FED action against bitcoin & crypto

[alani123]

Here's some more news:

May 3: BTC-e Operator Pleads Guilty to Money Laundering Conspiracy

This has been a long time coming with the U.S. openly colluding with national justice systems in Europe. Instead of going through the country's court systems, the U.S. urged a direct extradition order from a ministerial office in Greece. Ever his arrest, for operating an unlicensed exchange BTC-e which was one of the biggest at the time, the U.S. FEDs are surely trying to make an example of Alexander Vinnik.

May 4: Former Cred Executives Indicted on Wire Fraud, Other Charges
I'd argue that this is a good development as case law against "crypto lender" ponzi schemes can only be a good thing given how much money has been stolen through them.

[sokani]

CZ sentence and Bitcoin Jesus arrest doesn't seem to me like an attack on Bitcoin or crypto, they both got what they deserved. Despite CZ's cooperation with the authorities, I think he's very lucky because he won't get such sentence in other part of the world. BJ on the other hand found himself at the wrong side of the law for tax evasion.

Since this topic is about feds crackdown on crypto, you might want to add LocalMonero/AgoraDesk¹ to your list. It has just announced that it's winding down it's operation and I don't think the timing is a coincident.

1. https://agoradesk.com/blog/announcements/winding-down

[Volimack]

There are many communities that are hostile to Bitcoin and crypto, so the FED is providing a lot of benefits. A higher level for the FED to be set by the Federal Reserve can have various effects on the Bitcoin environment. Cryptocurrencies, with their inherent volatility and lack of established financial history, are especially sensitive to changes in the interest rate environment, which will help the FED address all of their issues. This is evidenced by the historical price action within the cryptocurrency market

[harapan]

Apr. 24: Samourai Wallet Founders Arrested and Charged With Money Laundering
Privacy wallet devs arrested for... Developing a privacy wallet. One was unfortunate enough to be arrested in the U.S. and the other will be facing an extradition battle.

Apr. 30: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
CZ Got sentenced to a jail sentence in spite of him having made a very extensive plea deal with the feds only to avoid jail. He had even given up his role as CEO. CZ had willingly come to the U.S. to stand trial and he still didn't manage to avoid a sentence even though he fully cooperated. Albeit a small sentence it goes to show how ferocious feds can be.

May 1: DOJ charges ‘Bitcoin Jesus’ with $48 million tax fraud, seeks extradition
Early bitcoin supporter and investor Roger Ver, who had rescinded his U.S. citizenship and was traveling on a Saint Kitts passport he had bought, was recently arrested abroad. Now the feds are seeking his extradition.  

May 2: Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
Another prominent privacy wallet shut down its privacy component proactively in light of developments from the U.S. pursuing action against privacy wallet developers.

They have always been against it  because they consider it as a threat to the present financial systems of the countries.While developers are increasing the bitcoin Software network,bitcoin is controlled by us all,and it'll take a very long time and efforts to transform whatever it is that bitcoin delivers to us.

This whole actions determines that bitcoin is a decentralized and the expected attempt to change or terminate it wouldn't be available or coming easily.

[VanKushFamily.com]

I think this should have been Happening, this AG at the DOJ right now doing all of this will be Remembered for Starting this, for being the Pioneer in Arresting Cryptocurrency Criminals. This is Reports. It is Done.

[Taskford]

Apr. 24: Samourai Wallet Founders Arrested and Charged With Money Laundering
Privacy wallet devs arrested for... Developing a privacy wallet. One was unfortunate enough to be arrested in the U.S. and the other will be facing an extradition battle.

Apr. 30: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
CZ Got sentenced to a jail sentence in spite of him having made a very extensive plea deal with the feds only to avoid jail. He had even given up his role as CEO. CZ had willingly come to the U.S. to stand trial and he still didn't manage to avoid a sentence even though he fully cooperated. Albeit a small sentence it goes to show how ferocious feds can be.

