I'm invested in several Cryptocurrencies incuding Steem, and Steem Power, and it looks as though governments around the world including the USA are starting to crack down on them. This concerns me to no end.
Recently, as most of you probably already know, the South Korean Justice Minister proposed banning Crypto Exchanges causing prices to dive. The Chinese governments top Internet-Finance Regulator asked local government officials to guide bitcoin mining operations to an "orderly exit." Then there's US Treasury Secretary Chairman Mnuchin. He recently said he wanted to make sure that " bad people cannot use these currencies to do bad things." He went on to say" The U.S. is working with other countries to prevent Cryptocurrencies from being used like "Swiss numbered bank accounts," then he said "I want to be sure consumers trading this understand the risks," and "I'm concerned consumers could get hurt."
It looks like they're setting the stage for a major regulatory role, (control) or an outright ban all together. Governments always seem to get involved, and practically ruin everything they touch. I think it's time to get back to the "profit and loss" system also known as Free Market Capitalism. We haven't had that in a very, very long time.
Crypto's threaten fiat currencies, and their monopoly on money. I'm afraid they're going to choke them through banking regulations. Much like they did with the online gaming industry, by making it illegal for banks and visa/mastercard etc. to allow funding through these institution. Said differently, they'll block those purchase transactions. This will effectively kill crypto's by choking off their cash flow.
I hope this is wrong. Yes, I really hope not, but it looks that way in light of recent news. Maybe it's time to start writing congress, but I doubt they'll help.
I'd like to hear all of your thoughts on this issue. It will definitely affect Steemit!
Regards,
James
@jamesgun
Here are some links in the news about this:
https://banyanhill.com/cryptocurrency-investments-threatened/#readmore
https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/
https://www.cnbc.com/2018/01/12/mnuchin-wants-to-make-sure-bad-guys-cant-use-cryptocurrencies.html
Certain governments may try because it will threaten their state sponsored currency but I believe they will ultimately fail.
Fewer people are trusting banks and governments and that is manifesting in the popularity of cryptocurrency (which will increase!). Look in places such as Venezula and you will see people who will never trust fiat again. South Korea did crack down but have already been surprised at the outrage and general contempt for the persons in government responsible.
Like your post, just wanted to share my thoughts!
I hope you're right @sras23. Crypto's are a way for the average Joe to get ahead. Thanks for your comment. I'm feeling encourged.
Thanks to @saksham72 @davidalexander for upvoting my post!
Happy Steemin!