Blockchain has undoubtedly been the extraordinary innovation which has attracted a lot of attention over the last two decades. Unfortunately, that’s not a feeling which is shared by the masses. There’s a lot of hate surrounding the incessantly doted technology. Where some people out-rightly call it a fraudulent scheme, there are individuals who consider it to be conspiracy of sorts. Any guesses? No? Well that’s just dandy! Listed below are a number of people who straight out abhor Blockchain and Crypto.
The people who belong to this category are the ones who pay too much attention to the everyday breaking news of people getting scammed and robbed. The thing is, blockchain and crypto are rather new and they get a bad name due to scammers and are often synonymized by people engriped by paranoia to hoaxes and web of lies. People fear what they do not know. This primitive instinct is responsible for developing uncertainty and skepticism in the feeble minds of these individuals.
Nowadays, you can find a pirated version of EVERYTHING. Whether its a computer game or an application meant for professional use. The illegal provision of all these softwares enables the pirates to make billions of dollars every year. Even though the distributed ledger technology is in its infancy, it prevents content theft which could deprive those poor laddies of their livelihoods. Ye don’t think their hatred is uncalled for now, do ya matey
Blockchain diminishes the role of the Middleman entirely. It is believed that these colossal corporation making money by advertising and displaying content produced by numerous individuals deprive them of the credit they are due by an unfair distribution of monetary benefits or streaming revenues accumulated by a ginormous or even a small viewership.
The large consumption of electricity produced by coal and fossil fuel based reserves attributed to mining crypto and to aid blockchain platforms has incited a lot of hatred among the environmentalists. Researchers and analysts have been voicing these concerns by publishing a number of analysis and reports on how much harm is being inflicted on mother earth by the continued consumption of electricity generated by non-renewable sources of energy to power mining rigs.
Government hate Crypto. They ban crypto. They charge hefty fines for being involved in trade of cryptocurrencies. They would put individuals behind bars if they could, which i think they probably can. Governments want control over the whole financial situation in their country, whereas crypto and blockchain based platforms are decentralised. It is no slave to nobody and cannot be manipulated with ease. Take the example of China. As if having a 21,196 km long wall wasn’t enough, they had go build The Great Firewall of China.
Cryptocurrencies don’t need no bank in order to be secure.The decentralised network is intangible. Banks would have no role in a completely decentralized economy. Therefore, their aversion towards cryptocurrencies is quite self-explanatory.
To conclude, Blockchain and cryptocurrencies removes a couple of loopholes which gave way to all these entities benefiting from the archaic system. Removal of these loopholes could put a stop to all that. It is safe to say that these people are not positively and anxiously anticipating a decentralised world.