Dino you have said before stuff like the purpose of crypto is to be a rebel and break laws etc.
Who said that ? Satoshi ?
I have no idea where all that bullshit came from.. but it took off like it was the official mantra of the Altcoin world (used primarily to cover greedy profit schemes nothing more)
You SAY you don't want laws because of ideology.
You actually don't want laws people because you think it interferes with your Poloniex ROI's.
I have no ROI, I don't even have an account on Polo and I don't speculate or trade. Your insinuating this all the time is getting ridiculous. In my opinion, crypto is NOT to rip off others in a zero-sum ponzi game, but is a tool to take back freedom. You are insinuating me having an agenda because probably it is YOURS, and you don't want to admit it. This is why you don't answer my question of why are you interested in crypto, I suppose.
I challenge your assertion that crypto was always intended to be about breaking laws and fighting the man.
Nope.. it's about making a crypto-currency that gets adopted and USED.
And why would you want that ? Fiat is already adopted and used. Why go through the hassle of crypto ? What does it bring you more, if you want to "abide by the law and respect the state's wishes " ?
You see, the very foundation of crypto is decentralisation and trustlessness, because no authority is accepted and everything is based upon consensus. The fundamental cornerstone of the state is that it is the final authority that decides about anything (even if that decision making process has some democratic elements build into it in some states) and will use coercion and violence to make you follow its rules. These two things don't go together.
There is absolutely no reason to go through all the hassle and difficulty of trustlessness and decentralisation, if you have a final authority that can and will decide.
As such, if you *accept* the final authority of the state, there simply isn't any reason to invent crypto. If you don't understand this, you have missed the whole point of crypto.The entire reason of crypto is to have financial and economic freedom from any central authority (including of course the state). Now, crypto isn't necessarily something that is *against* the state, but it is independent of it.
In as much as the laws of the state comply to the way crypto works, the state is not the enemy of crypto. And not the other way around. It is the laws that have to comply to crypto, and not crypto that has to comply to the laws, because crypto is fundamentally an element of freedom.
It turns out that the state doesn't want you to have financial and economic freedom. AML laws are exactly that. Tax laws are exactly that: the denial of your financial and economic freedom. The whole fiat system is set up and is manoeuvered in order to do away with your *possibility* to obtain your financial and economic freedom.
As such crypto has something to offer, it is a way to fight the laws that take away your financial and economic freedom. It is the only thing it has to offer. So if you want to make crypto comply to the freedom-killing laws on the financial and economic level, then crypto has nothing left that you didn't already have with fiat.
What is first ? ADOPTION.
Why do you want people to adopt it ? What do you think they will gain from it ?
Now tell me is deliberately doing a variety of things to break the law going to aid adoption ?
Of course not..
You need the govt's approval to go hand & hand with the existing financial world.
If the two worlds are separate and can never reach each other unless there is arrests then you will not have any adoption.. nor snazzy little Poloniex coin prices to FAP over either.
But my question to you is: why on earth would you want people to use crypto, if it is to abide by the same laws as they already do with fiat
Why would YOU want to use crypto and not fiat ? What's wrong with fiat, *apart from the fact that using fiat doesn't allow you to enjoy your economic and financial freedoms, which are against the laws taking those freedoms away* ?
It's about being realistic and getting results.. not chanting one day while picking a fucking god damn war with the US govt like an idiot.
What result do you want to obtain ? Adoption ? But again, why would you want crypto to "get adopted" ? What good does it bring to the world, if it has to sacrifice its only utility, namely giving freedom back to people that was taken away from them ?
Firms must comply with the Bank Secrecy Act and its implementing regulations ("Anti-Money Laundering rules"). The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses tomoney laundering and terrorist financing, such as securities fraud and market manipulation.
That's the kind of freedom that has been taken away, and you can perfectly comply to those laws with fiat. Why does one need crypto if it is to do the same as with fiat ?
So my question stands: why would you want crypto to get adopted, and why are YOU interested in crypto ?
I can only think of one single reason: because you want to reap in the value increase you hope to obtain, in other words, you hope to find greater fools that will pay more for your crypto than you paid for it. You want to rip off later users of crypto who will pay more for a coin than you did. The point is, that this is in fact the MAIN MOTIVATION of people in crypto, but if that's the main motivation, it is simply a greater-fool game, which will end the day you run out of greater fools. You call that greater fool game "investment".
Once most people on earth have paid their million dollars for their milli bitcoin, what are they going to do with it ? Once you have "full adoption" of bitcoin, and now the state knows, even much more that with fiat, where every satoshi is hiding, what are people going to do with it ? There's no hope for "investment" and ROI any more: everyone has now his milli bitcoin. The blocks on the chain are full. It costs a fortune to do a transaction. Your "goal" has been reached: full adoption. Now what ? What did this bring to the world that fiat didn't do ? How are you going to convince the last non-adopter to buy his milli bitcoin ? What can he hope to achieve with that ?
You have no conceptual justification of why people should prefer crypto over fiat *if the goal is to be totally law abiding to laws that take away your financial and economic freedom*. You are probably perfectly OK with the fact that you will pay your due taxes on the money you reap off future adopters of crypto because there's still enough room for greater fools, but you forget to tell them that what they have is entirely useless, if it can't do anything about the liberticide laws they undergo already with fiat, and the stuff they have is much much more difficult and risky to use than good old fiat.
If I don't mind the state to know all about my financial doings, if I abide by the law, if I want to pay all my taxes, and I'm happy that way, I really, really don't see the point of crypto (apart as a ripping-off tool in a zero-sum game where you don't even need true crypto, as IOU on exchanges are good enough).
The only true value proposition of crypto is to have a tool to take one's financial and economic liberty back. And given the violence by which states don't like you to have this liberty, it better be a tool that makes those free acts totally opaque.
THAT's crypto.
You see, it is as if you live in a country where it is against the law to go freely somewhere. There are a lot of places where you aren't allowed to go. The state wants you to only go at certain places at certain times. However, the state puts at your disposal busses, trains, and boats, which go where you are allowed to go. This system works quite smoothly.
And now, people invent bicycles. Bicycles can travel where you want, when you want. In fact, the fundamental reason to have a bicycle, is that you aren't obliged any more to use the state's transportation, and you gain your liberty of going where you want, when you want. It is much less practical: you have to pedal, it doesn't go fast, but at least, you win your freedom of travelling.
And now you come and say: "hey, those free bicycles are against the law ! They are invented to go against the law ! Do you think people will start using bicycles if they can go just anywhere ? Nobody will use bicycles that way ! You should invent bicycles that can only run on the rails of the state trains, that only go where you are allowed to go !"
My question is: if one should limit the kinds of bicycles to those that can only go where the state trains already brought you, what's the point in using such a bicycle ? Why not continue to use the state train ? At least, you don't have to pedal !
Why would you want to have adoption of bicycles that don't bring your freedom back ?