You are viewing a single comment's thread from:
RE: US SEC Ruling on the DAO May Have Chilling Effect on ICO Investment
The problem I see is if you turn your crypto into something other than crypto. So long as you don't translate your holdings into fiat, there's really not a whole lot of anything they can practically do. However, if you're like me down here in the great state of Alabama, I can't buy a loaf of bread and school supplies for kiddo with BTC and Steem yet. At that point, there's a trail to follow and they could, if they so chose to, press the issue.
For one: You can. Have you looked into LocalBitcoins.com? If you didn't want to mess with that, I'll private broker for you. I'm sure plenty of people you ask here would be willing to private broker you fiat for crypto. I could get you cash in hand today, Moneygram for any crypto you wanted to sell. Nobody would need to know, especially governments.
I feel you on your concerns and you're right. It's going to get easier and the regulation they're proposing will only prove their fear.
Plus, before long, we won't need to leave crypto. You'll be able to scan a QR code at the local Walgreens and pay in crypto.
I am eagerly awaiting the day I can scan a QR code to buy groceries with Steem or some other currency XD I'll check out localbitcoins.com. Thank you so much for the suggestion!
Yessir!
Fiat currencies, especially those issued by the Federal Reserve, are in the most severe of SEC violations. If the Fed was an OTCBB stock, the SEC would have to regard it as stock printing press; having no intrinsic value. Turning any cryptocurrency into FRNs and having governmental hassles amounts to entrapment. FRNs have no value, except what people are willing to part with in order to receive them. The stock market is often called the greater fool market. The lack of value in fiat currency is reason why folks turn to gold, silver, cryptocurrencies, barter, etc.
I don't disagree at all. However, fiat is what most places currently operate on, so I don't have much of a choice at the moment. I'd love to develop my own merchant services to sell to merchants here locally, but I'm no engineer or developer, and I don't have the capital to pay others. I'll have to make due until then :D
@anarcho-andrei, have you looked at the Bitcoin site? They offer merchant accounts. Just add:
/merchant-solutions
to their home page. This could be one of the several temporary bridges for you.
BTW, seeing your alias, you might want to check out my profile and my introduce yourself post.
Upon a bit of thinking, you can contact Ned Scott (@certainassets, Steemit: @ned) our CEO and inquire if he and his team are or will consider offering merchant account services for Steem.