Forbes: "USA Is Worried About Bitcoin And It’s Finally Doing Something About It"

[the_poet]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

[1714535495]

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[1714535495]

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[AjithBtc]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

It is good to brief the information provided in the article and tag the link as the reference source. Anyhow there is more and more adoption of bitcoin all around the world. When it comes to USA, the growth level is high and now a supportive news has come out stating that the USA government is planning to provide tax free investment with bitcoin. To what extent this is gonna be true need to be analysed.

[The Sceptical Chymist]

"There are many advantages for U.S. national security to have the U.S. dollar as the world reserve currency," the job post, which has a deadline of the February 28, read, pointing to the combat of financial crimes, the prevention of terrorism and the development of weapons of mass destruction, the ability of the U.S. to sanction other countries, cause financial instability in global markets.

That's all well and good, but bitcoin isn't going to threaten the US dollar.  It's been more of an investment than a currency since its inception; it's global; and the US dollar is waaay too dominant to be replaced by bitcoin.  This is a bunch of propaganda BS, nothing more.  The US government should be ashamed of itself for a lot of things, but it really irritates me when politicians and bureaucrats spout nonsense like this.

OP, even though I hate what was said in that article, thanks for posting the link to it.

[AGD]

Soon they'll find out what even newbies in this forum already know: that a decentralized structure is very hard to fight. 

[stompix]

Looks like things are getting serious...

Serious? What's that "serious"?

U.S. Office of the Director of National Intelligence wrote in a job listing earlier this month, calling for two researchers to evaluate the impact of the U.S. dollar losing its status as the world reserve currency.
https://www.zintellect.com/Opportunity/Details/ICPD-2020-02

They've asked for two researchers to write a paper on :

Evaluating the Impact of U.S. Dollar Losing its Status as World Reserve Currency

And it means they are getting "serious" ?

Here is one from 4 years ago:

The technologies offer great benefits yet pose potential security problems or unintended ethical consequences.  A large number of these emerging technologies are potentially open to compromise or attack by outside entities, which may lead to unplanned results if acquired by persons with nefarious intent.  The goal of this effort is to determine what vulnerabilities exist within emerging technologies, and how the technology user can guard against these or other vulnerabilities.  Tools and techniques may also be developed to examine vulnerabilities.

Various emerging technologies of interest include, but are not limited to:
Cryptocurrencies

Another one 2017:
https://www.zintellect.com/Opportunity/Details/IC-17-09

There are hundreds of those studies, nobody is getting "serious"!
The only one with a "serious" problem is Tom Bombadil Billy Bambrough who as a contributor must write an article every day for Forbes to get his paycheck, no matter how stupid the theme is
https://www.forbes.com/sites/billybambrough/#c281b796a896

[gentlemand]

Much of the world would love to get rid of American influence. It hasn't exactly benefited many other countries.

They should be looking at attempts to unseat them with other fiat currencies and if they can't figure out that driving Bitcoin out into other countries could wind up nailing them up the botty too then they're even stupider than they look.

[bittraffic]

Now, the U.S. has admitted bitcoin and cryptocurrency could undermine the dollar's status as the world’s reserve currency—and it wants to find out exactly how bad for the country, its economy, and security that could be.

BTC can be a world reserve currency too.

Its best to just let BTC alone though after all its just made out of thin air as Trump said.  There isn't really much things are to be done with BTC because its borderless. Countries had banned it years ago but had still made it to their country. So whats there to be serious is to accept BTC after all they had already started collecting taxes from its investors and holders.

[squatter]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

Keep in mind, this is not a real Forbes article. It's part of their "contributor" network and comes with a disclaimer:

Opinions expressed by Forbes contributors are their own.

As stompix pointed out, it's just a clickbait title. Not only is this small research project about the US Dollar's reserve currency status -- not Bitcoin -- but if you look at the listing, this is the only mention of either "bitcoin" or "cryptocurrency":

Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar.

That doesn't imply anything about what the US government thinks, just cryptocurrency enthusiasts.

[Maebeo2017]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

It is good to brief the information provided in the article and tag the link as the reference source. Anyhow there is more and more adoption of bitcoin all around the world. When it comes to USA, the growth level is high and now a supportive news has come out stating that the USA government is planning to provide tax free investment with bitcoin. To what extent this is gonna be true need to be analysed.

I don't think the USA is ever going to come out to support BTC with all their chest. it threatens one of their biggest streams of income which is TAX. really don't know how they are going to manage their investment appetite over there but bitcoin mining or investments won't be allowed for a very long time

[palle11]

Soon they'll find out what even newbies in this forum already know: that a decentralized structure is very hard to fight. 

I wonder how that can be possible. The structure of bitcoin makes it difficult to be made rule on whether universal or unilateral. We are expecting some outcome but seriously, I think regulating exchanges will do more good.

[coincruncher1982]

Soon they'll find out what even newbies in this forum already know: that a decentralized structure is very hard to fight. 

haha exactly. The best part about bitcoin is the US government or any other government can't steal it from you via civil forfeiture like they can with a bank account as long as you are the only holder of the private key.

[20kevin20]

Soon they'll find out what even newbies in this forum already know: that a decentralized structure is very hard to fight. 

They're gonna fight it through regulation. Pretty easy to introduce some new highly unfavorable regulations for crypto and make a ton of people leave the markets. We already are in a fight against them.

I fear the same thing happening to Gold regulation in Europe is going to happen to Bitcoin too. Right now you cannot buy gold worth over €10k in some countries without your name popping up on the AML suspects list. And the limits are only decreasing.

Moreover, I'm not sure if this is the case for all stores, but some of them have noticed their customers that if the accumulated sum of all your orders exceeds €10k, they'll have to notice the authorities.

