Bitcoin - A War is Coming...steemCreated with Sketch.

in bitcoin •  27 days ago 

Whether we like it or not, it looks like a war is coming for bitcoin.

Bitcoin has finally been cast into the spotlight and with that has come a doubled edged sword.

On the one hand we have more awareness for bitcoin than ever before, but conversely, we also have more awareness for bitcoin than ever before... by regulators and law makers.

This is likely the beginning of what could become a full blown war against bitcoin.

I hope I am wrong on this, but judging from the comments from the president, the FED Chairman, and also the Treasury Secretary, it sounds like they are ready to do what it takes to protect the dollar.

They are not ready to give up the power that controlling the money supply and having the world's reserve currency as afforded them.

What does that mean for bitcoin?

I wish I knew.

My guess is that the first step will be tightening the regulations surrounding bitcoin.

We are already seeing that, from exchanges, to anyone transacting in bitcoin, to even people building things on bitcoin...

The noose is tightening and overall, they are making it tougher and tougher to be anonymous.

If that doesn't go far enough in their eyes, the next step would be to ban it all together.

We have seen China go this route, and possibly India as well.

If you have some of the largest countries all working together on a ban, it could be very effective.

How likely is a ban though?

In my opinion, a ban is not likely, but also not impossible.

Most likely the next step will be to tighten regulations and possibly put some taxes on different parts in order to make using bitcoin much less appealing for those currently doing so.

I was hoping we would get one more massive moon-shot in bitcoin before we got to this stage, but that isn't looking like we will.

Bitcoin can still easily make new highs in this environment, but I feel overall, the risk to owning bitcoin at current prices has gone up.

Still looking to buy when this current dip starts to round back up, but that buy has slightly less conviction than it would have had a few weeks back.

What do you think about the current investing landscape for bitcoin?

Stay informed my friends.

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If the dollar was defendable, this logic would make sense.

But, i feel it falls apart as the dollar falls apart.
To many of the big people are trying to escape the dollar. And they are doing it slowly trying not to cause waves.

The OTC for gold and bitcoin are rumored to be multiples of what is touted on coinmarketcap.

As more big people are into bitcoin, the politcos will be encouraged to see bitcoin nicely.

And as the dollar crashes, bitcoin will be a huge winner.

The only trouble is when?
The other problem will be that the Infernal Revolting Syndicate will try to swindle as many people out of bitcoin as possible.

While that may be true, there is a president in the White House that is a bit of loose cannon, and one that absolutely loves the dollar. I wouldn't put it past him to come up with an executive order banning bitcoin... and he may be there for another 4 years...

Okay, so he bans Bitcoin.

Much like banning poker, this involves making the banking transaction illegal. It won't be illegal to own Bitcoin, it will be illegal for the bank to process the transaction. How hard is it going to be for people to get around this restriction?

That's exactly why it will never happen. They will try to filter as much volume through Coinbase as humanly possible to make it as easy to track as it can be. Banning it is a huge mistake. It's much harder to control when you create a black market like that. They know this.

Also, Trump is not a loose cannon; he is a cowardly puppet. He is the most cowardly and most puppet-like president we have ever had in American history. He does what his masters command and has decades worth of on screen experience to make it look like it's all his idea. It's all very good-cop bad-cop... or maybe just bad-cop proxy bad-cop.

It's all very good-cop bad-cop... or maybe just bad-cop proxy bad-cop.

Haha perhaps.

Regarding the ban...

I mean they could go as far as making it illegal to posses, trade, transact, own, mine etc etc etc...

Will that be hard to enforce?

Yep, absolutely, but it doesn't mean they wouldn't/couldn't try it and it likely would have devastating consequences to the price, at least in the short term.

Eventually they may realize it is very difficult to police and give up, or they may be so successful at it, they basically kill it.

We shall see I guess, though hopefully they don't even attempt to go this route.

I feel like if the US were to have another major terrorist attack and it came out that it was financed by bitcoin, the knee jerk reaction by our commander and chief would be to ban it...

