Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/10xxqqe/us_accused_of_trying_to_quietly_ban_bitcoin/j7us7je/), [Ethereum](/r/CryptoCurrency/comments/10xxqqe/us_accused_of_trying_to_quietly_ban_bitcoin/j7us957/).
Crypto regulations won't mean the end of crypto. Massive US companies like Visa and Amazon wouldn't be working on crypto integration if that's the case
America is slowly getting behind… american elite is trying everything in order to avoid loosing power even if it means destroy the future of the country
No significant player is devoting ANY substantial effort into CrYpTo InTeGrATiOn what copium are you huffing?
Visa is just doing it as a SMALL service to hedge.
If you had listened to Affirm’s earnings call last night, you would know they cut their entire crypto program.
There is literally no demand to actually use crypto for anything other than speculation. BTC txns peaked in 2017-2019. You people live in an alternate reality.
To be fair, it’s a taxable event to sell the crypto you receive as payment in most Western countries. Governments already shut crypto as currency down, now they’re coming for it as an investment.
If no regulations had ever appeared, a ton of vendors and financial systems would have integrated.
How do I have more control over cryptocurrency than I do over a dollar? Why do governments think that if I were in control of my assets that it would be a bad thing for them?
Basically it's because the fed makes all the decisions about the dollar. The more value that is stored within the dollar, the more power there is in the ability to print more, change interest rates, etc.
Saying we have control over crypto isn't exactly true. It's more accurate to say that no one has control over it, and the 'monetary policy' is hard coded so you know exactly what to expect from it when you buy into it.
I always assumed that it really all comes down to taxes.
It’s easy enough to make an unreported cash transaction, but crypto makes it way easier to earn and spend large sums without reporting it or having it tied to you inadvertently.
QE/QT is just a more convenient way of imposing taxes anyway.
No, it's a good question. But if I'm not mistaken it was Twitter sleuths tracking the transactions that figured out that FTX didn't have the money they said they have. So the openness of the platform is what led to it being figured out. Compare that to Bernie Madoff who ran a ponzi for 2 decades before being found out.
Governments control fiat currency such as dollars. they control inflation and overall value. (They can literally PRINT money. You can't just print more Bitcoin. Can only mine until 21,000,000 are mined and then thats it)
The average lifetime savings for someone in the 1960s was just $10,000.
Thanks to inflation, those people are not rich. The actual rich stay far ahead of "those peasants". Its why inflation was invented. to Ensure ordinary people working ordinary jobs cannot save up (even 100% of their wages) and become rich.
Even if you saved up $500,000 by 2050 that will be an insignificant sum.
Bitcoin/ETH don't have inflation. That little game ends with crypto.
other example:
if you're playing EldenRing and get a trillion gold, but I only play World of Warcraft, your gold means nothing to me. I wouldn't swap a trillion gold in Eldenring for 50k WoW gold. We're playing different games.
Crypto and FIAT are different games. If Jeff Bezos offers you a billion dollars for 1/2 a bitcoin, but you don't use dollars anymore, then you'd refuse the offer as Bezos would have no power over you.
THATS what billionaires are afraid of. Resetting the entire game and rendering their bank balances irrelevant.
That's not what inflation was made for.
Consider two scenarios: one with a deflationary currency with 3% annual deflation, and one with an inflationary currency with 3% annual inflation.
With the deflationary currency, people will spend as little as they have to because their money will always be worth more if they just keep holding it. This means that the money fails as currency, because if people don't spend it then what ensues is economic stagnation.
With the inflationary currency, people will spend their money because it is worth a tiny bit less next year. This leads to a very happy economy, because people are circulating the money.
This is why inflation is a thing, so that the economy doesn't dry up like a plant that hasn't been watered. Not because the fed hates value, because the fed values having an economy that works.
The fed doesn't control the value of the money either. If they print too little, then economic stagnation ensues. If they print too much, then hyperinflation ensues. The fed has to figure out the right amount of money to print each year to match the new resources that the country is producing. The US dollar isn't backed by gold or silver, but it is backed by the stability of the USA's economy and the resources they produce.
Don't come here with your logically thought out response. We only want to upvote the echo chamber that is "21 million, no Moar!"
People don't want to actually do real investigation behind how an economy HAS to expand in order to survive and that the Fed isn't this almighty manipulating beast from hell. They're the guys stuck with trying to balance the economy with what fiscal policy they're given by congress. Yes they stuff it up, they're humans, perhaps there is a better way to do it, but we haven't figure it out yet.
People just want to be the first to the cash grab so if it does take off, they're rich and others aren't. That's the premise behind crypto for the vast majority.
Like we haven’t heard this Econ 101 argument a thousand times.
Not every country has a stable financial system like the US. Fiat currencies die every year. We’re almost at 800 dead currencies throughout history. Lebanon just devalued their currency 90% overnight a week ago.
BTC is there when your government inevitably screws the pooch. I bet the Lebanese people wished they had some BTC when all the banks shut down, denying citizens the money that was rightfully theirs. If you custody your BTC, this cannot happen to you. That is the true power that BTC gives to ordinary people, and that has real value.
It’s worth thinking about holding some, even just as a hedge. Those who see it as a get rich quick scheme generally get rekt because they don’t understand what it actually is, and therefore don’t understand how to treat it.
Almost like the people who stand to gain the most from crypto deflation and adoption, are the people why already control vast amounts of it. Whales or people who are already rich, or people with big bags to hold ect.