May 1: DOJ charges ‘Bitcoin Jesus’ with $48 million tax fraud, seeks extradition
Early bitcoin supporter and investor Roger Ver, who had rescinded his U.S. citizenship and was traveling on a Saint Kitts passport he had bought, was recently arrested abroad. Now the feds are seeking his extradition.  

May 2: Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
Another prominent privacy wallet shut down its privacy component proactively in light of developments from the U.S. pursuing action against privacy wallet developers.

They have always been against it  because they consider it as a threat to the present financial systems of the countries.While developers are increasing the bitcoin Software network,bitcoin is controlled by us all,and it'll take a very long time and efforts to transform whatever it is that bitcoin delivers to us.

This whole actions determines that bitcoin is a decentralized and the expected attempt to change or terminate it wouldn't be available or coming easily.

Aside from being a financial threat they don't really like the idea of being anonymous and those officials doesn't want people to have that option since its hard for them to track certain activities happening in online space and they don't want that money laundering will be rampant by the help of those platforms or coins that help some transaction not to be track by feds. That's why they do this massive campaign which is to eliminate those platforms and they are successful to drop down each of those famous mixers and other platform which running into same like model. Government make it look like decentralized since they find ways to control it and they use their power to make those things happen.

[Ale88]

Even in the US. Congress, not all politicians are against Bitcoin and cryptocurrency and they will fight for this market and for their political future too.

Of course not everybody agrees with these crazy policies: those are the only ones who understand that the USA could lose a huge future market. Look at what China did with the bitcoin mining bans, they just hurt themselves. I understand that the USA are worried about the dollar but I don't think many American politicians are looking for the future, they are just worried about what is going on right now.

[YUriy1991]

They have always been against it  because they consider it as a threat to the present financial systems of the countries.While developers are increasing the bitcoin Software network,bitcoin is controlled by us all,and it'll take a very long time and efforts to transform whatever it is that bitcoin delivers to us.

This whole actions determines that bitcoin is a decentralized and the expected attempt to change or terminate it wouldn't be available or coming easily.

Yes. You are right in looking at this, especially if you live in a country where the per capita income level is weak and economically problematic. Well, for the short answer they will not let BTC rise too high and exceed their expectations because it has power in terms of regulation with the basic mindset the Government should never lose in anything and let's look at other causes of the recent decline in BTC prices resulting in a correction of up to $60,800.

[Smack That Ace]

They have always been against it  because they consider it as a threat to the present financial systems of the countries.While developers are increasing the bitcoin Software network,bitcoin is controlled by us all,and it'll take a very long time and efforts to transform whatever it is that bitcoin delivers to us.

This whole actions determines that bitcoin is a decentralized and the expected attempt to change or terminate it wouldn't be available or coming easily.

Yes. You are right in looking at this, especially if you live in a country where the per capita income level is weak and economically problematic. Well, for the short answer they will not let BTC rise too high and exceed their expectations because it has power in terms of regulation with the basic mindset the Government should never lose in anything and let's look at other causes of the recent decline in BTC prices resulting in a correction of up to $60,800.

And you are blaming the fact that bitcoin cannot increase in price, it is correcting to the $60k area and the government is the cause? Are you serious? So can you explain to me what bitcoin going from $15k to $73k has to do with the government? Or is the dumping of bitcoin from $69k to $15k by 2022 also caused by the government? Is Bitcoin's volatility due to government manipulation?  LOL.

The funny thing is when the price of bitcoin goes up, you scream that bitcoin is the future, the revolution of the world, but when the price of bitcoin goes down and adjusts a bit, you blame the government, institutions, etc.
Don't invest in bitcoin with a hostile mindset and like to blame others every time the market doesn't perform as you expected. As a financial market, if there is an increase, there will be a decrease and that is normal, only scam projects will increase vertically without adjustment.

[alani123]

May 7: Nigeria to Ban Person-to-Person Crypto Trade in Dented Naira
Here we go again. Nigeria had become one of the major hubs for crypto and with good reason. People earn very little for a living but even that amount of money gets lost if they keep it in the local currency, Naira.

