By Timan Wainaina

Jason Bloomberg on Why Blockchains Should be ‘Shut Down’

Jason Bloomberg has emerged to be an opinion leader in the cryptocurrency industry. The IT analyst has been participating in blockchain and cryptocurrency forums where he shares his ideas with industry gurus. Publicly, Bloomberg is known to against cryptos. He takes issue with the initial plan of cryptos being decentralized as contained in the bitcoin white paper. Recently he sat down with Coin Graph where he highlighted the importance of closing decentralized cryptos. He notes that such currencies are responsible for crimes related to the industry.

According to Bloomberg, open blockchains are risky because nobody can take responsibility.  He noted that a criminal can take advantage and create accounts because nobody is watching.  Bloomberg opined that the only way to avoid crime related to blockchain is to have a system that can provide accountability. He said that most cryptos did not have permission hence need to shut down.

He acknowledged that practically, shutting down such cryptos is near impossible. Bloomberg also projected the impact just in case such cryptos are closed  He, however, noted that having an order in taming such blockchains solely depends on a country’s laws.  He advises policymakers to come up with laws that can tame permissionless systems. Bloomberg added that the same should extend to exchange platforms.

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