- Cardano inventor Charles Hoskinson warned in an AMA that cryptocurrencies with increasing adaptation could face increasing political pressure and even a ban.
- A backdoor allowing governments to access anonymous user data on the Cardano blockchain is not an option for Hoskinson.
In an Ask-me-Anything (AMA) posted on YouTube this weekend, Charles Hoskinson, CEO of IOHK and inventor of Cardano , highlighted the nature of cryptocurrencies and why Satoshi Nakamoto invented Bitcoin . As Hoskinson explained, cryptocurrencies are revolutionizing the basic nature of money by creating financial systems that are not controlled by the government. Therefore, proponents of cryptography and investors should never forget that they are very political:
Crypto is a political movement. Crypto is as political as possible, always. Never forget that. We will reinvent the concept of money and take it out of government and control it ourselves.
What are the real [consequences] of adopting these systems? You begin to realize that everything has to change: business changes, change of property rights, business change, business structure changes, laws change.
Hoskinson went on to say in WADA that money drives politics and society as a whole. That is why proponents of cryptocurrencies need to be prepared for growing political pressure and growing demands for a ban. The more the adaptation and acceptance cryptocurrencies find, the more the pressure could become strong:
Everything is political because money is the greatest influence of all politics. If there is money to be made, laws will be made, changes will be made, regulations will be made. The vast majority of key engine society focuses on the scarcity and management of this and the money economy.
Hoskinson also warns that there are already members of the U.S. Senate and Congress calling for laws against the possession and use of cryptocurrencies. The inventor of Cardano therefore urges all crypto investors to become politically active:
What happens after you have five million dollars worth of cryptocurrency and a politician says, “I want to ban this and make it illegal for you to have this and confiscate it? "Aren't you going to be political? You're not going to wake up and say to yourself, "I need to hire a lobbyist and get this guy out of the office?"
There are people in the Senate and Congress today in the United States and around the world who want to ban cryptography. So if you are in this industry, what do you do? Just roll around like a dead dog and say, "It was a lot of fun, okay, anything. No, I'm sorry, you must have an opinion. You have to fight for the good things.
Regarding anonymous cryptocurrencies and the Cardano blockchain , Hoskinson described how governments around the world are stepping up their fight against encryption. But for him, there is no option to put a "backdoor" in Cardano to allow governments or small groups to control the ADA .
Right now, there is a strong movement to prohibit encryption so that when you have encryption, you must have a backdoor in the system. Are you going to use Cardano if it has backdoors and we designed the system this way and a small group of people are controlling your money and can freeze it at any time? How many of you would use this? Guess what, we just got into politics talking about it.