That's just outrageous. I expect, however, similar regulations to happen to Bitcoin sooner than expected.

[pooya87]

i seriously doubt it is anything serious

it seems to me that it is just US government being more and more afraid every day that US dollar is getting farther and farther away from being world reserve currency. and their concerns have very little to do with bitcoin since there are dozens of other serious issues that US dollar is facing which is decreasing its power all around the globe.

[davis196]

The Bitcoin price is a little bit above 10K USD and the "FUD Army" has been awaken again.I was expecting this  to happen again.The same old "bitcoin is bad because it helps money laundering and terrorism funding,bla bla.." type of BS.The USA is an empire and the US dollar is the main tool to sustain that imperial domination.Bitcoin isn't even close to be a threat for the US dollar and some people even promote the conspiracy theory that NSA/CIA have created Bitcoin.The author of this article is delusional.

[Mulann2]

Looking for a way to yet bring the market down, as far as usa is concern, everything is a threat to their economy or national security, how is btc that is hardly use for any serious transaction a threat to dollar, i guess they must be speaking against what could happen in the far future,
if they are doing something to erase btc from the surface of the earth, i can't wait to what that is it must suck to be losing control

[buwaytress]

That's all well and good, but bitcoin isn't going to threaten the US dollar.  It's been more of an investment than a currency since its inception; it's global; and the US dollar is waaay too dominant to be replaced by bitcoin.  This is a bunch of propaganda BS, nothing more.  The US government should be ashamed of itself for a lot of things, but it really irritates me when politicians and bureaucrats spout nonsense like this.

OP, even though I hate what was said in that article, thanks for posting the link to it.

It's almost the same argument people use that I disagree with. They say fiat and economies will crumble, and Bitcoin will be supreme. But for as long as people still need to live and eat in relatively low tech worlds, Bitcoin won't displace fiat, it will rely on each other for a while to come.

It's definitely more of an investment we don't even need to look at hard numbers. Circumstantial and observational evidence points this all out if we care to pay attention and even use our own activities as yardsticks!

[dothebeats]

It's quite crazy to think that we live in a world wherein the ones who run the rules are the ones who knew nothing--or very little--with the very rules they are imposing. We all know the hype about bitcoin, and even the laymen know what it is, so it's just hard to comprehend that even people with high government positions are cramming to get a 'solution' or an 'answer' to bitcoin's growing audience.

The two roles, looking for a postdoc Ph.D. graduate and a U.S. university or government laboratory employee research assistant..

And they even want to hire people with such credentials that may not even know the impact of bitcoin in the world's economy! These people are trained on classical economics, not so much about the contemporaries and disruptive Fintechs like bitcoin, so why the hell are they looking to deep on the said matter? ^{For formality and good use of taxpayer's money, I know but..}

It's almost the same argument people use that I disagree with. They say fiat and economies will crumble, and Bitcoin will be supreme. But for as long as people still need to live and eat in relatively low tech worlds, Bitcoin won't displace fiat, it will rely on each other for a while to come.

They are disregarding the fact that there are still countries that are relatively poor and does not have the technological capabilities you can see on developing and first world countries. They are pretty much just being swayed solely by the statistics without looking at it on a minute scale.

It seems like most of them skipped a class or two of microeconomics and focused solely on the larger sense of things, which is the first step towards oversight and failed planning.

That's all well and good, but bitcoin isn't going to threaten the US dollar.  It's been more of an investment than a currency since its inception; it's global; and the US dollar is waaay too dominant to be replaced by bitcoin.

If currency giants such as the EU and CNY cannot deal with the power of the USD for decades, how capable is bitcoin in overtaking perhaps the most important currency there is currently (just because everyone and their mothers is using it)?

[articul33t]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

good news specially for this complicated field which is carrying a lot of secrets and I think that the professional investors are looking for a good deal of bitcoin in USA and this is pretty cool chances for them.

I think that bitcoin is supported by such high investors. Businessmens or any "richy" people... It's main investors for btc.

[kryptqnick]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

Keep in mind, this is not a real Forbes article. It's part of their "contributor" network and comes with a disclaimer:

Opinions expressed by Forbes contributors are their own.

As stompix pointed out, it's just a clickbait title. Not only is this small research project about the US Dollar's reserve currency status -- not Bitcoin -- but if you look at the listing, this is the only mention of either "bitcoin" or "cryptocurrency":

Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar.

That doesn't imply anything about what the US government thinks, just cryptocurrency enthusiasts.

Thanks for mentioning, I did not notice that at first. So it's an opinion article, the one that does not reflect the official opinion of Forbes. Moreover, it's just based on a job listing, nothing big. Would not it be irresponsible to put the fate of something very important in the hands of two researchers? As the US is not the country that tends to make risky decisions, especially when it comes to money, it probably means that this research, even if it finds that cryptos possess a serious threat to the dollar's dominance, it would not be decisive when it comes to policy-making. At least, that's what I hope for.

[South Park]

Soon they'll find out what even newbies in this forum already know: that a decentralized structure is very hard to fight. 

I wonder how that can be possible. The structure of bitcoin makes it difficult to be made rule on whether universal or unilateral. We are expecting some outcome but seriously, I think regulating exchanges will do more good.

Governments realized long time ago they need to control their side of the equation, that is why you need to go through KYC if you want to convert your BTC to fiat in all centralized exchanges, this has slowed down bitcoin, but what are they going to do when the adoption of bitcoin gets to the point people begin to accept bitcoin directly? That is when bitcoin will be unstoppable, at that point most likely they will try to regulate every single business and how they accept bitcoin payments but I do not think it is going to be a very effective measure.