It is. But its also something we all knew would happen eventually. If bitcoin achieves mainstream adoption, government is screwed. So an attempted crackdown was inevitable. Problem for the government is that the more they crackdown, the more obvious the source of their power really is, and the more people will want to buy it and drive up the price. We're about 2/3 of the way through the "then they fight you" stage.
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Yes I think you are right. Still sucks though. I am confident they will not win in the end - although they may be able to put some roadworks in the way.
The problem i see is that newbies like me will make a misstep and all the sudden you have helicopters over your house and you can see yourself on the news....we need more solid direction than we are getting about how all this works.
The big problem is that it is a legal grey area. The authorities themselves are not certain how to proceed most of the time. They just know they don't like it!
My prediction is that as the government loses relevancy, they are going to lash out in so many ways that many good and careful people will still get hurt.