Bitconnect founder indicted in global $2.4B cryptocurrency scheme
Crypto may well be the biggest solution looking for a problem I&#x27;ve ever seen.<p>Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that.<p>The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have <i>tomorrow</i> if they chose to. China banned mining and mining was gone immediately (largely moving to Kyrgystan it seems). Defenders will say you can&#x27;t shut down the network and that might be true but it&#x27;s irrelevant.<p>The threat of legal action will be enough to keep th evast majority of people away. And the weakness of any crypto is that at some point it has to interface with the real world or it&#x27;s completely useless. Obvious example: the traditional financial system. Access to the US financial system is what allows the US government to exercise influence over European financial institutions to stop them, for example, dealing with sanctioned countries like Iran.