Here's to hoping we don't ever have to ever worry about this as bitcoin establishes itself and is used by people so much to the point it's virtually impossible to ban!

The more it is used and established, the harder it would be to kill!

Bitcoin is not America. You have only 300M citizens.

Although that is true, recent trading figures suggest that roughly half of all the bitcoin and crypto trading takes place in the US... I would love it if some other countries would step up, but so far they are not.

  ·  27 days ago Reveal Comment

If we look at how the war on drugs and war on terrorism paned out, we don't need to be too concerned.

Haha, that is a very good point. I feel like they could make the war on bitcoin have a little more teeth, but perhaps I am giving too much credit.

I would think banning owning, trading, transacting, mining etc all punishable by jail time would have a far reaching and significant impact on prices, especially if several of the other largest countries did so as well.

They are smarter than this. They just want to tax it.
And they will.
If they crash the market on the way, even better. They can grab some more.
Crypto shills and enthusiasts can't do that because they're all broke from trading.

I'll HODL no matter what happens.

Taxing it is the most likely scenario, though they already have capital gains taxes on it. Perhaps a special cryptocurrency trading tax?


Does this mean you agree?

With any luck these guys will be about as effective at banning bitcoin as they were at repealing and replacing the ACA.

There is that as well. No one really knows how effective it would be. Though I think if they really wanted to, they could do a pretty good job of killing it here.

Politicians who don't understand Bitcoin aren't doing anything.
Politicians who do, are making noises about banning it, while quietly filling their own paper wallets.

Haha I honestly don't think they are. They are holding tons of fiat dollars which is why they want to see bitcoin and crytpo go away. It doesn't benefit them.

We're not talking about people ideologically committed to the state, to them its simply a tool for acquiring power and wealth.
They've also run the printing presses long enough to know they don't want to be hodling fiat.

Maybe, though in their eyes, it has worked this long, what is to say it will stop working?

You're describing the ones who don't understand it ;)

Haha perhaps.

My fear is bitcoin is classified as a security, therefore putting it in the hands of the SEC. Effectively stripping it of all that is good about it. It makes it centralized?

The SEC already came out and said bitcoin is not security.

Please give me a reason to believe this can't happen.

The fact that the SEC said several months back that bitcoin is not a security is a pretty good reason to believe they won't reverse course on that. Many of the others are and will be, not bitcoin though.

SEC. Nuff said.

  ·  25 days ago (edited)

SEC will make life difficult for most altcoins and a bitcoin ETF, but as far as labeling bitcoin a security, they already said it is not... so that fear is minimized.

hope not

You and me both.

They may try but I think they also know the risk of the innovation leaving the country as it will be done somewhere at the end!

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That is true... unless many countries do the same at once, in coordination.

if only they would bother themselves with other things 😂

Seriously. I was hoping bitcoin could stay mostly in the shadows for another year or two and quietly climb to $100k (and steem to $10) before they started paying attention to it... drats!

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The IRS is stepping up their game. They've already seen Bitcoin go 3x and I imagine they are expecting even more gains.

America would never ban Bitcoin. The goal is not to stifle technology, but to continue milking their debt-slaves. Coinbase (Goldman-Sachs) will be pinnacle in helping them retain control of this digital future.

Hopefully. Donald is a bit of a loose cannon though and he already issued an executive order banning the petro for US citizens. I wouldn't be shocked to see him try and do the same with bitcoin stating "national security reasons".

EU already has 30% tax on profit when cashing out crypto, so it wouldn't be impossible for USA to implement similar tax. When all the fuzz with KYC started, I did submit all the necessary documents to the most important exchanges so I don't have to worry about later.

That's a good idea. I did the same.

I hope I can make friends with you. Learn more about Bitcoin

A decentralized exchange without kyc which we can trust would maybe a Solution.

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I am sure they will try to come down on those...

Kucoin, based in Singapore = no KYC and for the time being Bitcoin ATMs?

That is one of the few and likely won't have that ability for long...

How can you ban bitcoin? It's not possible.

You can ban exchanges...

