Bitcoin, Crypto, And The Regulators
(Edited)
The ongoing discussion about whether Bitcoin can be outlawed by governments continues.
While it is likely too late, with Bitcoin, there are things that can be done. Along with their guns and jails, they also could backstop the buying by banks to end up destroying BTC.
In this video I discuss how Bitcoin will likely not only be legal but will be the realm of the elite. The rest of crypto is where the average Joes and Janes can play. It is where we can see defense against the major players.
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Nice info
No kidding, he is a treasure trove of information. Sometimes I enjoy watching a video instead of reading a post. Do you think they will outlaw Bitcoin?
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Looking back now that you mentioned it, they should have killed Bitcoin when they had the chance. I think they could have done it. Do you take requests for future vlogs? If so I would like to hear more about your thoughts on taxes and the IRS. As it would pertain to Hive and the ecosystem.
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Sure I can do some of that in the future although I am not an expert on Tax Law. My dad is the accountant in the family. LOL.
I will have to watch @nealmcspadden's videos to get up to speed.
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That would be great, I'm still up in the air on the whole thing and leary of it too. I'm afraid to open that can of worms.
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While they can't kill it outright, they could make it illegal to mine, hold, or transact in punishable by heavy fines or jail time. They could shut down the centralized exchanges, eliminating all legal fiat gateways. These two moves alone wouldn't kill it, but they would severely cripple it pushing it back into the shadows and the price would be much much lower than it is today.
Without a doubt, they could make it very painful for Bitcoiners. They still have their jails and guns which are very powerful.
However, with institutions getting involved, it is unlikely that they go full tilt after it. After all, the regulators and Wall Street are on the same side.
Ultimately, we just need to keep expanding the entire industry.
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Yep, the more money that flows in, and the more billionaires we have on our side (and by extension politicians), the less likely there is a bad ending here. The faster we get YUGE the better!
Summary:
The video discusses the debate on whether Bitcoin can be outlawed by the U.S. Task highlights insights from two Bitcoin advocates who discussed the absurdity of outlawing Bitcoin due to its widespread adoption. Task also references a recent interview where the head of the SEC mentioned that Bitcoin is not regulated by the SEC as it is considered a payment system and store of value, not a security. The conversation delves into the risks of increased regulation on cryptocurrencies, the importance of maintaining the original principles behind Bitcoin's creation, and the potential control of Bitcoin by elites. Task emphasizes the significance of altcoins as an alternative to the potential dominance of Bitcoin by institutional investors.
Detailed Article:
The video engages in a dialogue surrounding the potential outlawing of Bitcoin by the U.S. Task provides an overview of a debate between prominent Bitcoin proponents, the CEO of Pantera, and Mr. Navowitz, who share Task's view that outlawing Bitcoin at this stage would be unrealistic given its widespread use globally. The conversation touches on a hypothetical scenario wherein Bitcoin could have been suppressed in its early stages by a coalition of banks or institutions, but with the current scale of adoption, such an attempt is deemed unfeasible.
Moving on, Task brings attention to recent statements from the departing head of the SEC. The SEC's clarification that they do not regulate Bitcoin due to its classification as a payment system and store of value, not a security, sheds light on the regulatory landscape surrounding cryptocurrencies. However, Task expresses concern over the growing involvement of other regulatory bodies in the cryptocurrency space and the potential implications of increased regulation, especially in relation to taxes and securities laws.
Furthermore, the discussion explores the ideological underpinnings of Bitcoin's creation, highlighting the need to uphold principles of decentralization and individual freedom in the face of escalating regulatory pressures. Task draws parallels between the early days of the internet, led by individuals with libertarian and anti-establishment views, and the current state of the cryptocurrency space threatened by corporate interests and regulatory oversight.
Task warns about the potential co-option of Bitcoin by financial elites, stressing the importance of altcoins as a safeguard against centralized control. The reference to Dan Larimer's settlement with the SEC and subsequent release of Voice, a social media platform incorporating Know Your Customer (KYC) features, raises questions about the integrity of projects and their alignment with crypto's original ethos.
In conclusion, Task emphasizes the need for vigilance and continued expansion within the cryptocurrency space to counteract potential regulatory encroachments and preserve the foundational principles that underpin decentralized finance. The call to arms for the crypto community to resist centralization and uphold individual sovereignty serves as a potent reminder of the ongoing battle for true financial autonomy.