Government's actions against crypto

[jaberwock]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

Cryptocurrencies are volatile so ups and downs are pretty normal here. Governments have ups and downs too but I wonder if what conflict would that be, you're talking about. In case the US government bans crypto, cryptos will definitely be affected and their value can go down again but good cryptos will never die.

Only people residing in the US countries are mainly the ones that will be affected with this. Moving in another country where cryptos are still legal, sounds like a plan. In fact lots of people in China are said to do the same move because cryptos in China are also banned. I'm lucky that my country never bans crypto. I wish they will stay like this forever because I am already used to crypto.

[bangjoe]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

This is because they cannot fully control the crypto market and also there are some people who want crypto to disappear because their businesses are getting affected especially the banks. since the emergence of the crypto industry, their business has gone downhill and some of them as you can see from the news today are falling and they are not just small banks but one of the top in the country. Therefore, the remaining ones are keeping their hostility until they no longer have this problem but they won't gonna succeed because their days are now finally over.

I think more precisely the bank collapsed because of their own mistakes in financial management, there was no connection between the Crypto Currency, it was also because of the printing of the currency that was so large in recent years, and if you count the level of yoy inflation of more than 6% while the deposit interest rate Under 5% per year, of course for an investor will take into account that this is a loss, even though the amount of their money increases, but the value of their money has decreased significantly, some banking investors are aware of this situation that can eat them slowly.
And yes, their alternative is Crypto as their escape assets to get more profit.

[Abiky]

I believe that this is only temporary, this shake in the cryptocurrency market and regulation will just on the early days, we all know cryptocurrency is still it's on the early days which for me, I agree with it. We can relate this to the early days of gold before.
Just think that we are now living now in high technology, and in our day-by-day lives we are always using technology, so think about Bitcoin and other cryptocurrencies.

There's a long road ahead before crypto/Blockchain tech becomes mature enough for mainstream use. Regulations are a way to help bring confidence into crypto assets from investors and traders alike. They're inevitable, especially when governments want a "piece of the pie". I know some countries have turned hostile against crypto/Blockchain tech due to the benefits it provides to everyday people. But not all of them are doing this.

The most recent country to attack crypto is the United States. Actions from the SEC (a US government agency) will make crypto exchanges migrate to other countries with a softer approach towards crypto/Blockchain tech. That doesn't mean the industry will die, though. What it means is that the US will be left behind in the dust, while other countries "eat its cake". As you've said before, we're still in the early days of crypto adoption. Just keep buying and holding prominent cryptocurrencies to obtain great results in the future.

[Xal0lex]

There's a long road ahead before crypto/Blockchain tech becomes mature enough for mainstream use. Regulations are a way to help bring confidence into crypto assets from investors and traders alike. They're inevitable, especially when governments want a "piece of the pie". I know some countries have turned hostile against crypto/Blockchain tech due to the benefits it provides to everyday people. But not all of them are doing this.

The most recent country to attack crypto is the United States. Actions from the SEC (a US government agency) will make crypto exchanges migrate to other countries with a softer approach towards crypto/Blockchain tech. That doesn't mean the industry will die, though. What it means is that the US will be left behind in the dust, while other countries "eat its cake". As you've said before, we're still in the early days of crypto adoption. Just keep buying and holding prominent cryptocurrencies to obtain great results in the future.

Mass adoption won't happen until regulators take over the entire industry and all supposedly decentralized protocols cooperate with regulators and governments. Until the entire industry is centralized, governments will not rest and will raid the industry, whether it's a service or cryptocurrency. A lot of decentralized and anonymous services have disappeared from the industry lately, some close down and then reopen, but with changed rules. KYC is becoming more and more embedded in the lives of crypto users.

[doomloop]

I just noticed that in the U.S. they are too proud of themselves. Because they want to control the cryptocurrency or Bitcoin since then, and this can't happen and they can't do it either.

