Topic: Bitcoin community does not make sense - page 2. (Read 403 times)

Unfortunately, that is the reality that we have to live with and for me, I think its not about government but the people who are currently operating in the market that felt they can do anything. Imagine a newbie trying to understand and invest in the market only for him to get scammed by people. Who do you think he would report to? Nobody other than government agencies. Another example is when people keep their funds on exchange sites for trading only for the people there to compromise on both integrity and security leading mass losses on the part of clients, who do you think they would complain to, government agencies of course. I have been scammed before and I know the feeling and the worse is feeling helpless that the culprit will go free and look for the next victim to rob off his hard earned resources.

The clamour for regulation is more of accountability and not control. Its true that crypto is coming to compete against centralization that thrives in the world today but it does not remove the need for people to be held accountable for their actions and if there is a way to figure out that without government, I am open to it. If there is a way we just want to do our trading with certainty, gamble and not be conscious of someone manipulating the process behind the scene, ready to pay tax on earnings all of this without involving government, then I am sure alot of people would be open to it.

but in reality bad regulations have been obeyed or believed by most people in the crypto community, bad regulations often become FUD in the Cryptocurrency market and unfortunately many people are affected by it

The government must know the deeper part of bitcoin. It is better for the government to research about bitcoin, its advantages and disadvantages.

It makes sense than my mom temperament.

To make Bitcoin legal worldwide is a common endeavor for everyone, it is imperative for the governments of each nation to see the benefits that Bitcoin offers.

We all in the crypto community hate governments and banks,but we all (or atleast most of us) want to abide by the laws.Laws are created to make nations more organized and civilized.If the government regulations regarding crypto are fair and good for the community and the industry,there's nothing wrong in supporting them.If the regulations are bad,nobody in the crypto world will abide by those rules.
Does it make sense to you now?

The government is supposed to represent the people.

So if "we the people" can steer the government into allowing us to do our own thing with bitcoin, that in itself is a noble goal.


Unfortunately, the government seems to support the moneyed interests and parasites, over the will of the people (United States).

Tangent follows:
Think of the case of Ajit Pai and Net Neutrality....

Long story short, the government, under Ajit Pai, refused to do what 80+% of the population wanted while lying throughout the process.

Companies like AT&T and Brighthouse Networks and big ISPs in the US, would absolutely love to charge us piecemeal just to access different websites. They are not content just to do what their job entails (serving data), they want to change the business model, against the path of progress, to what it was in the days of cable and piece by piece phone service.

If it where up to them, we'd still have to pay 10 cents per SMS message.
Tangent ends.

Yes, we can go against our corrupt government using bitcoin, and we may even win in the long term. We might need to invent our own mesh network, have our own nodes over Radio and hidden wires. It might even turn into a huge cat and mouse game with the government vs the people. But the government cannot maintain that forever.

At some point they will be held accountable, whether that means getting voted out of office, or worse.


Or we could all just be thrown in jail for "tax evasion" after the bank lobby passes the Cryptocurrencies are criminal tools ACT of 2020.

You are spot on, and everyone, including the governments,  knows that for certain.


True, Bitcoin cannot be shut down. But, what is it's locus of value? The junction where crypto translates into material goods, whether as barter or via fiat. If you are not using this locus, i.e. if merely hodling, then the value is basically just a figment of your imagination.

And, ..... this locus being a geographically defined spot, falls under the suzerainty of various national governments, all subservient to the major global hegemons, and specifically the USA, if that's your bugbear.

So, why is "big government" merely content to thrust and parry for now, and not make any big moves? It is observing the shape this movement is taking, the way the market is responding. But, make no mistake, it has that critical physical factor of superiority, the ability to impose taxes, and collect them at the point of a gun, if need be. So, it needn't act fast, it can strike at the moment of it's choosing.

What can government do? It can levy a "Carbon Tax" on "environmentally polluting" Bitcoin. It can ban mining on those same grounds like it banned ChloroFluoroCarbons (CFC) a few decades back. It can tax the mere possession of Bitcoin. It can do so with retrospective effect. Say, you held Bitcoin between September 2012 and March 2014, it will tax that amount retrospectively, and God help you if they consider the end-2017 20k peak as the relevant price.

But, you refuse to pay up. They'll lock you up in debtor's prison where they dump all tax evaders. You think of escaping to some sunny island, they'll arm-twist that place's authorities to hand you over. You think you can best them with your libertarian schemes of sea-steads, they'll "send" "rogue elements" to harass your womenfolk and cause you an inordinate amount of trouble.

tl,dr;  Long story short, there's no escaping the tentacles of big government. If BTC falls, they'll dismiss it as a "black swan" in their economic record, and no further action needed. If BTC stays put and rises, it'll wield that (super)tax weapon.

yeah, unfortunately sometimes people get side tracked because they are mostly caught up in price and speculation. when  they get blinded by the profit and the money they make from bitcoin, some of them sometimes end up seeking anything that can lead to a faster and bigger rise in price.
regulations, ETFs, SEC thumbs up,... are all because of that. they say it brings in "institutional investors" which is why they are excited about it.

but you are right, it doesn't make any sense. maybe they need to be constantly reminded of why bitcoin existed in first place so that they may stop this silliness!

Everywhere I look I read about how the bitcoin community wants more clear regulation from governments.

However bitcoins main reason for success thus far is the fact that it is a challenger to governments and central banks and can not be shutdown/turned off by anyone government because of its decentralized nature. Governments would have killed bitcoin years ago already if they could do it.  A political dispute might affect the price of bitcoin in the short term however, Political disputes can not shutdown bitcoin. Bitcoin challenges governments and central banks power. Bitcoin does not answer to no one.

But yet the bitcoin community is always waiting for the largest governments of the world to give their thumbs up "regulation" approval first.

Its like waiting for your wife to tell you "its ok if you have sex with other women"   Makes no sense to me. People all over the world should be rushing to get rid of their government manipulated fiat money.


Just my 2 satoshi worth!