Inflation has been eating people's savings actively with the NGN losing around 88% of its value against the Euro in the last 20 years... Imagine holding a child's savings account for that long and he has lost nearly all of his purchasing power when he's able to open the account to get the money. It's crazy. The politicians think that by banning p2p trades they'll be able to avoid the Naira losing value? How about investing in their own country's production instead of allowing foreign corporations plunder the national wealth? Maybe that would help with inflation instead of being draconian against people... I don't know how Nigerians will react to this but I hope a crypto grey market arises out of it in defiance.

[HideYourKeys]

The FED will always be a Bitcoin enemy, luckily, it is very difficult to stop Bitcoin 

[YUriy1991]

And you are blaming the fact that bitcoin cannot increase in price, it is correcting to the $60k area and the government is the cause? Are you serious? So can you explain to me what bitcoin going from $15k to $73k has to do with the government? Or is the dumping of bitcoin from $69k to $15k by 2022 also caused by the government? Is Bitcoin's volatility due to government manipulation?  LOL.

I know, it is a complex process of market dynamics. But can you explain to me also a little bit how they play a role in price fluctuations and their impact on the market???

As a financial market, if there is an increase, there will be a decrease and that is normal, only scam projects will increase vertically without adjustment.

Yes, and that's just a small part of it. Naturally, if someone wants to pretend to swim in this large pool.

[GreatArkansas]

It's just sad that these regulators or governments are into these projects that really have nothing to do with them, it's pure decentralized and helping the cryptocurrency market.
For me, these kinds of projects is really to prone to this because these things are they can only attack, they can't attack directly on Bitcoin.

[peter0425]

I know, it is a complex process of market dynamics. But can you explain to me also a little bit how they play a role in price fluctuations and their impact on the market???

They? Do you mean the government?

Price fluctuations are just reflections of how people think of a specific coin. If they think it is valuable then they will hold thus making other people think that it is indeed valuable because the supply is decreasing and will hike up demand.

Now if the government were to crack down on that and make people feel hesitant and suspicious about the project then they will no longer hold it anymore having some conflicting feelings about it.

[Smack That Ace]

And you are blaming the fact that bitcoin cannot increase in price, it is correcting to the $60k area and the government is the cause? Are you serious? So can you explain to me what bitcoin going from $15k to $73k has to do with the government? Or is the dumping of bitcoin from $69k to $15k by 2022 also caused by the government? Is Bitcoin's volatility due to government manipulation?  LOL.

I know, it is a complex process of market dynamics. But can you explain to me also a little bit how they play a role in price fluctuations and their impact on the market???

As a financial market, if there is an increase, there will be a decrease and that is normal, only scam projects will increase vertically without adjustment.

Yes, and that's just a small part of it. Naturally, if someone wants to pretend to swim in this large pool.

I think there is nothing to explain to you, and as I said, in the cryptocurrency market, volatility is normal and obvious, it is even a specialty of the market. Don't try to blame others when the market doesn't move as you expected.

Agreed that bitcoin is facing a lot of challenges caused by the government, but that does not mean that the movement of bitcoin in the market is being manipulated by the government. Also, don't forget that bitcoin is a new, decentralized asset, and it's normal for government agencies or authorities to be unfriendly towards it. You just need to simply think that these are just challenges that bitcoin needs to overcome if it wants to be popular and recognized. Just like to be successful, we have to face and overcome thousands of challenges and risks, no success comes easy.

[Plaguedeath]

May 7: Nigeria to Ban Person-to-Person Crypto Trade in Dented Naira
Here we go again. Nigeria had become one of the major hubs for crypto and with good reason. People earn very little for a living but even that amount of money gets lost if they keep it in the local currency, Naira.

They still have a chance to own Bitcoin, but they need to use Dollar to buy Bitcoin. So they need to convert Naira to Dollar to Bitcoin, although we know there's no point for doing that, just add unnecessary steps.

