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It's a problem only for the government and existing financial institutions. Looks no further than China.

Not really. Money laundering, extortion, and other financial crimes have negative externalities. It's absolutely a problem if we invent the technology that allows me to pay a crypto-ransom, since that pretty directly creates a bunch of ransomers.

Also, the principals involved in "disrupting" governments and existing financial institutions also face the problem of government reprisal. Liberty Reserve got seized and their principals arrested and charged with various financial crimes.

> Also, the principals involved in "disrupting" governments and existing financial institutions also face the problem of government reprisal.

Say what you will about Bitcoin, it's been remarkably successful on this front and I'm not exactly sure how.

Bitcoin was designed so there are no obvious principals to have reprisals against. Satoshi kept semi anonymous for a reason.

The government already has these problems: look at the use of real estate to launder money. Eg https://www.washingtonpost.com/news/politics/wp/2018/01/04/h...

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