       Just like the coinbase that they questioned, now because the coinbase is in the territory of the U.S. so this company has decided to move to a country that accepts the cryptocurrency unlike the U.S. which suppresses the cryptocurrencies in their country.

After China, it was the US government has been hard on crypto, and implementing strict rules will push the crypto business to transfer to another country. I'm not going to say that they must be friendly to crypto but at least they are fair enough in regards to implementing rules so everyone could also have a fair experience.

When a government sees crypto has no use for them, they will throw it and ban them. I won't say it was a threat to their finances but because users and holders never pay their taxes, their solution is to stop people from using this and urge them to set back and stay on fiat money.

Why not? You should say it is a threat to their financial institutions and to their finances as well since cryptocurrencies, Bitcoin mainly, are decentralized and can't be fully regulated or they simply can't have a control over transactions or financial activities or their citizens if they are using Bitcoin or cryptocurrencies.

Countries that puts an outright ban on cryptocurrency are clearly insecure of its usage and spread and finds it a direct threat, and countries that try to regulate its activity or restrict their citizens' usage and involvement with it are basically trying to hide that they find it threatening.

[RealMalatesta]

Mass adoption won't happen until regulators take over the entire industry and all supposedly decentralized protocols cooperate with regulators and governments. Until the entire industry is centralized, governments will not rest and will raid the industry, whether it's a service or cryptocurrency. A lot of decentralized and anonymous services have disappeared from the industry lately, some close down and then reopen, but with changed rules. KYC is becoming more and more embedded in the lives of crypto users.

I think regulators are already doing their work as much as they possibly could, and in most major nations there are regulations regarding exchanges and trading. Which means that you are capable of trading, maybe the usage needs some more regulations, because going to a restaurant and paying with crypto is still not fully regulated in some cases, in most nations at least and that could definitely be worked on and can be considered a bit better.

But that doesn't mean that we should be doing something so synical and assume that it is not adopted. Think about it this way, 5+ years ago it was less than a million people, today it is tens of millions of people who owned bitcoin at least once, that difference is mass adoption, and if exponentially grew, that would make it hundreds of millions of people in 10 years as well. That's good mass adoption trajectory so far.

[Abiky]

Mass adoption won't happen until regulators take over the entire industry and all supposedly decentralized protocols cooperate with regulators and governments. Until the entire industry is centralized, governments will not rest and will raid the industry, whether it's a service or cryptocurrency. A lot of decentralized and anonymous services have disappeared from the industry lately, some close down and then reopen, but with changed rules. KYC is becoming more and more embedded in the lives of crypto users.

That would make crypto no different than the traditional banking system powered by Fiat. It's unfortunate the industry is leading towards full centralization, but there's nothing we can do about it if we want governments to "legitimize" crypto/Blockchain tech. If we embrace full decentralization, then all of the world's governments will make it "illegal" for anyone to use crypto.

We have to accept the fact that regulations are inevitable, no matter how much hardcore crypto enthusiasts like me hate them. Some countries will regulate crypto more than others, but at least we get to use decentralized cryptocurrencies without restrictions (sort of). Who knows what the future holds for this nascent industry? Just my thoughts

[abel1337]

Mass adoption won't happen until regulators take over the entire industry and all supposedly decentralized protocols cooperate with regulators and governments. Until the entire industry is centralized, governments will not rest and will raid the industry, whether it's a service or cryptocurrency. A lot of decentralized and anonymous services have disappeared from the industry lately, some close down and then reopen, but with changed rules. KYC is becoming more and more embedded in the lives of crypto users.

That would make crypto no different than the traditional banking system powered by Fiat. It's unfortunate the industry is leading towards full centralization, but there's nothing we can do about it if we want governments to "legitimize" crypto/Blockchain tech. If we embrace full decentralization, then all of the world's governments will make it "illegal" for anyone to use crypto.

