Why can't they just ban the crypto exchanges already? If Canada is willing to freeze the bank accounts of protesters, it's definitely possible.
U.S. Secret Service Launches Cryptocurrency Awareness Hub
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Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#42Earlier quoted context omitted.
Until 2003, the Secret Service was part of the Department of the Treasury, as the agency was founded in 1865 to combat the then-widespread counterfeiting of U.S. currency. -- https://en.wikipedia.org/wiki/United_States_Secret_Service
Will this mean we can treat cryptocurrencies like fiat currencies when tax season comes?
No. The IRS doesn't operate on "well it seems like these are the same thing."
And further, you have to pay capital gains on forex transactions anyway.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#43Earlier quoted context omitted.
> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).
Isn't any asset held because people think it will rise in value?
GP comment wasn't about investment assets, but about currencies.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#44Curious isnt the role of the secret service to protect the president and other elected officials/representatives? Why are they charged with launching crypto currency awareness? It almost feels like the executive branch is pushing for cryptocurrency crackdown through sketchy agencies.
They were founded to investigate currency fraud and forgery and even were under the Treasury Department until 2003. I'm think that this fits in as a modern continuation of that role as there are some fraudulent activities going on in the crypto space.
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Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#45Earlier quoted context omitted.
The opposite may be the case in the long-term. Cryptocurrency ownership may shift global power and non-participation could be harmful to the state, in the same way participation in the global economy may weaken the national economy, but strengthens it from the perspective of the neoliberal order.
Prediction: Western currencies are on the way out. The US in particular can never repay its debt, it can't even normalize interest rates because it can't afford the interest. What will replace it is government-issued crypto-currency that will give them total control over how you spend money. If the Mayor of New York doesn't want you to buy soda, your currency will not be capable of being traded for soda in NYC.
> government-issued crypto-currency that will give them total control over how you spend money
If it places controls while offering no advantages, capital will be on its way out as well, to friendlier jurisdictions.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#46Why can't they just ban the crypto exchanges already? If Canada is willing to freeze the bank accounts of protesters, it's definitely possible.
I think Canada was only willing to do this under overwhelming popular support(popular support to shut the protest down), of which I don’t think crypto exchanges have a similar amount of public and sustained animosity towards.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#47Earlier quoted context omitted.
> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).
Isn't any asset held because people think it will rise in value?
No. Cash holdings tend to be kept around to be used.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#48Earlier quoted context omitted.
> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).
Isn't any asset held because people think it will rise in value?
Yup, which is very compatible with the view that crypto is more accurately described as an asset than as a currency. If it were a currency, the constant large fluctuations and inflation of its “price” would be a bad thing, but as an asset? Great! Best of luck finding the greater fool before the rug is pulled out though.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#49Earlier quoted context omitted.
Isn't any asset held because people think it will rise in value?
No. Cash holdings tend to be kept around to be used.
Right. But you do expect money to not lose much value in the future. With current national currencies, you can't retire on cash savings.
With crypto"currency" (which I agree is more like an asset), you can, if the supply is fixed and the demand were roughly the same.
Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub
#50> safeguarding the integrity of the nation’s economy Without question crypto, now +2 trillion in market cap, is a systemic risk to the US economy, notwithstanding serious policy mistakes the Congress, Treasury & the Fed have made since QE1. I'm hoping USSS and other entities cleans house. USDT fully diluted market cap is about equal to that of PNC Bank, America's 7th largest bank. If PNC Bank's reserves and market ac…
Crypto would be far less of a risk if the Dollar was managed competently.