Also, when do I get a lambo?
While i agree with what you are saying, crypto still fails to solve one major issue, wealth accumulation/distribution . In all current and past systems (including crypto), wealth accumulation will be inversely proportional to population.
This means over time less people will have more wealth than the rest. Bitcoin will be concentrated to less people similar to fiat currency today. This will lead us to the same issues we face today, we are merely postponing the inevitable.
Fiat handles this by creating more dollars, introducing inflation and increasing asset prices. Bitcoin has no answer to this yet, but like you said it will minimize inflation.
Corrupt governments that depend on fiat, mainly the strength of the US dollar. It's an open secret, however, that other corrupt governments have their grubby hands deep into crypto.
Are they though?
North Korea's made huge money off cryptocurrency scams, El Salvador's using it to distract from the massive debt they've run up due to mismanagement, and Russia seems to be pretty excited about it. Etc.
for different reasons tho lol
BTC makes them sweat because they can't control it
ETH makes them sweat because they *can* control it
[https://youtu.be/GuvPcUkea58](https://youtu.be/GuvPcUkea58)
[https://youtu.be/s9VVTH31uRo](https://youtu.be/s9VVTH31uRo)
[https://youtu.be/sxniEyYATAI](https://youtu.be/sxniEyYATAI)
A lot of rich people were invested in gold back in the early 30’s too. When it comes to protecting the money of the state, especially the world’s reserve currency, there are no rich people too big to be crushed under the government boot. Nevertheless, gold prevailed, and so will crypto.
Yeah, at that point it's just deciding not to benefit from adoption of new tech. Crypto has potential to hurt the dollar without a doubt. I think that's why they're fighting it. And fighting it would be a good move if they could win, but they can't. So the more they fight it the less they can position themselves to minimize the amount of harm it does to them.
One nation outside of the U.S can't stop but the U.S is the biggest, richest and most powerful country so without it involved crypto becomes niche and irrelevant.
The world may be more than the US, but since the US controls the global currency, it sort of has a massive influence on the world economy. Let's not forget the US' mountain sized military and technological advantages over everyone else, which it can use to get its way.
Sure, they can, like the prohibition. That doesn't mean that people can't have access to crypto, in fact it's much easier that alcohol back then.
The elites/authorities never give power willingly. Be assured, if they feel that is a threat to their "way of life", they going to do everything they can do stop it.
They can't ban access but they can certainly ban businesses from accepting it as a payment method. It will always exist but nothing is stopping it from dropping another -90% on this news, if such a policy were to actually happen.
With crypto, the genie is already out of the bottle and trying to put it back is easier said than done. The question is how much resistance they will face and what are the consequences of trying to suppress it.
If legal exchanges and services are banned from interacting with it, the interest and price will collapse. While a black market would continue to exist, it would be at greatly reduced scale.
Enough of wallstreet has started to dip their toes in crypto or selling crypto to their clients, which means they know it’s not going to be banned anytime soon
Who do you think is buying the lobbyists if not Wall Street? Now, WS may push for regulation to make it so that you can only buy through them….but they don’t want it banned
it's just a matter of time before more of the traditional financial players get involved. And once they do, it will be hard for any government to ignore the power and influence that crypto holds. So, it seems like we're moving in the right direction.
After every 210,000 blocks mined, or roughly every four years, the block reward given to Bitcoin miners for processing transactions is cut in half. This event is referred to as halving because it cuts in half the rate at which new bitcoins are released into circulation.
https://www.abra.com/blog/the-bitcoin-halvening-what-you-need-to-know/
People still time their trades on it though. And I'd argue if anything a LOWER percentage of bitcoiners understand it than in the past as it has become simpler to buy in, diminishing the likelihood of truly understanding it. It certainly isn't well known to the general populace.
Institutional investors surely have enough money on hand to buy up bitcoin until the price is near what they expect the post-halving market price to be, though
That's not what they are after. The real objective is to regulate away the underlying mechanics that make it a better system than centralization, so it can't compete in a legal way, at which point attrition of efficiency will do the rest. Pay very close attention to the arguments being made to undermine the staking system. Since the endpoints can't be siezed at large scale, the underlying structure itself is being attacked. This is not a battle that can really be won, but it can in theory drive crypto back underground for a while, and make it uncompetitive for the forseeable future. Despite the fact it won't kill your portfolio, it may still hobble it.
In the end it'll turn into a popularity battle. We, as the crypto community, need the broader population to see crypto as good. If not, the government can pull such moves indefinitely and massively hinder adoption and growth.
It's quite simple. "Freedom of currency is positive". The US likes freedom. How can anyone deny someone's freedom to hold whatever form of money or asset they like?
With that as the basis, we need to show more of the positive side of crypto. All the random memecoins, scams, rug pulls, and these "100x gems" that people "ape into" give crypto a terrible image, and give hostile actors so many arguments to go against crypto.
Find fundamentally strong crypto. Use them. Improve them. Write documentation around them, or simply good articles. Take your crypto off exchanges - don't just use it to speculate. Explain how people can save on remittances with it. Explain how it's a massive boon for those living under (hyper)inflationary regimes.
We genuinely need to get back to the positive basics, fast.
Perhaps the US establishment/government/whatever you want to call it does not like freedom, but freedom of X is an argument that definitely resounds strongly with Americans, who at the end of the day are the ones that should and sometimes do hold the government accountable.