We have to accept the fact that regulations are inevitable, no matter how much hardcore crypto enthusiasts like me hate them. Some countries will regulate crypto more than others, but at least we get to use decentralized cryptocurrencies without restrictions (sort of). Who knows what the future holds for this nascent industry? Just my thoughts

Yep we can't do anything about it if the government decide what they want to do on crypto. There are pro crypto government El Salvador who boast about the crypto adoption in their country but yeah there are country that don't want to follow that path and the residing residents can't do anything if their government somehow ban bitcoin or limit it to the extent that it is not recommendable to use crypto anymore. I believe that we can expect more regulation about cryptocurrency when it is bull market since people are cashing out and cashing in a lot of money.

[Rupok]

If that is true then I would say the US government is doing injustice to the cryptocurrency market. If the conflict is over cryptocurrency then it will be really bad news for that country and I think cryptocurrency will go up and down.I don't know if all countries should be concerned about this situation, but I think it could affect other countries as well.  Although government actions can affect the market, they may increase some level of investment risk.The government of the country can do many things, they will do what they think is best.  But governments should scrutinize cryptocurrencies better.  Because all countries are now using cryptocurrency.

[Xal0lex]

Mass adoption won't happen until regulators take over the entire industry and all supposedly decentralized protocols cooperate with regulators and governments. Until the entire industry is centralized, governments will not rest and will raid the industry, whether it's a service or cryptocurrency. A lot of decentralized and anonymous services have disappeared from the industry lately, some close down and then reopen, but with changed rules. KYC is becoming more and more embedded in the lives of crypto users.

I think regulators are already doing their work as much as they possibly could, and in most major nations there are regulations regarding exchanges and trading. Which means that you are capable of trading, maybe the usage needs some more regulations, because going to a restaurant and paying with crypto is still not fully regulated in some cases, in most nations at least and that could definitely be worked on and can be considered a bit better.

There is no limit to perfection, and there is no limit to the regulation of cryptocurrencies. I wouldn't be surprised if in the future regulation of cryptocurrencies will come to the point where every crypto address will have to have KYC of its sender and recipient attached to it. To many people this may seem like nonsense and that it all goes against the very idea of cryptocurrencies, but the regulators have their own opinion on this. Once again, they will cover themselves in the name of anti-money laundering and anti-corruption, and most will dutifully submit to it. Regulation is still quite young and not all cases are elaborated enough, so this is the very beginning of what awaits us in the crypto industry.

[disconnectme]

I don't believe this is really an issue is just interests that do not align, what we need is a government that is truly bold enough to support crypto and make the right regulations to support the growth of the industry, the old economy is scared the new economy is here to dethrone it. Another problem here is that infighting within the industry is making things mad, the West especially those US company are working against the interest of the Eastern companies like Binance and Tether because they are both leading the exchange and the Stable coin market

[trendcoin]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

Governments are central authorities. Cryptocurrencies are decentralized systems. These two concepts have to conflict with each other forever. So I'm not surprised by the expectation you've created. Also, I think we can hear news like this all over the world, not just in the US, because the problem is fundamentally a conflict of concepts. Of course, they can find common ground under reasonable conditions, but I think they will always be at opposite poles with each other.

[Vaskiy]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

Governments are central authorities. Cryptocurrencies are decentralized systems. These two concepts have to conflict with each other forever. So I'm not surprised by the expectation you've created. Also, I think we can hear news like this all over the world, not just in the US, because the problem is fundamentally a conflict of concepts. Of course, they can find common ground under reasonable conditions, but I think they will always be at opposite poles with each other.

As stated, this is the common news that we can come across the world. At some point we can expect both the markets to have coexistence. Maybe such an action can take years and years as people aren't completely moved to the technology depending life.

Both will be opposite to each other in terms of existence and the operation. On the top both were to give the same service. When one if found better over the other the conflict becomes serious as the government holds control over the financial system.

