
Are the government backed cryptos good for the markets and will make it more stable or less volatile?
Same article i wrote on bitcointalk: https://bitcointalk.org/index.php?topic=3075537.0