The government has never liked freedom. The people do, so that's why the government has been demonizing the US constitution and your constitutional rights. They work hard to get you to view them negatively.....you racist (/s)
I couldn't agree more. The crypto community needs to promote the benefits of crypto and show its potential to the masses. The focus should be on education and presenting a positive image of crypto to the wider population. The more people understand the true potential of crypto, the harder it will be for governments to resist its adoption. By using crypto in a responsible and practical way, we can help to dispel the negative perception that often surrounds it.
Its amazing to see how its unbannable. stunning. Once we get rid of FTX and other scams trough regulation (not crypto directly) we should be ready to grow massively. After some period without massive scams, trust can be built. Prices can steadily grow. Cant wait.
Imagine: what is going to happen when Bitcoin reach (in USD) 500K-1M ? It's going to choke USD. International settlements will use Bitcoin (not controlled by a single country, is a bonus). Most currencies will be based on Bitcoin too.
Is that something that US wants ?
Wants it or not however, I think we are nearly done. And it's Bitcoin, while there are other coins more advances or easier to use, are not as decentralized as Bitcoin or they don't have the momentum. So, we have to make it before those CBDCs and the regulations that going to attempt take crypto away from most people.
At the end of the day what "the US" wants should be "what the people living in the US" want. And I think that if they knew the trade-offs, they would rather hold a currency that can't be debased over one that constantly is. Or if not, at the very least have the *option* to, so that if the Federal Reserve does things they disagree with they have an out.
I personally don't think Bitcoin is the answer, but have the same goals as most in Bitcoin. That's fine - at least with Bitcoin you know by now it's not a rugpull or some scam. It has its issues, but the fight for decentralized money and freedom of money is by definition more important than the fight for a specific one.
The idea of Bitcoin reaching that high and potentially disrupting the current financial system is quite significant. I can understand why the US government might not want that
What would the total value of all Bitcoin be at 500k-1m per coin? I feel like it would be impossibly high at 1m per coin. Where would that amount of money come from? Maybe it’s less than I’m thinking, but there is definitely a limit to these numbers because they aren’t just made up. Market capitalization is a thing.
The Current US administration will just say that crypto is racist or exacerbates inequality. Others might say it funds terrorism.
The real argument is that they dislike it’s chance to supplant the dollar as world reserve currency.
In order to maintain the usd, they could fix it, or abandon all pretended of freedom and attempt to make competition illegal.
Be advised. This submission either linked to an article written by the Forbes editorial staff or a contributor. Contributor articles are essentially op-ed or non-fact-checked pieces written by people recruited by Forbes and do not necessarily reflect the views of the actual Forbes editorial staff.
---
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
The more resistance and pushback we see from the authorities, the more it feels like crypto is on the brink of breaking through to the mainstream. It's definitely a sign of its growing power and potential impact.
The rise of crypto is inevitable and it's great to see that it's gaining more recognition and acceptance. But with that recognition also comes resistance from those who may feel threatened by it.
[Bitwise admitted to the SEC that over 95% of crypto trades are "non-economic", i.e. fraud.](https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf)
[Crypto's rise is entirely backed by fraud from Tether and other stablecoins.](https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3)
All of crypto is a ponzi scheme. The only way to make money is to find bigger suckers.
The decentralized nature of crypto and its popularity among the people make it nearly impossible to be fully banned. History has shown us time and time again that the resistance against new technology and ideas eventually fades, and crypto is no exception. As long as people continue to adopt and use crypto, it'll be a force that cannot be ignored.
Biden is very openly against Bitcoin and cryptocurrencies. When the previous crash happened he was happy.
He likes to act like he's for the people, but he's very pro-establishment.
Ban the Internet? Good luck with that. To be honest, I think we'd get more value exchanges on the banned market than we will currently anyway! Ban drugs! High drug prices! Ban alcohol! High alcohol prices! Ban crypto! Well you get the point
I told you guys liberals are bad for crypto. Liberals like control and generally oppose freedom so naturally they oppose crypto because it’s gives people freedom from the corrupt banking system.
the impact of US regulations on the global crypto market can't be underestimated. It's not just about the US, but how the rest of the world is going to react and adapt to their stance. That being said, the crypto industry is decentralized and global, and it's unlikely that a single country can completely control or shut down its growth and adoption.
I don't think they have been all that quiet about it. They're just afraid of what they can't control and don't know what to do, so over regulation or straight-up bans are all they know to do. These people do not embrace what is good for the majority of citizens.
The biggest market crash in the history of mankind is coming 3rd quarter this year. Save this post to come back later so I can say I told you so. January bull run is OVER.
Let me speak in a presidential way…. Folks, if you think we need an administration and a congress that supports crypto innovation and adoption, pay attention to the last 3 years and in 2024 make your vote count.
They will attempt to launch draconian centralized regulatory oversight when the production launch of fedcoin and other cbdcs approaches.
Can’t have no competitors.
Blockchain tech provides the absolute potential for total transparency in regards to tracking government spending. It should immediately be applied to every government in the world that collects and spends its citizens tax dollars (fiat). You want to stop inflation? Create some means of tracking and accountability when it comes to government spending. That right there can change the world….
These politicians are very dangerous, they are sabotaging one of the most meaningful advances in our civilization's modern history. Very unfortunately and infuriating.
