Kevin O’Leary: “Sacrificing Tornado Cash Is Worth It For Institutional Adoption”

Investment legend Kevin O’Leary, known from the TV show Shark Tank, believes that taking down crypto applications that don’t abide by the law is necessary. Ethereum mixer Tornado Cash and similar applications are holding back the big bucks from investing according to O’Leary.

“Tornado Cash is part of ‘crypto cowboy’”

In a discussion on Crypto Banter on Saturday, O’Leary shared his views on privacy applications like Tornado Cash. According to the investment legend, Tornado Cash is part of the “crypto cowboy” culture that should have no place in the industry. Crypto, according to O’Leary, needs a “rules-based environment” to attract real institutional capital.

Much of that regulation is supposed to swallow protocols like Tornado Cash so that users can’t make anonymous transactions. Anonymous transactions that allow criminal activity to be conducted through Ethereum.

He is also clear about the arrest of Tornado Cash developer Alexey Pertsev. “All in all, his arrest is justified. Why? He messes with the force of the law […] if we have to sacrifice him, that’s ok, because we want stability,” said a clear O’Leary.

Bitcoin was conceived as independent money

With his statements, however, O’Leary seems to forget how and why Bitcoin was also conceived. If Bitcoin were a form of money that governments could control, then the entire decentralized nature of the protocol would not be necessary. Ethereum was conceived as a smart contract platform that allows you to transfer value without intermediaries. If we end up in a situation where this is still necessary, then it would be better to use the traditional financial world.

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After all, a blockchain system is not more efficient than a centralized system. The independence of centralized powers is offset by limited transaction capacity and a slower system. If that independence is lost, why would you still use that slow system? That’s something O’Leary doesn’t seem to see here and why he clearly doesn’t know what he’s talking about. By giving up decentralization it is probably possible to make money quickly, but the future of crypto then becomes one big question mark.

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