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RE: The Bloodless (r)Evolution: How Bitcoin Will Destroy Government And Central Banking

in #bitcoin7 years ago (edited)

I am also certain that government regulation has just begun. I read today that the SEC ruled that cryptocurrency offerings (ICOs) are now subject to their regulation.

“federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

KYC regulations make all the arguments that cryptocurrency is anonymous void. Absent authorization of government, value transfers aren't possible between known entities subject to governmental power.

BTC is not itself capable of precluding governmental control. Those people that possess the majority of BTC aren't going to refuse to obey governmental regulations because doing that will make their BTC holdings worthless.

If you want a cryptocurrency that is immune to governmental control, it needs to truly be cryptic - that is, unknown. Since unknown currencies aren't useful, as monetary systems require participants to exist, and participants that aren't aware of the currency can't participate, there isn't such a currency.

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Wow, Jeff is running the Bitcoin section here on Steemit. At least the trending section. I love the freedom that Bitcoin gives us. More and more people are flooding over to Bitcoin everyday. It's growing at such a fast rate, its exciting to think more people will use Bitcoin then any other currency in the world.
That's incredible. Im stashing all my Bitcoin in cold storage and looking forward to my free Bitcoin August 1st. Lets just hope this doesn't collapse the price of Bitcoin. I dont think it should. If I have my Bitcoin stored on my ledger wallet what is the procedure to get the 14% extra?


http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange!

well, tell that to the tinfoil vigilante

LOL we just did.

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