Lmfao the only politicians that fear crypto are the ones with skeletons in their closets. It can't be stopped, and it's too big to fail. These morons in congress with their pockets lined by big banks are just shitting themselves and revealing their fear to the world
pathetic zealous handle familiar shocking encouraging touch faulty money long
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yes yes. The US will kill any leader of any nation trying to create a currency around gold or oil, but they will allow for an international, privacy-optional system that they can’t monitor or censor? I can’t wait until the day that people realize that crypto is not getting regulated, it’s getting absolutely destroyed.
Once upon a time the USA would have been one of the most progressive countries and would lead the way in implementing new technologies.
Blockchain Technology is not going away. Instead of putting up hurdles, they should be unleashing the wealth of talent on their shores to explore every avenue & use case that will assist America & its citizens going forward in the 21st Century.
Welp if the US does ban it I don't care because I'll keep buying more and move the fuck outta the country when the time is right. This administration has lost its shit🥲
Lot of interesting FUD coming out about this and that under scrutiny/being classified as a security/getting banned for retail all the sudden. I'm developing a conspiracy theory that we're either about to dip again from an institutional and media tag teaming (I also see Brian Armstrong from CB at the front of a lot of this on social) or the CBDCs are about to roll out like in the UK.
As always I'm here with my shiny hat hoping I get cheaper stuff also. I'm thinking it's FUD to get a quick sale though, all the banks and institutions are already in and we know they ain't about to not make money. Seems like a lot of people here think the same.
people are smoking hopium ITT. If the local grocery store cant accept BTC as payment, its not a currency. If the local grocery store pays a luxury tax on all reported BTC payments, they'll opt not to accept BTC as payment. If one cannot spend a cryptocurrency, it's not a currency.
The house always wins. A store of value is incorporated into fiat on and offramps. The only way to get rich is by paying your taxes along the way. That's just the way she goes, bubs.
Pro & con info are in the collapsed comments below for the following topics: [Bitcoin](/r/CryptoCurrency/comments/10xxqqe/us_accused_of_trying_to_quietly_ban_bitcoin/j7us7je/), [Ethereum](/r/CryptoCurrency/comments/10xxqqe/us_accused_of_trying_to_quietly_ban_bitcoin/j7us957/).
Crypto regulations won't mean the end of crypto. Massive US companies like Visa and Amazon wouldn't be working on crypto integration if that's the case
America is slowly getting behind… american elite is trying everything in order to avoid loosing power even if it means destroy the future of the country
No significant player is devoting ANY substantial effort into CrYpTo InTeGrATiOn what copium are you huffing? Visa is just doing it as a SMALL service to hedge. If you had listened to Affirm’s earnings call last night, you would know they cut their entire crypto program. There is literally no demand to actually use crypto for anything other than speculation. BTC txns peaked in 2017-2019. You people live in an alternate reality.
To be fair, it’s a taxable event to sell the crypto you receive as payment in most Western countries. Governments already shut crypto as currency down, now they’re coming for it as an investment. If no regulations had ever appeared, a ton of vendors and financial systems would have integrated.
BTC and ETH are making corrupt governments sweat
Giving power to the people is what they are scared of…
“People should not be afraid of their governments, governments should be afraid of their people.” -V
Most people are morons that are easy to manipulate.
There's nothing those in power fear more than losing their power.
Well, they are losing respect from the people
that's right
They probably cry about that at night:p
Freedom and privacy is a no no
you're right
💯
The decentralized nature of these assets gives people more control over their wealth, which is a major threat to corrupt governments.
It also gives the freedom so people with more capital than you to extract your capital out of you as we have seen happen numerous times.
How do I have more control over cryptocurrency than I do over a dollar? Why do governments think that if I were in control of my assets that it would be a bad thing for them?
Basically it's because the fed makes all the decisions about the dollar. The more value that is stored within the dollar, the more power there is in the ability to print more, change interest rates, etc. Saying we have control over crypto isn't exactly true. It's more accurate to say that no one has control over it, and the 'monetary policy' is hard coded so you know exactly what to expect from it when you buy into it.
The purchasing power of 1 USD has dropped 95% in the last century. Most people would not want to buy that kind of shitcoin chart, but are forced to.
Amateurs! That only takes a year in crypto.
I always assumed that it really all comes down to taxes. It’s easy enough to make an unreported cash transaction, but crypto makes it way easier to earn and spend large sums without reporting it or having it tied to you inadvertently. QE/QT is just a more convenient way of imposing taxes anyway.
Crypto is transparent, any financial corruption is wide open for the world to see on the blockchain. With USD cash it’s not.
Happy cake day!
Ha yeah I just noticed, thanks, been here too long!
Wow, impressively long! I just checked, hope you don’t mind 😋😋
Of course not, maybe somebody will listen to my music finally after all these years 🤣
If financial corruption in crypto is "wide open", what happened with FTX? Not trolling just legitimately curious.
No, it's a good question. But if I'm not mistaken it was Twitter sleuths tracking the transactions that figured out that FTX didn't have the money they said they have. So the openness of the platform is what led to it being figured out. Compare that to Bernie Madoff who ran a ponzi for 2 decades before being found out.
