Cryptocurrency can reduce corruption

I would like to share one of my favorite applications from cryptocurrency, which is fighting corruption, This is quite possible using crypto.

One simple example, that happens really often, are overpriced constructions. Basically, politicians can inflate the costs, in return for bribes from the company that is responsible for the construction . The transactions involved are easily manipulated, because they use fiat money, and the transactions are made between the two corrupted parts.

The investigations for such cases can last very long, because is hard to find evidences. They will usually make up contracts and hide any proof.

Using cryptography , as the form of payment for these types of projects, allowing the identification of each user of the money, can make clear a series of things, such as how the money was spent, and who was responsible. The investigations would be much easier, faster and cheaper.

But for these cases, the cryptography needs a little change, in order to identify the users, and rely the contracts in the expenses. This is possible, and also they could create a crypto based on real money, avoiding price fluctuations.

I believe that if more people get to know about that, we can make governments start to take actions, at least, those that aren't corrupted. Also, I feel like the media is always biased towards bad news, associating crypto with criminals, this a good example for changing the bad image that they want to show most of times.

Not necessary. Bank transactions can also be traced , in fact easier to trace than crypto transactions.

I don't think that cryptocurrency can reduce corruption. The corrupt will find a way to manipulate the market. I think the politicians can use their resources to make laws and regulations that can impact the cryptocurrency world.

Cryptocurrencies can solve MANY problems we currently have. From trust issues to security enhancement. We are just in a very early stage right now and it will just grow and expand from here.

Your line of thought is in the right direction, but you got a few things wrong.

First of all, let me start by saying that corruption is part of the human nature. Some even say that it is what make us human.
You say that cryptocurrencies can be good for reducing corruption because they can be traced. This is a very simple view of the big picture and you're not taking in consideration the implications that this has to us, the normal people out there. This means that every time you use crypto to buy anything there's a possibility that someone will do what is called "chain analysis" and trace the whole history of your wallet. This can become very dangerous, even more if governments decide to apply these techniques (that are really in the beginning, just a few companies out there) to spy on their own citizens (I'm looking at you, U.S.A.)

This can be quickly solved by using one of the privacy-oriented tokens. The ones that come to mind are monero and zcash. Bitcoin should be used mainly in public institutions since everyone can easily see how the money is spent. This is useful for the people to control and put the government in check - not the other way around.

The natural argument for this is to say "but privacy-oriented coins can be used by these malicious, corrupt people!".
Well, this is true. They're already doing it with fiat anyway. But there's a catch: in our current scenario the government has access and control to the money printing machine... which means they can fund whatever they want. They can fund their wars, their secret programs, they can fund everything. With cryptocurrency they lose the ability of controlling the emission of currency which consequently will force these animals to listen to the people again.

User anonymity us one attractive feature to corrupt people.

The whole point of cryptocurrencies is getting more anonymous and getting away from government transparency. Corruption likes anonymity.

People have been caught for tax evasion by using crypto. I don't see why it cannot be used more easily for corruption.

Cryptocurrencies are Decentralized and many Governments are far away to take it seriously the way you are saying.. Since its all about Anonymity, Government hate that term and I am sure of that . Well yes! your point of being tracking the payments can be a good idea and also it purifies the verdict made my some liars about Crypto Companies being on the Dark side , but as Eagle 95 has pointed out, the issue of corruption still remains..

There are many benefits of use of cryptocurrency like bitcoin etc. It reduces transaction time and cost as well as insures money safety.

As it includes the personal information of a person, it can use a key to identify the person who made transactions so it is easier to know scam if one do.

It is the best way to remove corruption.

Disappointed there's no actual list of tokens that have gone to zero in the article despite the title. Whats some examples? Genuinely interested.

tb303 said:

Disappointed there's no actual list of tokens that have gone to zero in the article despite the title. Whats some examples? Genuinely interested.

Click to expand...

I can't post links yet but you should Google "deadcoins" and click on the first link.