They stated that they ban it because if people trade Bitcoin and Naira, it would affect Naira price. I don't think it's different if they convert Naira to Dollar, it will affect Naira too. What I think is Nigerian SEC want to make money from exchanging Naira to Dollar.

According to SEC Director General Emomotimi Agama, the new regulations aim to delist the naira from P2P exchanges in order to protect the local currency from manipulation.

Nigerians would apparently still be able to trade on P2P marketplaces using the U.S. dollar.

[doomloop]

It's weird that FUD spreaders aren't celebrating with all these negative news, I guess there's not a lot of people out there that's taking them seriously nowadays that it's not worth their time to be a hater of bitcoin anymore. It's such a surprising thing too that they're actively moving against crypto again, really crazy that they're suddenly hostile with bitcoin and crypto again, I do hope though that this will only strengthen the community though. The arrest of Roger Ver is one of the biggest one in my opinion, $48m alleged fraud? Wow! Suddenly they're doing all of this now? They really must need Ver's wealth.

But, are they celebrating publicly even before? I didn't feel that. Maybe they are not only showing it publicly but deep inside them, they are very happy when their plans of destroying Bitcoin are happening successfully. As they say, 'once a hater will always be a hater' so they will remain as is, even if people won't take them seriously anymore and in fact their force will get stronger this time.

The reason on why they are active again is because we are in the bull run and this makes people go crazy towards it. I don't think they will act nicely without a return but you already said the reason for their appearance here. They need more money as much we can.

[electronicash]

It's weird that FUD spreaders aren't celebrating with all these negative news, I guess there's not a lot of people out there that's taking them seriously nowadays that it's not worth their time to be a hater of bitcoin anymore. It's such a surprising thing too that they're actively moving against crypto again, really crazy that they're suddenly hostile with bitcoin and crypto again, I do hope though that this will only strengthen the community though. The arrest of Roger Ver is one of the biggest one in my opinion, $48m alleged fraud? Wow! Suddenly they're doing all of this now? They really must need Ver's wealth.

But, are they celebrating publicly even before? I didn't feel that. Maybe they are not only showing it publicly but deep inside them, they are very happy when their plans of destroying Bitcoin are happening successfully. As they say, 'once a hater will always be a hater' so they will remain as is, even if people won't take them seriously anymore and in fact their force will get stronger this time.

The reason on why they are active again is because we are in the bull run and this makes people go crazy towards it. I don't think they will act nicely without a return but you already said the reason for their appearance here. They need more money as much we can.

Ver's money is a big reward. the guy is not liked by many of us but he still is part of the community. hope he can survive this.

if crypto wins, FED will be dissolved. no more printing. surely they don't want that but they can get around to all these if they can get rid of privacy features. we understood this already as their government even put a bounty on who can crack XMR. they are yet not done. each government may actually be in the process of cracking down p2p. there is already a plan for it. those not in crypto will not be part of this battle.

[Potato Chips]

May 7: Nigeria to Ban Person-to-Person Crypto Trade in Dented Naira
Here we go again. Nigeria had become one of the major hubs for crypto and with good reason. People earn very little for a living but even that amount of money gets lost if they keep it in the local currency, Naira.

So obviously, the binance removing NAIRA in their platform did not work so now they're trying to launch a mass ban on p2p lol what's next? because this one will not work as well. From what I heard from a local, the previous admin also blamed another platform for their falling currency 🥱

I guess they selected crypto as the scapegoat because of the stigma around it esp with all the crackdowns happening... I sure hope most locals don't buy this bs.

[Churchillvv]

~Snip~

You're absolutely correct, infact I'm amazed with your responses it shows we think alike here.

From the origin anything that has to do without the government controls seems to be an attack on them. They get nervous, feeling like the world is now on there shoulders. How can a set of people want to own a life that they can not create? There are almost in charge of everything except the breath we take in yet they do not want to let go of bitcoin in particular as it has been a big record that it's decentralised nature is the highest of all time.

Now what ever that will make bitcoin decentralised nature more better is been attacked and destroyed. But one thing is certain, they can not destroy bitcoin whether they like it or not.