The More They Try To Control Crypto...

in LeoFinance2 months ago

The crypto markets were rocked by a tweet put out by Coinbase CEO Brian Armstrong. He believes that Treasury Secretary Mnuchin will rush through regulation in the final days of the Trump Administration which will require companies such as Coinbase to notify the government when funds are sent to a non-custodial wallet.

Essentially, the United States government wants everyone to hold their crypto on custodial exchanges and be notified when they are not.

Leaving aside how Armstrong might now about this, what is the likelihood that it will be effective? Also, what does it tell the American people when the government is telling it to put themselves at risk?


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In crypto, we all know the saying: "not your keys, not your coins". There is no denying that hacks happen at most organizations. Think of the largest companies and they got hacked. Twitter made some news earlier in the year when a number of high profile people had their accounts hacked. Big banks, retailers, and, yes, even the government all have been hacked.

Of course, we won't even go into the hacks of exchanges that took place around the world. It is only a matter of time before the ones that haven't been hacked are.

Nevertheless, this is all part of the Great Race that is on. Called this the counter to the Great Reset. Whereas the former gives governments and the elites more control, the Great Race is one about freedom.

This one pits the technical freedom lovers against those entities who seek to grow their power. We are seeing tyranny all over the world. One would simply have to be blind to miss it. Cryptocurrency and freedom associated with money is an enemy of this cause. For this reason, they are going to do all they can to stop it.

However, this is where the problem comes in. The more they try to control cryptocurrency, the greater the chance they lose it. When we are dealing with a technology, there is little they can do to stop it. This is true throughout history. Whenever efforts were made to stop a technology, one that society wanted, the failure was epic. Sure things can be delayed a bit yet that only made the inevitable breakthrough that much stronger.

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It is likely we see something similar here. With all the forces conspiring against cryptocurrency, it is rapidly moving to the point where it is getting harder to control. With each passing day, more development is taking place that counters the attempts of the governmental entities. This is coming from people all over the world.

At the same time, we have a number of coders hacking away at their keyboards working on some major aspects of Internet decentralization. This is not going to stop simply because one or two countries outlaw things. Here again, this effort is global.

Doubling the number of people using cryptocurrency would kick off a network effect that likely would quadruple the total market cap of crypto. This operates outside the realm of the big money players who are all entering the ring.

What is astounding is how early we still are in the development. Even though Bitcoin is now 11 years old, the true development in the industry only took place within the last few years. Even as late as 2016, there were still few developers within this realm.

Governments and bureaucrats are accustomed to having their way. They like to be able to control things simply by issuing an edict. This is no longer the case. There are many people around the world who could care less what the U.S. government says or thinks. They are going to keep pounding away at their projects in spite of what happens.

The established system does not like challenges. Unfortunately for it, power makes it lazy and soft. In a world that evolves based upon innovation, governments and major corporations tend to fall behind. Think about all the power the Soviet Union wielded. It was a superpower on a global scale. The government had near full control over the population. Yet, in spite of that, when it collapsed, it was a country decades behind much of the rest of the world.


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Cryptocurrency is going to see its first major thrust from those who are most oppressed. Countries with extreme poverty rates and few options for the population are likely to see massive embracing of this medium before long. As world spreads about the success a few are having, more will join in.

These people are accustomed to dealing with corrupt regimes. They live under the constant threat of danger. Fear is a normal part of their lives. Yet, so is hunger. Thus, the level of bravery starts to increase dramatically when feeding one's family is on the line.

We already saw numerous articles of how cryptocurrency is making a major impact (positive) on the lives of average people. This is only going to spread further.

Thus we are confronted with the situation: adhere to what the governments and bureaucrats say or keep developing in spite of them. Whatever they design, it is up to us to develop around that. The Great Race is one of technology, something that are not equipped to battle.

Decentralization has a lot of drawbacks when compared to centralized structures. One area it does excel, though, is as it pertains to innovation. As the numbers grow, the grassroots concept starts to become evident. What was hidden due to the absence of people suddenly is seem as projects pop up all over the place. What was only a few quickly becomes dozens. After that, it moves into hundreds and then thousands.

Since these are not coordinated, the early observation is things are going all over the place. That is accurate since that is what is taking place. However, as time progress, holes are filled and many of the projects are linked together. Thus, the collective suddenly becomes more than the different parts.

This is essentially how the most powerful technology in human history, the Internet, came about. It was a series of projects, non-related in nature. Yet, over time, as more was developed, people were then able to work on combining different technologies together.


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Every penny I can put "Off-Grid" in Crypto and Precious metals is another jab at the 'Powers that Be.'

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I think the good news is cryptocurrency will evolve in a way things will become much more decentralized. Whereas, i don't think it's quite there yet i believe we're certainly on the right track. I think one thing we should not take for granted is the power of the united states government and other nations around the world in their fight against cryptocurrency.

