I am by no means an expert but the way I see it is that this starts with a false premise about the technology. Government officials claiming Bitcoin is anonymous are clearly misinformed and is reacting to stuff they read "online" and then shouting that : “bitcoin is bad because it’s being used in crime and contraband trade!”. The blockchain is pseudonymous so all transactions are visible on the public ledger and can be traced so long everything stays in the crypto environment.
This completely ignores the fact that bitcoin and cryptocurrency were designed to not submit to regulation in the first place. (Well, not governmental regulation, it is heavily regulated – but only by its source code.)
Since it is hard to regulate and crack down on something that is decentralized the US government is changing the current legal framework around cryptocurrencies. And the way to go about that is to regulate the interfaces with 'real' cash and, therefore, compliant with KYC (Know Your Customer), thus turning pseudonymity into traceability (if criminals ever want to realize their gains is the reason used for this). This way they try to circumvent the the impossible step of banning a peer-to-peer technology (no ban of this sort has ever worked and no ban like this will ever work in the future).
The technology has moved and evolved with leaps and bounds in the last couple of years and the momentum suggests that we will continue to see real things deployed with a growing pace (perhaps without anyone realizing that a blockchain is involved at all).
Now the cryptocurrencies will do to banks what e-mail did to the postal service and they seem to be realizing this and are jumping on board as fast as they can to mitigate the damage (Ripple being an example). They will do the same for governments but by the time the most reluctant to grasp the situation realize it I guess it will be way to late.
Governments, and individual people in government, have no idea about this bigger picture. They’re far to wrapped up in things-as-usual to notice. They won’t see it coming until it’s already happened
On the other hand:
the USA has the highest concentration of bitcoin nodes, the biggest amount of bitcoin ATMs and a big part of the crypto trading is done in USD with several ICOs located in Silicon Valley. The biggest user group on STEEMIT is also from the US so where does that leave the average american where it comes to the future of crypto curencies in their country
I guess only time will tell but I do fear for them...
sources and reason for the blog:
https://news.bitcoin.com/us-congressman-digital-currencies-are-not-compliant/#comment-45201
https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/
https://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/
https://www.coindesk.com/senators-call-digital-currency-oversight-anti-money-laundering-bill/
and in turn the crypto economy and the world is reacting by banning the americans and other governments are embracing the technology
https://news.bitcoin.com/some-icos-now-ban-americans-who-should-expect-more-ostracism/
http://www.businessinsider.com/why-russia-legalized-cryptocurrencies-2017-5?IR=T
cartoon from :
http://jonikcartoons.blogspot.de/
Any insights on this blog will be happily accepted and opposite views will be read with interest
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great post... yeah i wonder what the survey results are about americans knowledge and trust of cryptos... but after the crash opinions will probably be night and day
depends if they lost but yeah, if it goes down a bit they will scream bloody murder because most of em bought at the top... a lot depends on perception but the more it goes mainstream the less volatile the market will be (my opinion)
thanks for your comment
I am with your arguments - up-vote, even I think a regulation to a certain degree can be helpful and reduce the scams around
Thanks for your comment and the upvote
regulation indeed to a certain degree, they can try but the thing is everyone is constantly saying to be carefull what you invest in, there will always be scams but this has nothing to do with crypto but more with people not investigating and doing their due diligence
You are right, scam is not the nature of the cryptos
THEY CAN BAN IT IN INDIA THEY CAN BAN IT IN CHINA, BUT THEY CAN NOT BAN PEOPLE ACCEPTING COINS :)
#ADOPTCRYPTOGOD https://steemit.com/cryptogods/@mfg/l316uu4d
#CRYPTOCARTOONS#CRYPTOWORLD https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties
THEY CAN BAN IT IN INDIA THEY CAN BAN IT IN CHINA, BUT THEY CAN NOT BAN PEOPLE ACCEPTING COINS :)
#ADOPTCRYPTOGOD https://steemit.com/cryptogods/@mfg/l316uu4d
#CRYPTOCARTOONS#CRYPTOWORLD https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties
It is probably considered encryption of money laundering and America against this
then let them regulate when the crypto turns fiat, because they cannot do it before
One day, if they are desperate enough to shut down, they will have to cut of global power supply and let the UPS die.
Upvoted! Great, thanks for this posting. Very good information for me. Time is changing....
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