Thanks for your post, very informative and detailed! Personally, I don't think controlling crytocurrency is that easy as it is very much an internet thing and monitoring the internet has not been an easy thing. Even the government can monitor the internet like the US and China did, it does not mean they can regulate them
Great post !
I can't wait until they recognize bitcoin in my country...
frankly, if there is some case that bitcoin is not legal in here,and i'm a "bitcoin millionaire".... i see myself and my family moving to Japan or any other country that is Bitcoin friendly
As far as I know, anyone can write a wallet. All a wallet is is an interface to the blockchain ledger. IMO, registering wallets won't work for them. People would write their own. Wallets on exchanges and coinbase, yeah, they could register those, but people who didn't want to be registered would simply stop using those services. Decentralized exchanges are being created as we speak. We could use those. Not to mention people who get their coins from mining. No way to register the transfer from the network to your account.
They also poker would be banned in other countries before the united states. I believe it will be banned in the USA first. Its not just the problem with fiat currencies but also people trying to get in money they made illegally selling drugs into banks. They already are doing a crack down on exchanges. Bitcoin is no longer decentralized. If you think it is your delusional. I sold all of mine already. Its not what it was a few years ago. To much regulation not on the coin itself but the exchanges that sell them. 90% of the investors are from china. Most are novice investors with no clue about investing. It was a great investment a few years ago. I love the technology but believing any of it is decentralized is just what government wants you to think. They already took down silk roads and alphabay 2 decentralized exchanges. If they can take them down they are not decentralized anymore. They know to make it centralized. Governments will make bitcoin, gold and silver illegal again and take it away from society just like they done before. Your can't go against the government and think your going to out due them and get rich living in their country. Wont ever happen. May for awhile but sooner or later they will throw down regulation and start confiscating as they always do. The best way to make money is to invest in businesses built around helping the economy and government. Not things trying to hurt.
I think there are more immediate threats to crypto than government regulation/taxation.
1/ The spate of ICOs has significant possibility of causing damage to the credibility of the crypto space if (more likely when) they fail and go pop, all the new investor money that has been sucked into them is going to get scared off, possibly leaving crypto as a fringe place for nutters.
2/ Big businesses co-opt block-chain into closed systems like hyperledger, and this is where all the investment funding starts flowing to.
So for me government issues are only likely if the other two fail to cause significant limitations to crypto-currency growth. The way I see to battle the terror/criminality arguments is through altruistic coins like Gridcoin and SolarCoin, that you can show actually do something positive. The EU Parliament have been presented SolarCoin and liked it.
Also for governments there is the major possibility of offloading a lot of burden onto cryptocurrencies, a lot of admin and beurocracy can go away, and many governments want less friction on trade, so non-national currencies may have a place.
So if crypto doesnt commit suicide, and isnt sidelined by big business, and if it aproaches government with ready made methods to improve their operations in socially responsible ways, then there might be a bright future.
Government can do whatever it wants, drugs are illegal too and we're in the middle of a sharp increase in overdose deaths. The beauty of NOT Bitcoin, but good cryptos like Dash and PIVX, is anonymous transactions. Best of luck to the IRS sorting out the obfuscation/coin mixing and zero-knowledge proofs these bring to the table.
I don't know. Nevada in the U.S. recently passed legislation that was pro cryptocurreny and many countries are looking towards ether to build digital fiat currencies on that platform. I could see a world where bitcoin is kind of like "cash" back in the day where people used it for many small purchases and it was widely accepted but major financial institutions will lean on blockchain technology like ethereum as humanity eventually transitions to complete decentralization of currency. Like all good things it will take time.
Thanks for your post, very informative and detailed! Personally, I don't think controlling crytocurrency is that easy as it is very much an internet thing and monitoring the internet has not been an easy thing. Even the government can monitor the internet like the US and China did, it does not mean they can regulate them
Great post !
I can't wait until they recognize bitcoin in my country...
frankly, if there is some case that bitcoin is not legal in here,and i'm a "bitcoin millionaire".... i see myself and my family moving to Japan or any other country that is Bitcoin friendly
As far as I know, anyone can write a wallet. All a wallet is is an interface to the blockchain ledger. IMO, registering wallets won't work for them. People would write their own. Wallets on exchanges and coinbase, yeah, they could register those, but people who didn't want to be registered would simply stop using those services. Decentralized exchanges are being created as we speak. We could use those. Not to mention people who get their coins from mining. No way to register the transfer from the network to your account.
They also poker would be banned in other countries before the united states. I believe it will be banned in the USA first. Its not just the problem with fiat currencies but also people trying to get in money they made illegally selling drugs into banks. They already are doing a crack down on exchanges. Bitcoin is no longer decentralized. If you think it is your delusional. I sold all of mine already. Its not what it was a few years ago. To much regulation not on the coin itself but the exchanges that sell them. 90% of the investors are from china. Most are novice investors with no clue about investing. It was a great investment a few years ago. I love the technology but believing any of it is decentralized is just what government wants you to think. They already took down silk roads and alphabay 2 decentralized exchanges. If they can take them down they are not decentralized anymore. They know to make it centralized. Governments will make bitcoin, gold and silver illegal again and take it away from society just like they done before. Your can't go against the government and think your going to out due them and get rich living in their country. Wont ever happen. May for awhile but sooner or later they will throw down regulation and start confiscating as they always do. The best way to make money is to invest in businesses built around helping the economy and government. Not things trying to hurt.
Nice Rab C. Nesbitt picture by the way :)
I think there are more immediate threats to crypto than government regulation/taxation.
1/ The spate of ICOs has significant possibility of causing damage to the credibility of the crypto space if (more likely when) they fail and go pop, all the new investor money that has been sucked into them is going to get scared off, possibly leaving crypto as a fringe place for nutters.
2/ Big businesses co-opt block-chain into closed systems like hyperledger, and this is where all the investment funding starts flowing to.
So for me government issues are only likely if the other two fail to cause significant limitations to crypto-currency growth. The way I see to battle the terror/criminality arguments is through altruistic coins like Gridcoin and SolarCoin, that you can show actually do something positive. The EU Parliament have been presented SolarCoin and liked it.
Also for governments there is the major possibility of offloading a lot of burden onto cryptocurrencies, a lot of admin and beurocracy can go away, and many governments want less friction on trade, so non-national currencies may have a place.
So if crypto doesnt commit suicide, and isnt sidelined by big business, and if it aproaches government with ready made methods to improve their operations in socially responsible ways, then there might be a bright future.
Great Steem Article my friend!
Your friend, Platastacker
Great to see you here!
Government can do whatever it wants, drugs are illegal too and we're in the middle of a sharp increase in overdose deaths. The beauty of NOT Bitcoin, but good cryptos like Dash and PIVX, is anonymous transactions. Best of luck to the IRS sorting out the obfuscation/coin mixing and zero-knowledge proofs these bring to the table.
I don't know. Nevada in the U.S. recently passed legislation that was pro cryptocurreny and many countries are looking towards ether to build digital fiat currencies on that platform. I could see a world where bitcoin is kind of like "cash" back in the day where people used it for many small purchases and it was widely accepted but major financial institutions will lean on blockchain technology like ethereum as humanity eventually transitions to complete decentralization of currency. Like all good things it will take time.
I hope you're right.
This is my biggest fear!