FED action against bitcoin & crypto | Bitcointalksearch.org

Alpha Marine

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Quote from: MusaMohamed on May 07, 2024, 02:19:03 AM

FED, DOJ, SEC can do anti-Bitcoin, anti-cryptocurrency actions and can do some regulations to serve their fights against this market but they must now, by doing such fights, they are fighting against their citizens.

Things like this have a bad side and a good side. I get that the government are using all there power to fight bitcoin and crypto in it's own way, but looking from a different perspective, there doing their jobs.
If there are no regulations and the regulatory bodies don't do their jobs people will commit so many crimes and break so many laws with their platforms. If prominent people are allowed to do whatever they want they will get away with a lot, despite all the regulations, they get away with a lot talk more of little to no regulation.

The downside is that the feds just want to scapegoat whoever they catch at this point. Cz was a clear case of scapegoating for me, even though he was guilty. I feel it's either the crime was worse than reported or the feds wanted to make a statement with CZ.

kryptqnick

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When someone is charged with a crime, it's important to determine whether it's an unjustified charge that is actually for something a person says/does/represents or a justified charge. Then, if it's the latter, a person has the right to fair trial. In case of Samourai wallet, the founders are accused that their tool "facilitated more than $100 million in money laundering transactions from illegal dark web markets". The charge itself seems fair, and the US has fairly strong democratic institutions, so there's a good chance of fair trial.
CZ pleaded guilty to enabling money laundering, and 4 months of prison aren't a big term, IMO. Roger Ver is charged with $48 million tax fraud, which is also a serious crime.
I agree it's a long of cases with very recent updates, but that might be an attempt to impose strict regulations rather than to go against Bitcoin. Also, note that the charges are against representatives of centralized platforms and only in one case against an individual who didn't pay taxes. Overall, that seems fair to me.

tread93

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Quote from: alani123 on May 07, 2024, 02:07:41 AM

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.

There is definitely a trend line here & Biden's administration is obviously not loving crypto at the moment. They want to shut it down, lock it out, stop it any way that they can. But to someone's point this will just push the bad guys in another direction that doesn't put them at risk when they pull an atomic swap on the funds from BTC to XME or others & honestly because of this it may be even more hard for authorities to track these guys if they stay on the route that they are on here, I'll post the tread link here: https://bitcointalksearch.org/topic/crackdown-on-mixers-and-privacy-tools-is-ineffective-it-may-even-help-criminals-5495931

MusaMohamed

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Quote from: alani123 on May 17, 2024, 07:24:51 PM

https://www.axios.com/2024/05/14/tornado-cash-alexey-pertsev-crypto

Tornado Cash developer was convicted in the Netherlands and sentenced to 64 months in Prison, after a lengthy process.

There is a most common counter argument that nobody will sentence a producer of knife, gun in prison if someone else bought a knife, a gun and use it to kill somebody. This makes sense and logic but governments with their power in hands, don't want to interpret things and procedures like this. If they don't like a kind of service, like mixers, they will arrest the service providers and sentence them in prison for years.

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I saw on twitter today that the intense prosecution of Tornado Cash developers and pressure to convict them by the US is reasonable given that a major user of the service had become North Korea.

It starts to become geopolitical issue, no longer about legality of a service, product like mixer. If a mixer is used by anyone, any entity but criminals from North Korea like Lazarus group don't use it, governments will not cooperate at global scale to seize a platform and will not sentence the owner, operate in prison.

it is not fair and does not make any sense at all but again they are governments.

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But for the United States to maintain its status as a global leader, people have to suffer.

Things start to become worse, with less space for privacy while privacy matters for all of us.

martinex

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Quote from: BADecker on May 17, 2024, 08:03:32 PM

Remember one thin. Governmental activities are not against Bitcoin and crypto. They are against the people who use these coins. A bitcoin doesn't care if somebody beats it with a hammer.

Cool

Those pursued are not others, of course, their own citizens. I think this is a form of defense born from the government because it has seen a level of tendency for users, especially citizens who own a lot of BTC assets and this will be considered to weaken the government's authority over capital controls that have been regulated by the government.

I don't know when this will end because until now they seem to be pictured not directly opposed but always seem to look with distrust towards BTC who knows what they really think? Huh

BADecker

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Remember one thin. Governmental activities are not against Bitcoin and crypto. They are against the people who use these coins. A bitcoin doesn't care if somebody beats it with a hammer.

Cool

alani123

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https://www.axios.com/2024/05/14/tornado-cash-alexey-pertsev-crypto

Tornado Cash developer was convicted in the Netherlands and sentenced to 64 months in Prison, after a lengthy process.

I saw on twitter today that the intense prosecution of Tornado Cash developers and pressure to convict them by the US is reasonable given that a major user of the service had become North Korea. Well aside of the fact that developers can't control who uses a decentralized and distributed service, the irony is lost in the fact that the US has historically been a much more aggressive state for other countries. North Korea hasn't toppled any foreign government. The US has done it hundreds if not thousands of times.

But for the United States to maintain its status as a global leader, people have to suffer. Anyone who defies that, even just developers who write code for other people to use, will get complementary punishments. As if prosecutors don't have more serious matters to dedicate their time on than protecting US oligarch global insterests...

Churchillvv

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Quote from: Lucius on May 07, 2024, 07:59:40 AM

~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.

Potato Chips

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Quote from: alani123 on May 09, 2024, 03:40:00 AM

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.

electronicash

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Quote from: doomloop on May 11, 2024, 01:39:42 PM

Quote from: Maus0728 on May 07, 2024, 07:53:06 AM

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.

doomloop

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Quote from: Maus0728 on May 07, 2024, 07:53:06 AM

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.

Plaguedeath

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Quote from: alani123 on May 09, 2024, 03:40:00 AM

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.

Quote from: https://cointelegraph.com/news/nigeria-ban-crypto-p2p-exchange

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.

Smack That Ace

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Quote from: YUriy1991 on May 09, 2024, 08:52:13 PM

Quote from: Smack That Ace on May 08, 2024, 10:29:59 PM

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???

Quote from: Smack That Ace on May 08, 2024, 10:29:59 PM

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.

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Quote from: YUriy1991 on May 09, 2024, 08:52:13 PM

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.

GreatArkansas

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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.

YUriy1991

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Quote from: Smack That Ace on May 08, 2024, 10:29:59 PM

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???

Quote from: Smack That Ace on May 08, 2024, 10:29:59 PM

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.

HideYourKeys

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

alani123

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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.

Smack That Ace

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Quote from: YUriy1991 on May 08, 2024, 10:02:37 PM

Quote from: harapan on May 08, 2024, 03:35:50 PM

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.

YUriy1991

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Quote from: harapan on May 08, 2024, 03:35:50 PM

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.

Topic: FED action against bitcoin & crypto (Read 451 times)