The US banned plants and spend billions and billions to enforce it. Not sure why crypto would be any different? It can even be checked same way. "Sir, show me your phone." "What is this app? You are arrested for suspicion of crypto possession"
CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
371–380 of 511 posts
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#372Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#373Earlier quoted context omitted.
> It's a system that exists to favor the few and it's time to disrupt the orgy. I've got news for you: BTC: 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency's blockchain control 95%[0] ETH: Just 376 People Found to Own a Third of All Ether Cryptocurrency[1] [0] - https://www.bloomberg.com/news/articles/2020-11-18/bitcoin-w... [1] - https://www.bloomberg.com/news/articles/2019-05-15/jus…
Are you familiar with the concept of cold wallets held by exchanges? https://www.longhash.com/en/news/3257/A-New-Way-of-Measuring...
I am. What's your point?
If you don't think crypto, an anonymous unregulated security, is being manipulated by a small amount of people then I have a bridge to sell you.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#374Earlier quoted context omitted.
https://seekingalpha.com/news/3680926-binance-launches-trada... Liquidity for things that don't normally have liquidity. Example: like wrapped Bitcoin, you could create wrapped Wine. Say you've got $1 million in a wine cellar. Create a wrapped token which allows you to use it as collateral or provide it to a liquidity pool to generate revenue. Now your wine is earning you interest. Something like this may already exi…
Commodities and future contracts on them have been around for a while now.
On your wine cellar?
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#375> U.S. Treasury Secretary Janet Yellen and other officials have warned about the use of cryptocurrencies for illicit transactions. Wait until you hear about cash. More seriously (and hopefully less reductionist) i feel nations who embrace cryptocurrencies early will see mixed results as the landscape matures. I am more confident that nations which turn their back on it, or shut it out completely, will see a loss of o…
> Whatever your stance on cryptocurrencies are, what is of little dispute is the business opportunities they have created
I strongly dispute that claim.
After a decade of effort, tens of billions of dollars invested, and thousands of crypto startups, we still don't have a single successful business other than those selling crypto services. (To be fair, Brave looks like it might make a run for it. We'll have to wait and see.)
Pointing to the fact that some people arre making a lot of money does not validate a business model or a social good.
Even in the most vile and egregious scams, there are always some people making a lot of money.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#376Earlier quoted context omitted.
> Wait until you hear about cash. I'm always bothered by this arguement because most of the same people in government who want to see a crackdown on Bitcoin also seem to want cash to be eliminated. I've been asked to do consulting on one of these digital cash replacement projects. The requirements included all the stuff you'd expect, like strict ID requirements for every account, and the ability to freeze funds at wi…
It's a ridiculous comparison, though. E.g. try to regularly move billions in cash and see how long it'll take before you're busted for not reporting that you're doing that. A billion bucks weighs a fucktonne. I'm pro cash, anti cryptocurrency, because the comparison is absolutely ridiculous there's no contradiction.
The commissioner of the SEC doesn't find it all that ridiculous. She just commented on it yesterday actually.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#377Just as a fun hypothetical to think about... an effective way to crack down on cryptocurrencies would be to do it under the table. Don't make any official policy about crypto other than recommending that US citizens don't invest in it. Attack the crypto ecosystem the way they attacked Iranian centrifuges. The damage is done by the CIA and NSA, not the SEC and FBI. The goal is not to make it impossible to use crypto b…
They could get a few supercomputers and sneak in illegal content into blockchain then everyone having a copy of it would be risking jail.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#378Earlier quoted context omitted.
Take crypto out of the equation, what are the implications of the fed issuing a programmable currency? Many financial services would become obsolete. What do I need a stock broker for? What do I need a bank for? You have Wall St and other sophisticated investors profiteering and competing against the general public, devaluing our purchasing power, making leveraged trades because they know the public will hold the bag…
If the fed did a cryptocurrency, it would be backed by the full might of the US Government — and all the things that the government can do if it decides to print more money. This also includes military and police powers. Which brings me to the other point: currencies are governed at both ends; at issuance and at use. If you use a crypto that’s not approved, the government can simply arrest you for using one of its co…
US is not the only country in the world. There are many countries whose currency and government are much weaker to fight such an adoption.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#379Should have been done a long time ago. Literally every law enforcement investigation into organized crime requires blockchain analysis these days. I never met people who use crypto to buy actual day-to-day goods. Only hear about it from cybercrime and crypto-bro price gaugers.
Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming
#380Earlier quoted context omitted.
> Not a real problem. Any civilized country has solved identity already. Jesus Christ. So the only problems that matter are the ones in "civilized" countries? What does that even mean?
Perhaps it means that this is a known problem with known working solutions. Countries that haven't solved identity are ones that either don't want to or can't, generally due to a mix of corruption and poverty. Perhaps I am simply suffering a tragic failure of imagination, but I fail to see how adding a blockchain changes things substantially.
Being able to identify people via blockchain either requires them to remember some esoteric passphrase or an ID card with the identifier on it which...solves absolutely nothing.