I strongly suspect a sinister move here. You?

SmartGold01

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

it's the government's attempt to gain control of Bitcoin because, for all I care, these financial institutions with trillions of dollars are controlled by the government. They are the government.

What I understand so far is that Government can never subjugate bitcoin because it's above their authority and power, Government might have control over those money stored in the bank, or may likely monitor's peoples transaction within the banks but not with bitcoin.
In this they had no options than to either join the moving trends or stay clear since bitcoin is above their powers of having control, although they might implement some taxation but doesn't mean they had all forms of control over their bitcoin rather than some individuals who are holding it in recognized wallet or exchanges.

BenCodie

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin. We are seeing big asset management companies and financial institutions suddenly getting involved with Bitcoin, which is partly the reason why there is a pump in the price of Bitcoin. They are applying for ETFs, and some others are coming together to create an exchange. The latest development is Crédit Agricole's CACEIS gaining Crypto Custody Registration in France. Why are all these things happening almost at the same time when Binance is being grilled by governments in different countries? Do not be carried away by all of this; it's the government's attempt to gain control of Bitcoin because, for all I care, these financial institutions with trillions of dollars are controlled by the government. They are the government.

- https://www.msn.com/en-us/money/companies/cr%C3%A9dit-agricole-s-caceis-gains-crypto-custody-registration-in-france/ar-AA1cSLjD

Generally things are coordinated, yes. Whether that is sinister or not is another story. Are they all controlled by government? Actually no. More so the other way around, that's why lobbying exists and has existed for some time.

In my opinion this sudden move might be more to be able to quickly capitalize after holding the price down, especially the case with the states and edx exchange. I think that in order to keep up with China, all of these things must have happended.

At least, we all know when the next bull run will end and why...when all of these companies taking custody of coins go under from mismanagement, like ftx

ololajulo

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Currently, it is challenging for anyone, whether it be a government or institution, to believe they can exert control over Bitcoin. There are a couple of reasons for this. Firstly, Bitcoin is no longer confined to specific regions, locations, or races; it has become widely dispersed across the entire globe. Secondly, Bitcoin has generated more millionaires than any other asset, and these individuals possess fiat currency in their bank accounts to safeguard their social standing and protect their assets from the influence of other wealthy individuals. Consequently, they are shielded from oppression by their affluent peers.

OgNasty

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin. We are seeing big asset management companies and financial institutions suddenly getting involved with Bitcoin, which is partly the reason why there is a pump in the price of Bitcoin. They are applying for ETFs, and some others are coming together to create an exchange. The latest development is Crédit Agricole's CACEIS gaining Crypto Custody Registration in France. Why are all these things happening almost at the same time when Binance is being grilled by governments in different countries? Do not be carried away by all of this; it's the government's attempt to gain control of Bitcoin because, for all I care, these financial institutions with trillions of dollars are controlled by the government. They are the government.

- https://www.msn.com/en-us/money/companies/cr%C3%A9dit-agricole-s-caceis-gains-crypto-custody-registration-in-france/ar-AA1cSLjD

It isn’t surprising that big banks are utilizing their paid for politicians to use government agencies to attack established players in the market in order to open up buying opportunities for themselves to enter and take control. This is what I think we’re seeing and that is why it is important to hang on to your coins right now. Don’t let them get your coins for cheap.

Eternad

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin. We are seeing big asset management companies and financial institutions suddenly getting involved with Bitcoin, which is partly the reason why there is a pump in the price of Bitcoin.

Private institution is not owned by the governement and they didn't represent so I don't the point on why will Government will try to control decentralized asset like Bitcoin for their own gain. The best thing they can do is to regulate exchanges to guarantee that they can get profit on it.

There's no Sinister move here from the Government but rather from the financial institution that benefiting on the turmoil of Bitcoin to create a move while SEC is busy on their campaign agains Binance. Now SEC will be pressured for the approval since they are preparing for there battle against Binance. Blackrock just make a good timing while SEC is busy doing their other business with Binance and Coinbase.

Zlantann

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin. We are seeing big asset management companies and financial institutions suddenly getting involved with Bitcoin, which is partly the reason why there is a pump in the price of Bitcoin. They are applying for ETFs, and some others are coming together to create an exchange. The latest development is Crédit Agricole's CACEIS gaining Crypto Custody Registration in France. Why are all these things happening almost at the same time when Binance is being grilled by governments in different countries? Do not be carried away by all of this; it's the government's attempt to gain control of Bitcoin because, for all I care, these financial institutions with trillions of dollars are controlled by the government. They are the government.

- https://www.msn.com/en-us/money/companies/cr%C3%A9dit-agricole-s-caceis-gains-crypto-custody-registration-in-france/ar-AA1cSLjD

Except for something special that happens the United State Securities and Exchange Commission will not approve Bitcoin ETF applications by BlackRock, WisdomTree, and Invesco. Many companies such as New York Digital Investment Group, Global X, Fidelity, SkyBridge, and Valkyrie applications requesting regulatory approval for spot Bitcoin exchange-traded funds (ETFs) were all rejected by the SEC.