[yohananaomi]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

the government of course does whatever they think is the best thing, even though it is not certain that what is done will be accepted by many users, especially regarding crypto where it is clear that most users will obviously be harmed by the actions that have been and will be carried out by the government. the government must also be able to receive more benefits from any rules that will be carried out to ensure that the state will not become a loss in the future.
but actions that are considered good by the government will not necessarily be acceptable, so it is true that there will be conflicts that can make them close themselves off from leaving the country which makes it difficult and that is real and happens, so that is a consequence of the rules made.

[Abiky]

To be honest, I dislike the drama surrounding the US stance on crypto. If they are against it, they could simply ban it without all the fuss. However, it seems they are determined to regulate it in order to ensure that taxes are paid. If they truly intended to ban it, they would have plenty of reasons to do so.

The US is standing on "both waters". On one hand, it wants to regulate crypto for taxation purposes. And on the other hand, it wants to ban it with the excuse that crypto is being used to "evade sanctions". Some other countries are in the same boat as the US (although the US has taken a more aggressive approach after the collapse of FTX). With CBDCs on the brink of launch, we should expect more regulatory pressure against the crypto industry. There's nothing we can do about this if we want to "keep governments happy". Otherwise, crypto would become illegal for mainstream use anywhere in the world.

As I've stated before, all that matters is decentralization and censorship-resistance. As long as that is preserved, no government should be able to "stop the revolution". Crypto has gone a long way since day one (especially Bitcoin), so I'm confident it'll do fine in the midst of government oppression. Who knows if it "beats" Fiat sometime in the future? Just my opinion

[nesty]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

The conflict between the US government and the crypto currency market is a complex issue that can have a far reaching consequences. If the government imposes a strict regulations or bans crypto currencies altogether, it will cause a drop in the value of crypto currencies and lead to many companies and individuals having to shut down or move to other countries. If the government adopts a more favorable stance towards crypto currencies, it could lead to increased adoption, investment and innovation in the crypto currency market.

[Victorik]

This actually isn't the first time this kind of conflict is coming up. Government in some country have been having conflict with crypto and have even outrightly place a partial of full ban on it in their country, but despite all of that, crypto is still and will continue to thrive.

[TheUltraElite]

The US government and the cryptocurrency market are having a lot of ups and downs, and it seems like they're headed towards a very important conflict. This conflict will determine the fate of many people and companies involved in cryptocurrency. They might have to shut down or move to a different country.

I think you are overthinking. The government really does not have much control over crypto but they rather use the power on the people to coax them into not using crypto or put crypto in a negative light. However you can continue to use crypto as you wish. Just that the conversion of Fiat and crypto and spending of crypto might become difficult. Still what I have seen governments are diplomatic and they rarely do something that makes the common people go completely against, rather they will try to get taxes from the people.

[Abiky]

I think you are overthinking. The government really does not have much control over crypto but they rather use the power on the people to coax them into not using crypto or put crypto in a negative light. However you can continue to use crypto as you wish. Just that the conversion of Fiat and crypto and spending of crypto might become difficult. Still what I have seen governments are diplomatic and they rarely do something that makes the common people go completely against, rather they will try to get taxes from the people.

Exactly. Governments can't shut down crypto due to the way it's designed. But they can pressure people to stop using them for good. The person ultimately decides if he/she wants to use crypto or not. In countries where it's illegal to use crypto, one must be aware of the consequences of doing so. By following the necessary safety measures, you could help avoid getting flagged by the government. What really matters is that crypto stays decentralized and censorship-resistant forever. As long as the community keeps it that way, we should have nothing to worry about.

Ultimately, crypto will end up being regulated all across the world. That's because governments wouldn't want to miss the huge taxation benefits this nascent industry provides. Who knows if this will take crypto all the way to "Mars"? Just my thoughts

[asyakashi]

since long ago state government and crypto they are both very difficult people to get along with. they are always in conflict because they have their own financial system. traditional banks with full support from the government, while crypto relies on people power as financial freedom that cannot be carried out by banks. I think even now they haven't had a solution to go hand in hand. instead the banks are taking blockchain and maybe they should get rid of crypto.