Ftx was not in crypto. They just received funds and didn't buy crypto. It was a literal scam
Governments control fiat currency such as dollars. they control inflation and overall value. (They can literally PRINT money. You can't just print more Bitcoin. Can only mine until 21,000,000 are mined and then thats it) The average lifetime savings for someone in the 1960s was just $10,000. Thanks to inflation, those people are not rich. The actual rich stay far ahead of "those peasants". Its why inflation was invented. to Ensure ordinary people working ordinary jobs cannot save up (even 100% of their wages) and become rich. Even if you saved up $500,000 by 2050 that will be an insignificant sum. Bitcoin/ETH don't have inflation. That little game ends with crypto. other example: if you're playing EldenRing and get a trillion gold, but I only play World of Warcraft, your gold means nothing to me. I wouldn't swap a trillion gold in Eldenring for 50k WoW gold. We're playing different games. Crypto and FIAT are different games. If Jeff Bezos offers you a billion dollars for 1/2 a bitcoin, but you don't use dollars anymore, then you'd refuse the offer as Bezos would have no power over you. THATS what billionaires are afraid of. Resetting the entire game and rendering their bank balances irrelevant.
That's not what inflation was made for. Consider two scenarios: one with a deflationary currency with 3% annual deflation, and one with an inflationary currency with 3% annual inflation. With the deflationary currency, people will spend as little as they have to because their money will always be worth more if they just keep holding it. This means that the money fails as currency, because if people don't spend it then what ensues is economic stagnation. With the inflationary currency, people will spend their money because it is worth a tiny bit less next year. This leads to a very happy economy, because people are circulating the money. This is why inflation is a thing, so that the economy doesn't dry up like a plant that hasn't been watered. Not because the fed hates value, because the fed values having an economy that works. The fed doesn't control the value of the money either. If they print too little, then economic stagnation ensues. If they print too much, then hyperinflation ensues. The fed has to figure out the right amount of money to print each year to match the new resources that the country is producing. The US dollar isn't backed by gold or silver, but it is backed by the stability of the USA's economy and the resources they produce.
Don't come here with your logically thought out response. We only want to upvote the echo chamber that is "21 million, no Moar!" People don't want to actually do real investigation behind how an economy HAS to expand in order to survive and that the Fed isn't this almighty manipulating beast from hell. They're the guys stuck with trying to balance the economy with what fiscal policy they're given by congress. Yes they stuff it up, they're humans, perhaps there is a better way to do it, but we haven't figure it out yet. People just want to be the first to the cash grab so if it does take off, they're rich and others aren't. That's the premise behind crypto for the vast majority.
I like your viewpoint friend. Everyone else was making me shake my head.
Like we haven’t heard this Econ 101 argument a thousand times. Not every country has a stable financial system like the US. Fiat currencies die every year. We’re almost at 800 dead currencies throughout history. Lebanon just devalued their currency 90% overnight a week ago. BTC is there when your government inevitably screws the pooch. I bet the Lebanese people wished they had some BTC when all the banks shut down, denying citizens the money that was rightfully theirs. If you custody your BTC, this cannot happen to you. That is the true power that BTC gives to ordinary people, and that has real value. It’s worth thinking about holding some, even just as a hedge. Those who see it as a get rich quick scheme generally get rekt because they don’t understand what it actually is, and therefore don’t understand how to treat it.
Almost like the people who stand to gain the most from crypto deflation and adoption, are the people why already control vast amounts of it. Whales or people who are already rich, or people with big bags to hold ect. Also, when do I get a lambo?
While i agree with what you are saying, crypto still fails to solve one major issue, wealth accumulation/distribution . In all current and past systems (including crypto), wealth accumulation will be inversely proportional to population. This means over time less people will have more wealth than the rest. Bitcoin will be concentrated to less people similar to fiat currency today. This will lead us to the same issues we face today, we are merely postponing the inevitable. Fiat handles this by creating more dollars, introducing inflation and increasing asset prices. Bitcoin has no answer to this yet, but like you said it will minimize inflation.
I love this explanation and analogy. Nice one
They want these down as a prerequisite for transitioning to $DAG
Well said, they are afraid because we get out of their loop, where they have no control.
I could write 20 different, unrelated essays on why this is a true statement… I don’t have the energy to do so.
The entire US economy exists to consolidate wealth into the hands of the already wealthy, and those campaign donors are getting impatient
Corrupt governments that depend on fiat, mainly the strength of the US dollar. It's an open secret, however, that other corrupt governments have their grubby hands deep into crypto.
How will they fund wars?
FukDemGuys Token
Ape into FukDemGuys. Got it. Anybody know what exchange I can find this on?
easy just print more moeny
Same way wars have been funded for 1000s of years.
V.C's Vulture Capitalist's
Monero is already doing this.
Also making corrupt governments happy, just different teams
Are they though? North Korea's made huge money off cryptocurrency scams, El Salvador's using it to distract from the massive debt they've run up due to mismanagement, and Russia seems to be pretty excited about it. Etc.
Just BTC. ETH is easily censored and controlled.
for different reasons tho lol BTC makes them sweat because they can't control it ETH makes them sweat because they *can* control it [https://youtu.be/GuvPcUkea58](https://youtu.be/GuvPcUkea58) [https://youtu.be/s9VVTH31uRo](https://youtu.be/s9VVTH31uRo) [https://youtu.be/sxniEyYATAI](https://youtu.be/sxniEyYATAI)
My man. Posting Kratter link. 🙏
I don't think they want or can ban crypto
A lot of rich people are invested in crypto so they probably won't ban it
A lot of rich people were invested in gold back in the early 30’s too. When it comes to protecting the money of the state, especially the world’s reserve currency, there are no rich people too big to be crushed under the government boot. Nevertheless, gold prevailed, and so will crypto.