I will averagely agree that the reason for the attack on Binance could be because the government wants to project American exchanges to take the market share of Binance. The founding of Fidelity Digital Assets, Charles Schwab, and Citadel Securities backed EDX Markets might be the manifestation of the ploy to push out a perceived Chinese company from the US exchange market.

All these moves will not lead to government control of the crypto industry because people will always grow to know the truth. They might start investing with centralized platforms but as they get the experience they will eventually understand the dangers of dealing with centralized or government control crypto business. The majority of them will gradually switch to decentralized platforms because most people love privacy, freedom, and security.

Ever-young

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Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin.

They can't win, they can't take total control over the crypto market, the only thing which might be possible for them is to try as much as they can with their power and investment from different corners to hold a huge percentage of the market volume but I doubt that could even be possible.

Let's just watch and see what's gonna happen. The market have already warn against them over their case suit. With time the Crypto community will adopt to all their noise and normalize with it, any further fuds cause by them will no longer mean much to the people and as such won't harm the market again.

The Cryptovator

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In reality, the government cannot directly control Bitcoin as it operates on a decentralized network. However, there are attempts to regulate and monitor Bitcoin holders. Large companies that engage with Bitcoin may be required to share data with the government through law enforcement agencies. It appears that the United States is aiming to exert influence over the cryptocurrency industry, currently dominated by Binance. As a result, major US companies are launching their own cryptocurrency exchanges.

lionheart78

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Quote from: avikz on June 22, 2023, 11:42:05 AM

Quote from: mvdheuvel1983 on June 22, 2023, 10:50:36 AM

I strongly suspect a sinister move here. It is the government subtly trying to take over and be in control of Bitcoin. We are seeing big asset management companies and financial institutions suddenly getting involved with Bitcoin, which is partly the reason why there is a pump in the price of Bitcoin. They are applying for ETFs, and some others are coming together to create an exchange. The latest development is Crédit Agricole's CACEIS gaining Crypto Custody Registration in France. Why are all these things happening almost at the same time when Binance is being grilled by governments in different countries? Do not be carried away by all of this; it's the government's attempt to gain control of Bitcoin because, for all I care, these financial institutions with trillions of dollars are controlled by the government. They are the government.

- https://www.msn.com/en-us/money/companies/cr%C3%A9dit-agricole-s-caceis-gains-crypto-custody-registration-in-france/ar-AA1cSLjD

Not a bad guess! My thinking goes in the similar line. Because the current movement of the US government shows their two different faces. They are approving the ETFs while grilling the a long standing and reputable exchange. So it's not very surprising to think that the government is playing games to assume control over crypto market in US.

The difference between the two, Binance and ETFs is that ETF are in compliance with the US government rule while Binance have some servicet that is not registered to SEC and yet they provide such service. Even though there maybe some suspicious thing behind, but it is clear that Binance US had breached some of the regulations which was stated on the case against Binance.

Quote from: avikz on June 22, 2023, 11:42:05 AM

But fortunately, this is very difficult to execute due to the decentralised nature of the bitcoin network. So I would say let the game begin and we will see who's the winner. Bitcoin is not a bank which is easy for a government to just conquer.

The SEC, I think, doesn't want to control the decentralized network of BTC but the finances and BTC that pass through the centralized platform. They can't do anything about the decentralized nature of BTC so they will go after the centralized platform where BTC pass through.

un_rank

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Quote from: taufik123 on June 22, 2023, 11:14:58 AM

Bitcoin is decentralized, no one can fully regulate it even the government.

It can be fully regulated if you are not in full control of your assets.
If you do not own the private keys to the wallet that holds your bitcoin then you are reliant on them to gain access and are being fully regulated by that body. If that exchange is fully compliant with the government, they can regulate how you use your asset.

- Jay -

20kevin20

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If this is a plan, we have a lot of things to worry about. They’re clearly planning to apply surveillance everywhere but I’m still having a very small hope that I’m just too paranoid.

This is a dystopia we’re heading to at a way faster pace than I imagined. I don’t want to live in one. If things get worse in a few years, I’ll seriously consider moving to a very isolated country/society where freedom isn’t doublethought. I rather live a simple life than be a slave of theirs.

Bushdark

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This should not be a surprise to us because the government already have the in there plan before now and they could achieve this with time. The are buying our coins so that we will not have control of the market and anything they chiose to do will not have any restrictions or persons that could stop them. Since Bitcoin controls the cryptocurrency market having control of Bitcoin will be very easy for them to achieve without any second thought. We might be gradually losing control of the market as Bitcoin holdere because there are people that have form whales having large holdings that can be used to pump the price of Bitcoin anytime they like.

