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RE: Money laundering and "state backed" coins like Venezuela's Petro could be partially responsible for crypto bear market
As always, I enjoy the topics and content of your posts. Another avenue to ponder is the world dominate currency because it is the "petro dollar". All countries have had to buy USD and/or treasury bonds in order to pay for oil. Now, China has unleashed its petro yuan backed by gold. Yesterday's markets were crazy. Where I'm going with this is that the US gets the majority of its revenue from banking and the petro dollar being king. Once this system of revenue fails or weakens I believe the US economy is in big trouble. Because of this, I don't think crypto can exist in the US. I think it needs to be developed and maintained outside of G20 countries in order to be successful.
Yes we may be seeing the opening of a trade war. In my opinion as civilians it's wise we stay out of that. The people who get involved in that are likely to be put on the lists of multiple governments. Why? Because if you're helping some competitor of a government then the government has reason to watch you.
In the case of the Petro, the government behind it is obvious. It doesn't benefit the people of the world. It's not even a real cryptocurrency.