  ·  26 days ago (edited)

You can ban ownership, trading, mining, transacting etc etc. They put a limit on gold ownership several decades ago, it's not impossible they could do the same with bitcoin. President Trump already has issued an execute order banning US citizens from using, owning, mining the Petro...

Well okay... but Bitcoin will be still there... It's just illegal to own it. Hopefully, that won't be the case.

Yes, and it would likely only be done by execute order, which could be overturned by the next president.

I hope I can make friends with you. Learn more about Bitcoin

They can not ban it, because some big people are already in. The people you want on your side as the government.

That is my hope. The hope is that enough influential people get involved with it that it makes it too hard to actually go through with a ban. Though, we are not there yet.

Your right. With all the exchanges doing kyc later this year... everything will be tracked. You just gotta love governments... shesh! 🤦🏼‍♂️

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Yep. I think we all knew this was liking going to happen. The only wild card is if they try to outright ban it or not... It seems the less likely option, at least for now, but we will see.

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  ·  27 days ago (edited)

If you can't beat it join it.......Bitcoin is truly decentralized and can't be contained. Governments know this and it's all about trying to control its development and limit its effects on their control. Long term they need to accept and support it.
An all-out ban would maybe have a positive effect on the dollar in the short term but would have a much more significant negative impact on the dollar in the long term. Once people fully understand the value of a decentralized peer to peer payment system that has a finite amount unlike fiat currency, things will start to pick up speed.

I could see that. Though if that were to happen, it may severely injure bitcoin and the bitcoin 2.0 may be the one that they let survive, whatever that is...

Bitcoin 2 = Apollo (APL) looks VERY promising, on CoinCheckup gets an algo score of 4.5 out of 5...# 2 algo score; Bitcoin gets 4.17...just saying.

There are lots of altcoins that have better tech, but bitcoin keeps outshining them all. Why is that?

Good points!

All fiat currency has a shelf life, this includes the dollar as it is a fiat-based currency. America continues to print the dollar into infinity constantly diluting is value. No matter what happens the dollar will eventually go the same way as the Reichsmark. Bitcoin is global which weakens the effect and control any country has over it. It's only a matter of time before currency becomes global and not restrained by geographical regions.

Yep, I agree 100%. I am hopeful that bitcoin is that currency.

Of course, Bitcoin has long since arrived in politics. As long as the FIAT currencies can hold their own, Bitcoin will only play a small but certainly not insignificant role.

But what if the debt money has grown so much that citizens and taxpayers can no longer pay the interest? The purchasing power and thus the trust of the citizens in FIAT money is dwindling and everyone is only looking for a safe haven. For the one who splits his money well distributed in different countries and especially in different asset classes.

The large corporations with their central stabele coins will assume the role of the banks. It is only a matter of which currency is weighted how high in the coin. Here we have arrived at the regulations. It is clear that the USA strives for a strong weighting of the US$ and therefore wants to see the US$ as strong as possible. The fact that we will pay in the near future with coins of the big ones like Facebook, Amazon, Google and Apple ect. is from my point of view a long time agreed thing. Only the conditions are not clarified yet.

If the FIAT currencies start to waver, people will look for a safe haven. Material assets, gold, real estate and Bitcoin will offer this port. States and corporations can only exert limited influence here. The key is then trust. It will then become clear which values enjoy this trust.

One thing is certain, we have an exciting future ahead of us.

Greetings from @faltermann 🦋

  ·  27 days ago (edited)

Yes I could see that as well.

Regarding the debt being an issue in the immediate future, I find that unlikely however, at least in regards to the US. Yes, we have a huge national debt, but if you look who is actually holding that debt... it's mostly the US itself. So, paying the debt back isn't such a big deal when you are just moving your money from your left pocket to your right pocket. Which is likely why it hasn't mattered much even up to this point.

At some point it may matter yes, I just don't think it is imminent like some believe. Confidence is a fickle thing though and if all the sudden people/investors/countries all decided at once they no longer would take our debt, it might matter that much sooner.

Please let not the war come yet ooooooo. No, not in my generation.

Hopefully they wait until bitcoin has another massive parabolic run first.