Cryptocurrencies

[Swiper]

“Biden Admin To Regulate Bitcoin 'As A Matter Of National Security'; Report”

Biden Admin To Regulate Bitcoin 'As A Matter Of National Security'; Report | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[testboner]

I was somewhat a longtime btc believer / backer.
However, I came to realize that incrementally over the years it became increasingly value manipulated.
And now it appears the inevitable may be that pretty much everything (the US dollar, crypto, etc) will be rendered useless when the CBDC (central bank digital currency) is adopted / released as the new economic construct.

This stands to potentially fuck everything and everyone the hardest we’ve (public) ever been fucked before.

 

[macgyver]

Crypto regulation is a good thing. Way too many gray areas and areas open for interpretation cause uncertainty and doubt. Once there is hard policy in place then the big money players feel more comfortable moving into the space.

Done properly, crypto regulation will only help the space. Much like early regulations in the internet allowed tech companies to flourish. Like establishing that companies were not liable for something people may post on the internet. Imagine if Facebook got sued for every post someone made that they didn't like. Regulation is not always bad.

 

[tommyguns2]

Crypto regulation is a good thing.... Done properly, crypto regulation will only help the space.... Regulation is not always bad.

Not disagreeing in an absolute sense, but I don't have a lot of confidence that the gov't will regulate it properly. The primary reason I feel that way is that the gov't interest in BTC success is quite low. The US gov't, as well as the Chinese gov't has debt problems, coupled with demographic problems that compound the problem.

A classic way gov't addresses debt is to pay back the debt tomorrow with cheaper dollars. But this only works if there is no other place for investors to go, and they have to stick with the US dollar (or Chinese RMB. If BTC becomes the stable world reference currency, the central banks are in big trouble. So when someone says gov't regulation, I think they want to be able to kill it by regulation. You can't kill it technically because it's a distributed block chain, but you may be able to kill it in a regulatory sense.

 

[fasttwitch]

Still doing my research. I'm a crypto virgin. But I'm leaning towards Monero. It's very anonymous, you can't read the block chain and see transactions, you can't see other's funds, you can't prove who sent the money, you can't prove who received the money, you can't even see how much money private parties transacted. For the purchases of making anonymous transactions it looks excellent.

Bitcoin looks great for storing money. But my needs are to have my transactions be completely untraceable. I think I'm on the right track?

 

[ceo]

Not disagreeing in an absolute sense, but I don't have a lot of confidence that the gov't will regulate it properly. The primary reason I feel that way is that the gov't interest in BTC success is quite low. The US gov't, as well as the Chinese gov't has debt problems, coupled with demographic problems that compound the problem.

A classic way gov't addresses debt is to pay back the debt tomorrow with cheaper dollars. But this only works if there is no other place for investors to go, and they have to stick with the US dollar (or Chinese RMB. If BTC becomes the stable world reference currency, the central banks are in big trouble. So when someone says gov't regulation, I think they want to be able to kill it by regulation. You can't kill it technically because it's a distributed block chain, but you may be able to kill it in a regulatory sense.

I was writing pretty much the same thing but got sidetracked and didn't finish my post.

Govt will fuck it up the way they fuck up everything else.

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[testboner]

Still doing my research. I'm a crypto virgin. But I'm leaning towards Monero. It's very anonymous, you can't read the block chain and see transactions, you can't see other's funds, you can't prove who sent the money, you can't prove who received the money, you can't even see how much money private parties transacted. For the purchases of making anonymous transactions it looks excellent.

Bitcoin looks great for storing money. But my needs are to have my transactions be completely untraceable. I think I'm on the right track?

McAfee was a Monero advocate — and he did understand encryption, privacy very well.

 

[fasttwitch]

McAfee was a Monero advocate — and he did understand encryption, privacy very well.

Wow, interesting.

What I'm leaning to is using Bitcoin as a store of value. But then changing Bitcoin to Monero for transactions. I think if the money is run through multiple layers, bank to Bitcoin to Monero, it will make the money almost impossible to trace.

I also love the fact that Monero uses temporary, virtual and encrypted addresses to move the money.

 

[macgyver]

Crypto is the easiest thing to trace. Privacy coins will draw scrutiny. ANY slip ups between wallets and pieces can be put together.

IF I wanted to do anything illegal, I would NEVER consider crypto as a medium to conduct business. Take whatever risks you want. But this is not 2014 anymore. KYC, AML. What good is a very large BTC wallet if you cant do anything with it. (assuming you manage to convert your privacy coins to BTC or any other mainstream) Just WAY too easy to monitor. Now and forever.

@tommyguns2 , as for 'proper' regulation. There is incentive to allow it since it will produce money and tax revenue. Even 'bad' regulation is better than none. Uncertainty, means businesses can 'plan'. Once CLEAR regulations are in place, the people who make and move money will then work within that framework. Right now, too many unknows are holding back some VC investments into things that SEC wont say whether they are a security...etc.

 

[Iron1]

I would like to see the GPU market to return to normal.
Proof-of-work crypto mining has been making graphics cards insanely expensive and near impossible to find. Having a computer that can play games has been my hobby since I was a kid but that too is now a rich-mans sport. Video games, a rich person hobby...

I priced out a machine towards the upper end of the performance spectrum that came out to be just shy of $3000 without the monitor or any other peripherals.
$1500 is way, WAY too much for a GPU but that's what the market commands now that crypto mining and the chip shortage are both hitting at the same time.

 

[ceo]

I have a account on crypto.com that I use for their badass debit card rewards. My only hang up is that I now have right at a million bucks in crypto, that'll probably draw a red flag when I deposit? I guess I could always run it through tornado and say that I had that since the beginning. The loan idea is actually not a bad idea at all. I have never thought about it like that

Convert to UST, take it to Anchor and make 20% yield on stable coin. $200k/yr income on you million.

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[ceo]

(assuming as for 'proper' regulation. There is incentive to allow it since it will produce money and tax revenue. Even 'bad' regulation is better than none. Uncertainty, means businesses can 'plan'. Once CLEAR regulations are in place, the people who make and move money will then work within that framework. Right now, too many unknows are holding back some VC investments into things that SEC wont say whether they are a security...etc.

Oh I dunno, lots of VC and institutional money have moved into crypto in the last 1-2 years.

Visa just reported during their earnings call that in Q1 of their fiscal 2022, customers used crypto linked cards to make more than $2.5 billion in payments. That amounted to 70% of Visa's crypto volume during its entire fiscal 2021.

That's a pretty substantial and rapid consumer adoption. Visa recognized that and said they will expand their foray into crypto.

But, Biden admin said to expect govt plans for crypto regulation as soon as February. They want to make it easier to track and tax.

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