I think they governments are unsure how manage cryptos. It takes so much control away from them that they are terrified, therefore their first reaction is trying to stop it. Exactly what you would expect.

This 'fight it' phase of the adoption cycle may last a couple of years but in the meantime technology will move forward, new business models will be build upon the technology and the momentum behind cryptocurrencies and the blockchain technology will be enormous.

In the short term FUD can make values swing wildly. In the long term there is no way they can stop it because of the power of the idea and the decentralized nature of the blockchain.


On a lighter note... @emuLOAD you'd be amazed how many houses have been bought with bags of cocaine lol

quite the opposite. Read the post  

Just to clarify in case the sarcasm didn't come through clearly enough.

I think resistance to cryptos by governments is futile. The more they try to ban it the more resilient and desirable cryptos will become and eventually governments will have to cave in and accept cryptos are here to stay.

That day, when China says 'cryptos are OK' we will see the value rocketing like we cannot imagine now.

This is why the FUD being spread around makes me smile.

1 gram of a 'legal' substance is worth... Next to nothing

1 gram of an 'illegal' substance is worth??... A million times more!

Does it work for governments? Of course not!

So when China/Korea/whoever talk about banning bitcoin it makes me smile! Bring it on!

You  want to make bitcoin the most desirable way for 1billion Chinese people to escape the control of their oppressive government. Be my guest.

Then the day these governments realise their countries are losing tax revenue, competitiveness in the global market and more importantly control over their financial system they will open the floodgates.
And then my friends hold on to your chairs...

I am in the same position. Being a UK resident where crypto gains are treated as Capital Gain Tax (for most people) leaves me completely puzzled. What happens if my btc are in my Ledger Nano and I use them to buy that mythical Lambo? in theory I should declare a capital gain but the mechanics of it are mind-bending.

Every transaction from btc to ltc to ada back to btc , etc , etc.... then to my cold wallet then a year later I buy the Lambo... Jeee!!! how do I declare that???

In essence. I buy 1 btc today at 15K. Send it to my cold wallet. Next year it is worth 50K (hey I'm an optimist!)...  How does HMRC (IRS here in the UK) know anything about this?

If I had a couple of mills I would be tempted to have a holiday in Panama with my Nano S in my pocket.. just saying...