For example, many in crypto like to make the statement that cryptocurrency can't be stopped. Whereas, that may be technically true many nations can implement very crippling conditions that would make it very difficult to carry on with cryptocurrency use. They could start locking people up. You'll be surprised how fast people cave when they start going to prison.

The thing is the government is often times much more clever. I'm sure if the government has through history stopped threats foreign and domestic for lesser severe causes that challenging their dollar would be the most extreme case for national security and any other law and thing they can think of. I'm sure they are quite vigilante and everyday assessing the situation.

I think that's why i've always pushed for ideas where value remains in people. As long as it can be manufactured outside of you. It can be stolen.. manipulated. corrupted and or destroyed. Cryptocurrency makes that a bit more difficult but the applied mind can find a way even around that. When you are the value there is no longer the power to control.

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Whereas, that may be technically true many nations can implement very crippling conditions that would make it very difficult to carry on with cryptocurrency use. They could start locking people up. You'll be surprised how fast people cave when they start going to prison.

Guns and jails are very powerful and governments have a lot of both. So you are right, they cannot stop crypto but they can make life hard for a few well known cases to push the others to fall in line.

I think the good news is cryptocurrency will evolve in a way things will become much more decentralized. Whereas, i don't think it's quite there yet i believe we're certainly on the right track.

I have to agree with this 1000%. This is where more development comes in. It just tickles me when people degrade other tokens saying to myself, another clueless person. More tokens means more options. As you said, it is vital that power lie with the people. To do this, network effects are vital. I cannot foresee which tokens will be embraced.

However if they do make life difficult for one, I certainly want another to exsit.

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This is one of the main reasons I do not like to use coinbase, they will bow down to the powers-that-be and turn over all your information.

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Yeah I'm starting to learn that Coinbase is just like JP Morgan chase, Goldman Sachs and the others. Other exchanges aren't a lot better but I think Coinbase is one of the top as far as shady behaviors.

...I think Coinbase is one of the top as far as shady behaviors.

If this is the case, the saving grace is they have a lot of eyes on them.

So if they are climbing into bed with the establishment, they best be careful. They are not big enough to truly make a difference so they could get squashed if they run afoul of the power that are.

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Yeah they are firmly entrenched now as part of the establishment. They really are no different, at this point, from JPMorgan or Goldman other than size

A mainstream financial institution doing all it can to appease the power brokers.

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Thus, the level of bravery starts to increase dramatically when feeding one's family is on the line.

This got my attention, of a true no true family member will want to see his family suffer from hunger when he or she knows that there are other ways out of poverty. They will surely go all out to embrace the crypto world.

Of course, many accounts have been hacked by some anonymous persons but no matter how hard they try to stop crypto, it is never going to work, instead, it will keep going.

They can't shut out the people who have benefited from the crypto business from their source.

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It is a numbers game. That is all it comes down to. We need more people involved at every layer of the process in cryptocurrency. More projects, more development, more users.

There simply is no way around it. The key to this race is getting the numbers on our side.

This is why I feel the countries that are suffering the most, with populations who are living under the worst tyranny, offer the greatest opportunity. The level of life changing is much lower than advanced countries meaning that it can spread quickly.

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For some reason I feel there will be more ease in operating the cryptosphere after which this present administration is over.

The more the U.S stifles crypto, the more govts like Russia embraces it, the truth is American govt can't hold back crypto for ever, rather if will begin to slack in development or stifle adoption while other govts embrace it and keep getting better, they will have themselves to blame

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The more the U.S stifles crypto, the more govts like Russia embraces it

This is the quandary with the present geo-political divide. Whatever one side does, the other will take the opposite. So if the US sees crypto as bad, Iran and other countries will leverage that.

It is a no win situation for the global governments. At the same time, the developers are hacking away at code to bring out platforms that get around what the governments are doing.

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This calls for a more lookout into cryptocurrency because these guys will stop at nothing to try to make a mess of it.
And make life miserable for the people that are into cryptocurrency.

But all the same, the masses cannot be stopped in one day as such if one fails the others would certainly not fall alongside all at the same time.
So the only way out is to have many who are in support of cryptocurrency

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But all the same, the masses cannot be stopped in one day as such if one fails the others would certainly not fall alongside all at the same time.
So the only way out is to have many who are in support of cryptocurrency

I agree with you. It is a major numbers game. We need enough people involved and benefiting that they will not allow anyone to stop what is happening, no matter what. This means more people using the applications as well as engaging in crypto-economics.

A lot of this depends upon the development that takes place. We need to see a lot of options rolling out very quickly. This is key to kickstarting Web 3.0.

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Pretty crazy that they are doing things. Not a huge shock though, they are the biggest exchange aren’t they? It’s like Goldman Sachs, they do what they can to make governments happy and their friends lots of money. I’ll be moving stuff to a different exchange soon, not sure if during this run or if after it’s over but I will be at some point!

