Ban Crypto And Risk Starting A War: The People vs The Governments
It never ceases to amaze me what some governments try to get away with but as we saw in South Korea the people aren't having it. Even the talk of banning crypto and shutting down exchanges creates a huge public outrage. I think we are going to have that more and more going forward.
The war won't necessarily be a violent one. It will be a silent one.
There is only so much you can stop on the Internet and now that the people are connected all over the world there is no stopping the flow of information. You can try to slow it down but eventually that will be ineffective. As we see with China somehow they are getting to Google and searching BitShares.
People have really had enough of governments trying to bleed them dry with their manipulations and crypto is the ultimate power to the people mechanism.
Ultimately in the United States I don't see crypto getting banned but I could see heavy restrictions put on it where they want everyone to register the crypto the have or that anyone going through exchanges like Coinbase will automatically be on a watch list. Now the number have gotten so great that it would be hard to do that with so many people signing up and buying into crypto.
In the end citizens make up the governments and crypto is too good to resist.
They catch a coin that goes parabolic and they are one of the addicts too!
Overtime they should realize that this is the future and there is no stopping it so they might as well work on integrating it into society rather than fighting it.
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They're definitely not gonna ban it, but the taxes will come. you gotta give the mob their cut to to do business on their turf. They are drooling looking at the profits being taken home from crypto right now, and I'm sure they are trying to figure out a way to tax it before you cash it out into fiat.
Yeah it is certainly one thing they are licking their chops at for sure.
They are being stupid here as well. Given the recent change (or possibly clarification) in the tax code regarding "like for like" exchanges, they have made it very hard for citizens to trade in crypto currencies. The complexity is ridiculous. You want to make it EASY for people to pay their taxes, not impossible. Also to tax in fiat when no fiat is received is also a bit much.
Perhaps they should create a government issued "tether" where all trades have to go between this "tether" and the other coin. That way the trades would be clear as to what was paid or received. Maybe the transaction fee could be the tax (the wetting of the beak so to speak). But the current system is so complicated as to discourage reporting.
I very much agree with your sentiments. I believe that crypto is really re-shaping the minds of people in connections to money, wealth and possibilities. There is no way to to put the toothpaste back in the tube now.
I like that...."no way to put the toothpaste back in the tube now!'
Your post inspired me to write a spiritual response to the dichotomy we are experiencing. Hope you enjoy it! Continue reading...
I am someone that resonates with the notion that whatever war we fight outwards, is a war we have to deal with within. I know too many people that are screaming, "f*** the government!" "taxation is theft!" "screw centralized organizations!" yet contradict themselves in their daily life.
For example, I heard a story about someone whose bitcoin wallet got hacked. The next thing he says is, "this is an outrage! Somebody should do something about this!"
Who is that "somebody?" You mean a somebody akin to a centralized organization such as a bank that is able to help you in case of hackers, theives and lost passwords? You mean the same type of institutions that you just said eff off to?
All of us have Stockholm Syndrome to an extent. Whatever negative experiences we are going through are serving us whether we are conscious or unconscious about it. Likewise, we have a battle between centralized organizations and decentralization. The latter side seems to make it as if decentralization is a trivial solution to all our problems but it's the power of centralized organizations that reminds us of why they are here in the first place. We wouldn't have governments if we didn't believe we needed to be governed. We wouldn't need banks if we didn't believe we are capable of totally handling our own money.
If people can embrace the other side by understanding its positive purpose, then there would be no reason for either side to escalate its force to defeat the other. We can simply be aware of both sides and make a choice as to which direction we want to move in.
I like it and you are right. There is a fine balance between centralized and decentralized. Hopefully we can find that balance to create a brighter future.
I think there will be a lot of resistance to governments trying to control crytpo. Person-to-person exchanges of crypto for cash is how we can peacefully "fight back".
I love that you mentioned Bitshares!
I think that things like BitShares and then also things like BarterDEX that runs on Komodo will be increasingly more popular as some governments overreact to crypto.
What do you think about the bitcoin price cut earlier this month, how did you respond to that?
Bitcoin needed to scale in 2015. The fact that it ever got as high as it did was pretty surprising to me. Now people can't transact with it to even send it to the other exchanges like Binance, Kucoin, Bittrex, Poloniex....etc so In a lot of ways people are purchasing ETH and LTC to send to the exchanges to trade for other coins.
All they would have to do is increase the block size to 4mb or 8mb and that would fix the issue. They don't so a lot of people stopped buying it when bringing in more money from their banks.
Much of the crypto space by definition is high tech. Can you imagine what would happen if some of the best techno nerds in the world lost a fortune due to government interference with their peaceful pursuit of happiness?
My guess is that there would be massive cyber attacks on government computer systems. Everything from simple denial of service attacks to very sophisticated malware attacks.
What would make them so dangerous would be that they likely would be the kind of lone wolf attacks that are virtually impossible to detect before the fact.
It is truly frightening when you think of the damage that could be caused by just one very committed 23 year old computer hacker genius. Can you imagine what would happen if there were an army of them?
What would happen if the stock exchanges were attacked? Even being down for only a day or two could create a panic that could start the massive correction that so many economists are now predicting. Crypto is not the only bubble.
It is very true. Massive cyber attacks would certainly happen for sure if the governments made the decision to shut everyone off.
At this point I have a feeling that a lot of older people in the government have kids who are probably excited about crypto and hopefully they can explain to them that crypto is their friend. :-)
Crypto currency has taken over the world, so there will be no war!;)
Some governments will try to fight it. But yeah it is on a global takeover path!
Nice information
Cryptocurrency penetration has been so much that no government can put an indefinite ban on it. You can regularize it or make LAWs around it but you cannot stop people from making transactions.
It's an idea which is far more important than personal agendas of some stupid politicians. I think the revolution has started and we are a long way into this.
This has to be promoted and supported by people because it gives you freedom and a chance to explore immense possibilities.
Cheers @brianphobos . A great piece of writeup!