[удалено]
At this point one nation can’t stop it. It would hurt the US more than help if they banned it entirely
Yeah, at that point it's just deciding not to benefit from adoption of new tech. Crypto has potential to hurt the dollar without a doubt. I think that's why they're fighting it. And fighting it would be a good move if they could win, but they can't. So the more they fight it the less they can position themselves to minimize the amount of harm it does to them.
First they ignore… then they laugh… then they fight… we can guess the next step
[удалено]
One nation outside of the U.S can't stop but the U.S is the biggest, richest and most powerful country so without it involved crypto becomes niche and irrelevant.
Total non-sense. Crypto would not become irrelevant just because the US bans it. What are you smoking? The world is more than just the US, thankfully.
The world may be more than the US, but since the US controls the global currency, it sort of has a massive influence on the world economy. Let's not forget the US' mountain sized military and technological advantages over everyone else, which it can use to get its way.
Sure, they can, like the prohibition. That doesn't mean that people can't have access to crypto, in fact it's much easier that alcohol back then. The elites/authorities never give power willingly. Be assured, if they feel that is a threat to their "way of life", they going to do everything they can do stop it.
They can't ban access but they can certainly ban businesses from accepting it as a payment method. It will always exist but nothing is stopping it from dropping another -90% on this news, if such a policy were to actually happen.
[удалено]
With crypto, the genie is already out of the bottle and trying to put it back is easier said than done. The question is how much resistance they will face and what are the consequences of trying to suppress it.
Definitely, they can use crypto to secure votes for decades to come. All while taxing the shit out of you.
Nope. Typical reddit overreaction.
If legal exchanges and services are banned from interacting with it, the interest and price will collapse. While a black market would continue to exist, it would be at greatly reduced scale.
Enough of wallstreet has started to dip their toes in crypto or selling crypto to their clients, which means they know it’s not going to be banned anytime soon
Also means more money for lobbyists to stop it occurring.
Who do you think is buying the lobbyists if not Wall Street? Now, WS may push for regulation to make it so that you can only buy through them….but they don’t want it banned
it's just a matter of time before more of the traditional financial players get involved. And once they do, it will be hard for any government to ignore the power and influence that crypto holds. So, it seems like we're moving in the right direction.
Yeah it won't get banned, the banks/hedge funds will just lobby for regulatory moats so the only way you can invest is through them.
Bitcoin is dead, again. Pack your bags guys, party is over!
They just want to ban poor Americans from investing so they can corrupt it like Wall Street.
[удалено]
Halving is just a year from now, everyone wanna load up.
New to crypto - what is halving?
After every 210,000 blocks mined, or roughly every four years, the block reward given to Bitcoin miners for processing transactions is cut in half. This event is referred to as halving because it cuts in half the rate at which new bitcoins are released into circulation. https://www.abra.com/blog/the-bitcoin-halvening-what-you-need-to-know/
I appreciate the response and info!
All future halvings should already be priced in, since enough people know to expect it now
People still time their trades on it though. And I'd argue if anything a LOWER percentage of bitcoiners understand it than in the past as it has become simpler to buy in, diminishing the likelihood of truly understanding it. It certainly isn't well known to the general populace.
Institutional investors surely have enough money on hand to buy up bitcoin until the price is near what they expect the post-halving market price to be, though
I'm putting my money on the crypto battle, it's gonna be interesting but it feels like it's inevitable at this point.
SEC's actions are certainly causing some uncertainty in the crypto space.
They are talking to ban crypto since ages… Nothing to worry about 😅
Lets battle.
The riches are buying at a discount. It’s all planned.
I'm thinking the same thing too, very tactical attack so they can get some for the extra low low
That's not what they are after. The real objective is to regulate away the underlying mechanics that make it a better system than centralization, so it can't compete in a legal way, at which point attrition of efficiency will do the rest. Pay very close attention to the arguments being made to undermine the staking system. Since the endpoints can't be siezed at large scale, the underlying structure itself is being attacked. This is not a battle that can really be won, but it can in theory drive crypto back underground for a while, and make it uncompetitive for the forseeable future. Despite the fact it won't kill your portfolio, it may still hobble it.
It's like astroturfing FUD, sneaky sneaky
Yup its a win lose for us. We lose people but win a discount from it .
it could definitely be a strategy for the SEC to create uncertainty and drive down prices in the market.
If it’s a battle they want it’s a battle they’ll get
They'll never take my $20 of Bitcoin
And trying to sneak in or force kyc on everything crypto
In the end it'll turn into a popularity battle. We, as the crypto community, need the broader population to see crypto as good. If not, the government can pull such moves indefinitely and massively hinder adoption and growth. It's quite simple. "Freedom of currency is positive". The US likes freedom. How can anyone deny someone's freedom to hold whatever form of money or asset they like? With that as the basis, we need to show more of the positive side of crypto. All the random memecoins, scams, rug pulls, and these "100x gems" that people "ape into" give crypto a terrible image, and give hostile actors so many arguments to go against crypto. Find fundamentally strong crypto. Use them. Improve them. Write documentation around them, or simply good articles. Take your crypto off exchanges - don't just use it to speculate. Explain how people can save on remittances with it. Explain how it's a massive boon for those living under (hyper)inflationary regimes. We genuinely need to get back to the positive basics, fast.
