[2019-06-29] Bitcoin, Crypto Assets and Libra Attracting Strict Regulatory Scrut

figmentofmyass

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Quote from: hatshepsut93 on July 03, 2019, 03:44:10 PM

And ironically, maybe Libra will make them also regulate cryptos, by applying similar regulations to exchanges and crypto companies - I can already imagine how people will be saying that Libra was a trojan horse made to trigger crypto regulation all along.

bingo, that's exactly the feeling i've been trying to articulate. it pisses me off to no end that this centralized shitcoin nobody should care about is being used as a pretense to shove horrible crypto regulation down our throats. perhaps it's not a coincidence that new FATF and IRS guidelines are coming out right as the government embarks on this red herring witch hunt against libra.

hatshepsut93

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Quote from: 1Referee on July 03, 2019, 02:27:30 PM

Quote from: cr1776 on July 03, 2019, 01:30:58 PM

Facebook's Libra project is something for suckers anyway. What benefits does a centralized, e.g. non distributed, crypto provide over credit cards and a database? It certainly isn't censorship resistant, people will be banned or shadow banned from Libra on the basis of their beliefs. It reminds me of the petro in Venezuela. A bunch of centralized control freaks who can't tolerate people being free to make their own decisions.

Eventually the solution will be to remain in bitcoin and other cryptos instead of attempting to cash out to be scrutinized by the "authorities."

It offers quite an interesting insight in how governments react to something they consider an actual threat to the financial system. It hasn't happened before where their own fiat currencies were challenged by a non government entity, where even Bitcoin hasn't triggered them one bit because it has no mass appeal as currency yet.

Bitcoin so far has had an easy ride just because of that. I seriously believe that the US government might halt Libra or make it so that it isn't allowed to be used within the US. It's showtime.

I don't think they necessarily want to stop Libra, most likely they are looking for ways to make it beneficial to the government - obligate Facebook to share transaction data, tax international transactions and so on. And ironically, maybe Libra will make them also regulate cryptos, by applying similar regulations to exchanges and crypto companies - I can already imagine how people will be saying that Libra was a trojan horse made to trigger crypto regulation all along.

1Referee

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Quote from: cr1776 on July 03, 2019, 01:30:58 PM

Facebook's Libra project is something for suckers anyway. What benefits does a centralized, e.g. non distributed, crypto provide over credit cards and a database? It certainly isn't censorship resistant, people will be banned or shadow banned from Libra on the basis of their beliefs. It reminds me of the petro in Venezuela. A bunch of centralized control freaks who can't tolerate people being free to make their own decisions.

Eventually the solution will be to remain in bitcoin and other cryptos instead of attempting to cash out to be scrutinized by the "authorities."

It offers quite an interesting insight in how governments react to something they consider an actual threat to the financial system. It hasn't happened before where their own fiat currencies were challenged by a non government entity, where even Bitcoin hasn't triggered them one bit because it has no mass appeal as currency yet.

Bitcoin so far has had an easy ride just because of that. I seriously believe that the US government might halt Libra or make it so that it isn't allowed to be used within the US. It's showtime.

cr1776

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Facebook's Libra project is something for suckers anyway. What benefits does a centralized, e.g. non distributed, crypto provide over credit cards and a database? It certainly isn't censorship resistant, people will be banned or shadow banned from Libra on the basis of their beliefs. It reminds me of the petro in Venezuela. A bunch of centralized control freaks who can't tolerate people being free to make their own decisions.

Eventually the solution will be to remain in bitcoin and other cryptos instead of attempting to cash out to be scrutinized by the "authorities."

mich

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#1 VIP Crypto Casino

And its only getting worse now-

US Watchdog Groups Call for Congress to Put a Freeze on Facebook’s Libra
https://www.coindesk.com/us-watchdog-groups-call-for-congress-to-put-a-freeze-on-facebooks-libra?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

lucho1592

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Quote from: Jgilpulg on June 29, 2019, 09:34:27 PM

Threatened by the growing adoption of Bitcoin and other cryptocurrencies, governments and bankers are asking for more regulations and stricter scrutiny over crypto assets.

https://bitcoinist.com/bitcoin-libra-attracting-strict-regulations/

Banks have always wanted to control cryptocurrencies and it seems that they are getting closer to their goal...

Jgilpulg

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Threatened by the growing adoption of Bitcoin and other cryptocurrencies, governments and bankers are asking for more regulations and stricter scrutiny over crypto assets.

https://bitcoinist.com/bitcoin-libra-attracting-strict-regulations/

Topic: [2019-06-29] Bitcoin, Crypto Assets and Libra Attracting Strict Regulatory Scrut (Read 153 times)