$ Biden considering oversight on Crypto via executive order - not ban

[tehpope]

JUST IN - Biden admin is weighing an executive order on a wide-ranging push for "cryptocurrency oversight" (Bloomberg)

https://twitter.com/disclosetv/status/1446568010387542016

more info:

https://archive.is/ZAbr3/again?url=https://www.bloomberg.com/news/articles/2021-10-08/white-house-weighs-wide-ranging-push-for-crypto-oversight

 

[seri0us]

GAY

 

[Kosher Dill]

The actual article says nothing about a ban. They just want to increase and consolidate government regulation on crypto.
Remember, governments love crypto and want it to keep existing, because transactions and holdings are broadcast to the world.

 

[WhoBusTank69]

The actual article says nothing about a ban. They just want to increase and consolidate government regulation on crypto.
Remember, governments love crypto and want it to keep existing, because transactions and holdings are broadcast to the world.

When you want to stir up trouble, you exaggerate or present a worst-case-scenario.
By contending that crypto may be banned you will have people swarming to acquire as much as they can.

 

[Not Really Here]

Title is bullshit clickbait.

 

[tehpope]

fixed the title

 

[SnusBurns]

The actual article says nothing about a ban. They just want to increase and consolidate government regulation on crypto.
Remember, governments love crypto and want it to keep existing, because transactions and holdings are broadcast to the world.

Monero is not. 3rd parties pretty much can't see anything besides a transaction happened, between two unknown addresses, with wallets of unknown amounts, with a transaction of an unknown amount. With a block time of 2 minutes, and CPU only mining (GPUs and ASIC can't deal with it), it's a fairly competitive coin.

Even if you stuck with Bitcoin which is a fairly open book, the US government can't freeze your coin. Like oh no, they can see me buying computer parts or buying a car. If it were a normal bank and they decided my money was not mine, then the bank would freeze the account.

 

[cantankerous jackalope]

In one scenario I buy Bitcoin for $50,000. Bitcoin goes to $100,000. I cash out and the US government literally gets $25,000 for doing nothing.

In the other scenario there is no bitcoin, gubment gets $0.

Biden once again proving he is head and shoulders the dumbest president we've ever had, and we've had a few.

 

[Kosher Dill]

Monero is not.

Yes, which is why you don't see it supported on government-approved exchanges like Coinbase.

Even if you stuck with Bitcoin which is a fairly open book, the US government can't freeze your coin.

Unless you're sending money to Hamas, they don't really care about freezing your coin, they just want you to pay your taxes.
And when they do care about freezing your coin, they don't have to hack the blockchain to do it, they just have your exchange do it, or if you were smart enough to keep control of your own keys, come and apply some persuasion in person.
Look at any Bitcoin-related drug or money laundering case and you'll see plenty of examples of the feds "recovering" crypto via unspecified means. Once they know who you are, they can simply go after the weakest link in the chain rather than the strongest.

 

[SnusBurns]

Yes, which is why you don't see it supported on government-approved exchanges like Coinbase.

Yeah, only super darkweb markets like the US Kraken support Monero. "changenow" supports Monero with credit card. Can even buy Monero with cash exchange market places, via mail.

Unless you're sending money to Hamas, they don't really care about freezing your coin, they just want you to pay your taxes.

I've seen people accused of crimes have their bank accounts frozen due to allegations of illegal income. And then they expect you to defend yourself in court without money.

they just have your exchange do it, or if you were smart enough to keep control of your own keys, come and apply some persuasion in person.
Look at any Bitcoin-related drug or money laundering case and you'll see plenty of examples of the feds "recovering" crypto via unspecified means. Once they know who you are, they can simply go after the weakest link in the chain rather than the strongest.

I don't know what the vague term of persuasion means. Does it mean they were let in, they were threatened, illegal search, they just handed it over? I know there was the story of the pipeline hack and private keys being kept on a cloud service, which the feds got into and took those keys. Which is dumb, keeping private keys on someone else's computer is dumb. I don't even use my mail gmail account when I use remote desktops for fear of theft, even with 2FA.

The only thing standing between your wallet and someone spending it, is the private key. Which is currently effectively impossible to guess. If you post your private key on the side of your house, yes that is going to be a problem, if you put it on a postit note on your computer monitor, yes that is going to be a problem. People being dumb with a relatively new way of thinking of money doesn't mean anything. Our houses were once wired with thin and bare copper wires and houses burned down as a result, but that does not mean the government pushed electricity with the intention of burning people's houses down.

 

[Jonah Hill poster]

When you want to stir up trouble, you exaggerate or present a worst-case-scenario.
By contending that crypto may be banned you will have people swarming to acquire as much as they can.

Maybe reasoning like this is why our inflation rates are getting higher by the day. Recently, job numbers as of late came back being some of the worst we’ve seen to date.

September Jobs Numbers ‘Worst Of The Year’ As U.S. Struggles: ‘It’s A Pretty Worrying Situation’ | The Daily Wire

www.dailywire.com

 

[Starscreams Cape]

In one scenario I buy Bitcoin for $50,000. Bitcoin goes to $100,000. I cash out and the US government literally gets $25,000 for doing nothing.

In the other scenario there is no bitcoin, gubment gets $0.

Biden once again proving he is head and shoulders the dumbest president we've ever had, and we've had a few.

I always liked scenario 3 - you buy $50k in crypto, it goes to $100k, you cash out and because there is no reporting requirements the government gets ZERO.