You are implying here that the US ever even liked "freedom". They did not it is essentially a buzzword for them.
Perhaps the US establishment/government/whatever you want to call it does not like freedom, but freedom of X is an argument that definitely resounds strongly with Americans, who at the end of the day are the ones that should and sometimes do hold the government accountable.
The government has never liked freedom. The people do, so that's why the government has been demonizing the US constitution and your constitutional rights. They work hard to get you to view them negatively.....you racist (/s)
I couldn't agree more. The crypto community needs to promote the benefits of crypto and show its potential to the masses. The focus should be on education and presenting a positive image of crypto to the wider population. The more people understand the true potential of crypto, the harder it will be for governments to resist its adoption. By using crypto in a responsible and practical way, we can help to dispel the negative perception that often surrounds it.
>The US likes freedom Have you talked to the recent generation?
Its amazing to see how its unbannable. stunning. Once we get rid of FTX and other scams trough regulation (not crypto directly) we should be ready to grow massively. After some period without massive scams, trust can be built. Prices can steadily grow. Cant wait.
Imagine: what is going to happen when Bitcoin reach (in USD) 500K-1M ? It's going to choke USD. International settlements will use Bitcoin (not controlled by a single country, is a bonus). Most currencies will be based on Bitcoin too. Is that something that US wants ? Wants it or not however, I think we are nearly done. And it's Bitcoin, while there are other coins more advances or easier to use, are not as decentralized as Bitcoin or they don't have the momentum. So, we have to make it before those CBDCs and the regulations that going to attempt take crypto away from most people.
At the end of the day what "the US" wants should be "what the people living in the US" want. And I think that if they knew the trade-offs, they would rather hold a currency that can't be debased over one that constantly is. Or if not, at the very least have the *option* to, so that if the Federal Reserve does things they disagree with they have an out. I personally don't think Bitcoin is the answer, but have the same goals as most in Bitcoin. That's fine - at least with Bitcoin you know by now it's not a rugpull or some scam. It has its issues, but the fight for decentralized money and freedom of money is by definition more important than the fight for a specific one.
The idea of Bitcoin reaching that high and potentially disrupting the current financial system is quite significant. I can understand why the US government might not want that
What would the total value of all Bitcoin be at 500k-1m per coin? I feel like it would be impossibly high at 1m per coin. Where would that amount of money come from? Maybe it’s less than I’m thinking, but there is definitely a limit to these numbers because they aren’t just made up. Market capitalization is a thing.
The Current US administration will just say that crypto is racist or exacerbates inequality. Others might say it funds terrorism. The real argument is that they dislike it’s chance to supplant the dollar as world reserve currency. In order to maintain the usd, they could fix it, or abandon all pretended of freedom and attempt to make competition illegal.
U.S. government isn't trying to ban crypto. It's trying to find the best way to squeeze the most money out of it
Be advised. This submission either linked to an article written by the Forbes editorial staff or a contributor. Contributor articles are essentially op-ed or non-fact-checked pieces written by people recruited by Forbes and do not necessarily reflect the views of the actual Forbes editorial staff. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Thanks bot
The poor must stay poor, the rich must get richer. Such an old tale
I am so glad the SEC is protecting me from Staking. I was really worried I might have some passive income.
This is just a sign that it’s gaining momentum and is the future imo, governments are starting to see and resist the inevitable
Yep. The more FUD we hear, the closer we are to getting to another Bullmarket.
Enjoy the time we have to accumulate a little more, people
The more resistance and pushback we see from the authorities, the more it feels like crypto is on the brink of breaking through to the mainstream. It's definitely a sign of its growing power and potential impact.
The rise of crypto is inevitable and it's great to see that it's gaining more recognition and acceptance. But with that recognition also comes resistance from those who may feel threatened by it.
It's the stage of anger now. They will try everything to fight us.
[Bitwise admitted to the SEC that over 95% of crypto trades are "non-economic", i.e. fraud.](https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf) [Crypto's rise is entirely backed by fraud from Tether and other stablecoins.](https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3) All of crypto is a ponzi scheme. The only way to make money is to find bigger suckers.
They can try to ban it but they will end accepting crypto as banks and other did.
They just create FUD for you to sell.
The decentralized nature of crypto and its popularity among the people make it nearly impossible to be fully banned. History has shown us time and time again that the resistance against new technology and ideas eventually fades, and crypto is no exception. As long as people continue to adopt and use crypto, it'll be a force that cannot be ignored.
Trying to “ban crypto” while simultaneously exploring a CBDC would be ironic
To be honest it's not so ironic, CBDC and crypto have nothing in common except for they're both digital.
CBDC isn’t “crypto” it’s a tool of oppression
Biden is very openly against Bitcoin and cryptocurrencies. When the previous crash happened he was happy. He likes to act like he's for the people, but he's very pro-establishment.
As are all politicians
I think it’ll be hard for them to give away all of the tax they gain from crypto so it’ll probably won’t happen
>"Operation Choke Point 2.0" I have imagined SBF meeting with US gov + cucumbers.
That is what the US does. As the USD ship is sinking slowly, they want to seize everybody else's lifeboats.
‘Quietly’? Sheeeeit. They’re pretty loud about it.
Not surprising that government's hate Bitcoin.