Bitstar_coin

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The government can always come up with whatever they want but it is up to you and i to make the decision to be a part of it or not. It is very simple imo, if government decided to have their own exchange or coin for that matter, it is up to the crypto community to decided whether they are willing to go the centralize way or remain in the decentralize way. Provided this is not shove down the throat of citizens and crypto users, i believe we all have a choice.

panganib999

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Quote from: Faisal2202 on June 22, 2023, 10:59:38 AM

Even if they come up with there own exchanges from which they could get all type of information about their customers which of course they will, even, it will be written in there policy that we do not get customer's private data. The point is, they might control those exchanges on which customer's assets are placed and they could halt any activity anytime when they get any legal restriction from SEC or CFTC.

But the result will never be the one they wants, which is to control your BTC. Because btc is not a centralized token yet exchanges are and these exchanges are only in the zone of USA, so, to access BTC outside the USA, citizen already (might) came up with different alternatives ways.

These attempts to promote BTC adoption is not because they want to divert crypto users towards centralized exchanges it's because they want to earn money too, and they do know that's how they can do it by making there own exchange and by promoting institutes to buy big amounts of BTC. Even the exchanges are not accessible for US citizen to accumulate BTC but they are doing it still, by buying the shares from Microstrategy.

It's not about getting your own exchange that gives these people control over bitcoin and cryptocurrency adjacent, it's the fact that they are slowly buying out large amounts of cryptocurrency from regular joes and exchanges that's concerning here. They basically are vying for the 51% power dynamic which will work so well with decentralized assets like bitcoin in this case. If they were to buy a significant portion of bitcoin on the market they basically have full control over its price and can very well pump and dump it however they so please. You can't be so sure about these entities not being able to control bitcoin in the future since we even have whales here who the price of bitcoin is tethered to. If they suddenly power tripped and sold their assets a significant plummet will happen and we'll be affected by it. The same could happen with these shadow people buying off large portions of bitcoin in the process.

tjtonmoy

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When one start to fall, others will try to take that place. With all of this happening to Binance, I think others will try to climb the leaderboard in order to get a piece of the cake. Which in not surprising as this is very common. But if the government is involved in this, then there has to be a master plan behind all of it. Their main goal is to get back the control over what they are unable to control. If that's the case here, then we will see more allied countries to join hands and do the same.
Then again, why should anyone use something that is not in their control? Binance, SEC, government - None of them puts any threat towards Bitcoin. If you are a Bitcoin hodler, then what seems to be the problem? Take a hardware wallet and store it in there. Your key, your coins. Do you think Binance is any good? It is also centralized. So staying away from something like this is the best choice in my opinion.

KiaKia

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For me, all these moves are breaking the coolness of the Bitcoin and crypto space, as I was here all along in order not to let anyone know of my worth, and the decentralization potential of Bitcoin. As a result of the interference of the SEC and the government, this idea is being messed up, so the decision is now up to Bitcoin adopters, whether they continue using the government exchange or not.

There is no reason why I should use centralized exchanges from the SEC and the government, it is time to switch to a more decentralized exchange.

imamusma

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Rest assured bitcoin will not be controlled by anyone including the government, but the government can control bitcoin users with regulations. Governments want control, but they can't because bitcoin is a financial innovation built on decentralization.

If governments could control bitcoin, they wouldn't this time when bitcoin was expensive. They could have banded together when bitcoin was low, so they didn't have to spend a lot of money just to gain control. It's nearly impossible anyway, so I don't think that's the reason why the institution got involved.

passwordnow

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They're just trying to reduce the competition but even with that, it is the people that will still choose at the end. There's an edge from these government-backed exchanges because there's a "safer" approach to them and they will be considered more trustworthy than the ones that don't have the government on their backs. Well, it cannot be gone that Binance and other known centralized exchanges have got the people's trust already and everyone is free to choose which exchange they'll use. More competition, hopefully better services.

Flexystar

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This is same thing as eating from your right hand or left hand; at the end the food is gonna get into your stomach anyways. What I mean is, Bitcoin or entire crypto space is decentralised meaning any sort of infrastructure that is built will be using decentralised power thus creating that perfect GAP between them and their controlling methods. They might be able to impose the rules and regulations but they would be limited and within the boundaries of jurisdiction they are in.

Whether they bring in big companies, whale investors and bankers, at the end they will reach a border of decentralisation and realise that they can’t do anything here. The point is proven. Let them do whatever they desire to.

Dr.Bitcoin_Strange

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Well, the government and their political nature are always applicable to every area that they want, as long as it contributes to their strength and gives them more power. Bitcoin can never be controlled; the only way they can try and stop some circulating coins is by creating a centralized system, allowing people to trust that system, and then they will strike. I feel that's what the government is trying to do. Since they have tried quite a few means to regulate Bitcoin but have not succeeded, they will keep trying until they achieve success. I don't think they care about any business they destroy just to archive their desire; they don't even care how long it takes them. Bitcoiners just need to trade cautiously, avoid centralized platforms, avoid KYCs, and trade your Bitcoin on a P2P Dex platform.

Topic: I strongly suspect a sinister move here. You? (Read 236 times)