ICOs are enabling the media to associate cryptocurrency and blockchains with money laundering, terrorism, North Korea, World War 3, etc:
These useful idiots are playing right into the plan of how Bitcoin would globalize (while necessarily becoming entirely centralized mining as has recently been proved in research!) while the scammers would drive the excuse for massive regulation:
It's a very good time to be a money launderer, and you can thank cryptocurrencies
Cryptocurrencies have exploded in popularity in recent years that has led to a red-hot fundraising trend where start-ups bring in millions of dollars in capital by issuing virtual tokens to investors in exchange for money.
Initial coin offerings (ICOs) have become a primary means of fundraising for projects built on blockchain technology. Companies create and issue digital tokens that can be used to pay for goods and services on their platform or stashed away as an investment. They put out whitepapers describing the platform, software or product they're trying to build, and then people buy those tokens using widely-accepted cryptocurrencies (like bitcoin and ethereum) or fiat currencies like the U.S. dollar.
All of that is done without any regulatory oversight, and that has regulators — and members of the financial industry — worried about the potential of widespread money laundering and fraud.
ICOs are enabling the media to associate cryptocurrency and blockchains with money laundering, terrorism, North Korea, World War 3, etc..
I think the differences in approach here is due to different world view of the
negative value of democracy and the reality of democracy (i.e. what
really happened on 9/11 that everybody really wants to sweep under the rug).
Let the competition of ideas, designs, concepts, and financial structuring ensue.
Disclaimer: IANAL. This is not legal advice.
Had a talk with someone from China about Bitcoin yesterday. I was looking at coinmarketcap and he asked what I was looking at. I told him about bitcoins, and he told me he heard about it and said it was just gambling. He had a pretty negative opinion on it, and nothing I could have said would change his mind. I think a lot of people still equate crypto to online drugs and hackings. It will probably take a long while for crypto to go mainstream […]
I see, here in the Netherlands, mainly negative views on crypto and bitcoin in the media. Today there was an article in a national newspaper about ICO's that was mostly talking about scams, pyramid games, easy ways for companies to generate money without having to deal with regulations, etc.
These views are caused by many (the majority?) of ICO's that indeed seem scammy and fraudulent. The actually legit well-managed ICOs suffer from this image. For mainstraim adaptation, it certainly has to be regulated in some way.
Another thing is the association many people have between bitcoin and the black market/criminals. Furthermore, people don't understand the technology so it is 'scary'. I think mass adoption can only start with some viral campaign that educates people and makes them enthusiastic, but that is only possible after regulations have been adopted that make people feel secure against hackers and scams.
It's too easy to scam or to be scammed for common people at cryptoworld. It's really anarchy. Government institutes trying to adopt this market but it will take pretty much time.
Bitcoin has been the escape method for capital fleeing China. With the looming trade war on the horizon, the Chinese government will have absolutely NO CHOICE but to come in and regulate bitcoin as its citizens now account for 98% of all trading. From a regulatory perspective, the days of passive treatment of bitcoin may come to an end. Bitcoin has soared only because it has been the mechanism to obtain foreign exchange and take capital out of China. This could easily be considered an illegal operation, such as money laundering, to justify closing that window.
Of course, you have the zealots who preach bitcoin as the alternative to the dollar that they cannot shut down. All they need to do is declare bitcoins illegal and the PRESUMPTION of being in bitcoin is a PRESUMPTION of being a criminal. They are already using terms like “CASH IS FOR CRIMINALS” and if you have a few thousand in cash, they just confiscate it presuming you are criminal under Civil Asset Forfeiture without having to prove you committed a crime or charging you.
Keep in mind we are dancing with the devil. There are no rules — just ruthless self-interest. They will do whatever it takes to survive. They will not relinquish power willingly.