I hear you. It is amazing how once outcasts become part of the problem.

The term sell out comes to mind. In defense of them, they got so big, if they didnt play ball, they would have been stepped on.

You are right, switch to another exchange which is not as burdensome as Coinbase.

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My view on crypto has gone downhill over the last 5 years. Crypto is one of the biggest scams going right now, so many shady companies and shady people that I'm beginning to not want to be a part of it.

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That is true. Of course, the same was true for the internet in the early days.

Do you remember all the Microsoft wants to pay you to do such and such for them? Or the Nigerian prince scams? How about phising sites?

Do you consider the internet to be one of the biggest scams going since there is still a lot of thievery, scams, and shadiness online?

Obviously there is a lot of bad with the good. Of course, that is true for all technologies. Crypto is no different.

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Yea i must say the public vs private ownership conversation will be an ongoing one. In the end I think it'll boil down to each individual's ability to facilitate their own financial sovereignty. Whats funny is news like this is usually considered bearish when it screams crypto is here to stay. Seems like another leg shake to me

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Very true. I just did a video about the news about Facebook Libra.

That is also the a shot in the arm for the entire crypto sector. Something like Facebook, even though most of us detest it, will make this entire industry too tough to take down.

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The ALTA reports predicted that most people would be box-mining next year.

Today, most people consider it a waste of electricity to box-mine.
But, in a year or two, it may be THE way you can make real money for real food.

And really, when you need a couple dollars a day for food, why isn't everyone in 3rd world countries mining?
(maybe they don't have computers)

So, i definitely see a surge coming from this group of people during this bull run and adoption cycle.

And really, when you need a couple dollars a day for food, why isn't everyone in 3rd world countries mining?

This is the key to the entire thing in my opinion. When you have third world nations that could be drastically improved by a couple dollars a day, why aren't they all in on crypto? In addition to mining, why don't they get involved with something like what we are doing here? A handful of LEO a day, as an example, means they will be making a buck plus a day.

I will have to research box-mining in greater detail. I hadn't heard of that predication but it makes sense.

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Lack of education, not formal (even this is an issue), but structural and economical.

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Well, coinbase, so far as I know, has a different database for different jurisdictions. Like my data from Europe will not be transferred to the USA as there is something like GDRP. Nevertheless, this guys need to report to the European states, which is kind of the same as the USA.


Like you said the more they try to control, the more they lose the grip. It is something like a quick sand. The harder one tries, the deeper it sinks.


There are so many alternatives to it, like decentralized exchanges like uniswap or even the good old localbitcoins platform. This site can't be even accessed from an German IP, luckily we have means like VPN, TOR and all the other goodies that some smart and free people brought up to live. There are crypto friendly countries, which are neutral like Switzerland for example.


The world is changing at a very fast pace and we can only decide in which direction, good or bad.

Thank you for the good and interesting read!

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As a policy person I always thought the next big fight in Crypto will happen between crypto population versus the regulators. Things will be ugly in terms of who will control the privacy, money and wealth. Ultimately, the group with more followers will win the battle as regulators are not regulating crypto, they are also regulating individuals with crypto assets. The more the large institutions are involved in crypto the tougher it is for regulators to control it through regulation.

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A single policy can change a lot. but the crucial thing is about the policy makers. Technology cannot be stopped. if people or the policy makers don't go with the advancement of Technology then it will be disaster for not only them but also surrounding them. because no one can stop the technology. blockchain technology is very much risk free of hacking. most of the people love this Technology for this feature and we can see the Bull of Bitcoin price. Explaination and logical statements by your post. upvoted and Relogged.

Seems to me that the larger these centralized exchanges become, the more they look like carbon copies of "The Establishment."

Sure, someone might be able to throw some rules at a Coinbase and get compliance, but won't that just benefit those developing decentralized exchanges? As "they" say: Water finds its own level...

=^..^=

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Attempting to control crypto currencies is a maneuver being attempted by the governments of all countries for the sole purpose of collecting taxes, even if they do not demonstrate it at first.

If crypto currencies have lived for almost a decade, there is no other reason for them to want to regulate them.

They lie to us with the excuse of protecting their users when in fact they are trying to keep part of what is produced with the efforts of others via taxes.

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I have never trusted or liked Armstrong. I don't use Coinbase and most likely never will. In my own opinion, it was a move to manipulate the market. Past performance by Armstrong and Coinbase does not really scream "we care about you".

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I read few are not ok with coinbase but it is both good and bad.

We have seen lot of investor money robbed by scam ICO's and I feel that ICO/IEO that get listed are completed with due dilligence and will not be robbing the investor fund.

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Cryptocurrency is silent protest against hegemony. They try to centralize via big compsny. Reward is offered to send crypto to centralized wallet... that is the way they collect crypto from market and wallet holders

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