A fundamental use cases of a medium of exchange (MoE) such as Bitcoin is to provide legal protection within a trade should a dispute arise between trading parties.
In order for legal protection to be applied, it must first be established that the claimant has “reasonable expectation” of either the good or service being provided & that “reasonable expectation” can be proved.
Without reasonable expectation, the legal system cannot provide trading parties with any legal protection. This very point completely undermines any value that many misguided individuals place on anonymous cryptocurrency.
A MoE is competitive by nature as commerce will simply use the MoE that fulfils the trade in the best way. This means that a natural monopoly will occur because the MoE that fulfils trade in the best way will be the MoE that everyone uses.
Making cryptocurrency anonymous and removing any possibility of having legal protection immediately prevents commercial & global trade from ever using it. Commercial & global trade make up the majority of trade & so by removing a fundamental use case such as legal protection it has effectively resigned itself to the waste bin & gives it a fundamental value to all those who hold it of zero.
Some might argue that anonymity is a libertarian right because it provides the ability to conduct illegal activity such as drug & arms dealing, human trafficking, the selling of child abuse images & human organs on the black market, animal smuggling and a whole host of abhorrent, morally reprehensible, unethical activities that criminals who call themselves “libertarians” like to engage in.
The worlds dark market is currently estimated to be around $1.8Tr, which many would consider to be quite large. However, this is insignificance when compared to commercial & global trade. E-commerce alone is estimated to be around $29Tr. This means that anonymous cryptocurrency only caters for a small minority of trade and anyone caught using it would obviously be involved with illegal activity and therefore identifying themselves as a criminal.
Criminals are those who have been caught engaging in illegal activities. It can be said that there is no such thing as a “clever criminal” because they have been caught. One way of being caught is to use something that identifies you as a criminal, so even those with criminal intent will not use something that identifies themselves as criminals. Therefore, only those who suffer intellectual challenges would create & use anonymous cryptocurrencies.
To have “reasonable expectation” a MoE that represents the value of the agreed good or service must first be transferred. Data sent via an email or through a channel such as the lightning network on BTC has no fundamental value because it is not immutable & can simply be deleted. Even if the transfer of data was to be sent through a lightning node on its network, unless the node operator is legally recognised as a money service businesses or MSBs Under federal law and has an official Money Transmitter License then the data is not legally recognised & therefore cannot bring any legal protection in the form of “reasonable expectation”.
The only credible cryptocurrency with a decentralised starting point to give it a fundamental value that also exchanges value that carries “reasonable expectation” is the cryptocurrency that Satoshi Nakamoto described & defined in his white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
“Bitcoin: A Peer-to-Peer Electronic Cash System” created by Satoshi Nakamoto has a protocol named Bitcoin Satoshi Vision, known as Bitcoinˢᵛ with a ticker symbol (BSV).
To understand why the Satoshi Nakamoto’s Bitcoin protocol is now known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7
Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.
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