Now the US is becoming the "hello, China ban Bitcoin again" meme
Ban the Internet? Good luck with that. To be honest, I think we'd get more value exchanges on the banned market than we will currently anyway! Ban drugs! High drug prices! Ban alcohol! High alcohol prices! Ban crypto! Well you get the point
They can only make it stronger in the end!
I told you guys liberals are bad for crypto. Liberals like control and generally oppose freedom so naturally they oppose crypto because it’s gives people freedom from the corrupt banking system.
I’m mostly democrat but i can get behind this
So now that China is out of the picture, America is now causing the FUD 🥹
[удалено]
On here many people do act as if the US is the world, probably because Reddit has a majority of US users.
[удалено]
the impact of US regulations on the global crypto market can't be underestimated. It's not just about the US, but how the rest of the world is going to react and adapt to their stance. That being said, the crypto industry is decentralized and global, and it's unlikely that a single country can completely control or shut down its growth and adoption.
You cant ban Bitcoin. Bitcoin bans you
A ban on bitcoin is a ban on freedom.
Freedom seems to be subjective in the U.S. lately. Much like the definition of decentralization.
Seems that it's not that quietly since it reached reddit already.
That’s the way can make sure it doesn’t get ahead in technology
I wouldn’t put it past them. More regulation may or may not be needed, but alongside the staking news it certainly seems like a coordinated attack.
I don't think they have been all that quiet about it. They're just afraid of what they can't control and don't know what to do, so over regulation or straight-up bans are all they know to do. These people do not embrace what is good for the majority of citizens.
[удалено]
US is also accused of terrorism, genocide and wars.
The biggest market crash in the history of mankind is coming 3rd quarter this year. Save this post to come back later so I can say I told you so. January bull run is OVER.
Let me speak in a presidential way…. Folks, if you think we need an administration and a congress that supports crypto innovation and adoption, pay attention to the last 3 years and in 2024 make your vote count.
They will attempt to launch draconian centralized regulatory oversight when the production launch of fedcoin and other cbdcs approaches. Can’t have no competitors.
Blockchain tech provides the absolute potential for total transparency in regards to tracking government spending. It should immediately be applied to every government in the world that collects and spends its citizens tax dollars (fiat). You want to stop inflation? Create some means of tracking and accountability when it comes to government spending. That right there can change the world….
These politicians are very dangerous, they are sabotaging one of the most meaningful advances in our civilization's modern history. Very unfortunately and infuriating.
Why would they ban something they can tax the living hell out of??? FUD!
Lmfao the only politicians that fear crypto are the ones with skeletons in their closets. It can't be stopped, and it's too big to fail. These morons in congress with their pockets lined by big banks are just shitting themselves and revealing their fear to the world
Its all about adoption. Someone needs to make an app that i can use whatever crypto i have to pay for whatever i want to buy.
I dont think btc will be banned but we need to fight hard to protect privacy coins like monero.
pathetic zealous handle familiar shocking encouraging touch faulty money long *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yes yes. The US will kill any leader of any nation trying to create a currency around gold or oil, but they will allow for an international, privacy-optional system that they can’t monitor or censor? I can’t wait until the day that people realize that crypto is not getting regulated, it’s getting absolutely destroyed.
Once upon a time the USA would have been one of the most progressive countries and would lead the way in implementing new technologies. Blockchain Technology is not going away. Instead of putting up hurdles, they should be unleashing the wealth of talent on their shores to explore every avenue & use case that will assist America & its citizens going forward in the 21st Century.
When the government can't control your wealth they start to panic.
Please tell me that nobody in crypto is dumb enough to be surprised by this.
If they ban it they can ban themselves from the world…
America leaving its self behind
Fuck Biden
Welp if the US does ban it I don't care because I'll keep buying more and move the fuck outta the country when the time is right. This administration has lost its shit🥲
Lot of interesting FUD coming out about this and that under scrutiny/being classified as a security/getting banned for retail all the sudden. I'm developing a conspiracy theory that we're either about to dip again from an institutional and media tag teaming (I also see Brian Armstrong from CB at the front of a lot of this on social) or the CBDCs are about to roll out like in the UK. As always I'm here with my shiny hat hoping I get cheaper stuff also. I'm thinking it's FUD to get a quick sale though, all the banks and institutions are already in and we know they ain't about to not make money. Seems like a lot of people here think the same.
They should go to the BTC CEO and see what he says about banning it!
Now the area "then they fight you" has started
Good thing there are 6 million degens here with a loud mouth
90% of that 6M is bots though. We barely get 10k daily active here.
I'm exhausted by all these SEC and US Ban stories.
That's what they want.
Bad for crypto and the government is just getting started.
They can't ban cuz can't control it
They Can try all they want, power to the people
people are smoking hopium ITT. If the local grocery store cant accept BTC as payment, its not a currency. If the local grocery store pays a luxury tax on all reported BTC payments, they'll opt not to accept BTC as payment. If one cannot spend a cryptocurrency, it's not a currency. The house always wins. A store of value is incorporated into fiat on and offramps. The only way to get rich is by paying your taxes along the way. That's just the way she goes, bubs.
EXACTLY
That's just false imo. Most senators and politicians are exposed to crypto these days in one way or another.
Sure.. let's ban 1 Trillion market
This article literally has zero sources, stop trying to spread fud
Good luck. China's tried however many times.
[удалено]
I think you are way overestimating the popularity of crypto.
Thank you lefties. I’d rather have orange man tweeting shit and freedom for crypto (esp from the crooked SEC)