Topic: This latest move by the US Lawmakers can kill Stablecoins but not Bitcoin ??? (Read 228 times)

Bitcoin is actually a mystery and those who can't understand how it works are living in a wonder world. Many people are amazed on the resilience it has shown over the years despite various attempt by several governments to attack its existence. Going by what is current happening to it and the cryptocurrency space I can confidently say that no government will be able to stop its progress.

The main thing for the guaranteed survival of bitcoin is to understand the real reasons for its collapse. If measures are taken in advance to eliminate these causes, then when they arise, everyone will be ready for this.
Cryptocurrencies represent a global update of the entire global economic system. When they are fully implemented in the world, life will change completely.

I am not sure how you came to the conclusion that these regulations will kill the stablecoins, opposedly, I think that these will bring forward legit and real stablecoins and they will be able to do business with complete peace of mind which will boost crypto market further.

The way regulations work in most countries is first to say they regulate stablecoins and say only banks can control stablecoins....then moving along with this line of thought..they say

cryptocurrency exchanges also besides KYC have to be a bank (not optional...have to) ...evil BTC/Crypto and all that....then the law is changed that US citizens can only trade

crypto in regulated US exchanges that are banks due again to KYC etc..evil BTC/Crypto and all that...then it moves on to 'decentralized' crypto...we must know transactions of such

better now..so that will be pushed as law rather than what is going on right now with the USA 'only' offering a 'reward' to track monero and lightning transactions tool..what

do you think wil happen (or try to happen I should say) if such a tool was to exist..well all the above I figure? Centralized politics/govt/banking/mega-corporations...really, really, don't

like 'decentralized' anything....any of the above push away at such bit by bit. If it the private sector push until you get regulated as too big as a monopoly..then you find your

real scaling...if you are government push until the bureaucracy is too much and then backlash..that becomes the limit..but it always is a concentration towards power and wealth

be it a country or a corporation or an individual..thus...decentralized anything like 'voting' w/o gerrymandering or labor unions slap downs on forming  or even education of saying

free college..all pushes

back at those in the status quo who already don't worry about such things as wealth/education/or hell society at all. The game at that point is not to get wealth but to gain

influence and power...wealth and power are just how you keep score. So there will always be pushback against decentralized BTC/Crypto ....just a matter of scale.

So I assume like getting rid if ICO coins in the USA this stablecoin bank only thing will pass because if I understand stablecoins correctly they are 1 to 1 with fiat and thus

would be pegged to eventual and future digital currency by the US government and others. Thus many in power looking at the past with Bitcoin 'wish' they would have

done the same to limit decentralized BTC/Crypto back in the day in such a manner when weak. But alas, BTC/Crypto was a way to succeed to fast to get ahead of that curve

for any power/wealth advantage...it is always gonna be any ATH then FOMO ...then the above folks will go for FUD to drive the price down and slow down the vision (they hope) of

BTC/Crypto. Rinse/Wash/Repeat. So they have been behind the curve on BTC/Crypto for years, but that does not mean that they can't jump on new crypto innovations before

they come to fruition and slap them down or try to.

Power/Wealth vs Democracy/Decentralization this has always been the case and is not different from BTC/Crypto. Indeed as the price and adoption of BTC/Cryto, especially

the 'decentralized' versions the more heavy-handed and frantic I expect such regulations to become. You really think that if the Bitcoin Twins are right and the Bitcoin

adoption will flip coin that it is gonna happen easy? Not gonna work likely, but look at the USA Presidential election..it is not like they are not gonna try and cry and moan

anyway.

https://cointelegraph.com/news/bitcoin-s-market-cap-will-flip-gold-winklevoss-twins

Brad

Government I know will always want to control everything and they have been trying to do that in the cryptospace but have not been successful. But there's a saying that says "If you can't beat them, join them". I think that's what is going to happen in this arena. No government will be able to stop the growth of the bitcoin and cryptocurrencies ecosystem. They can only try to control or regulate the activities of organizations that into the space but the development of the sector cannot be dwarfed by their efforts. The end result will likely be that every government now owns digital currency and those stablecoins that pegged to fiat currencies may end up being the victims while other non-stable coins will continue to thrive.

I reckon with your line of thought.

The truth is that the cryptocurrency innovation has become so intimidating to many national governments and big financial institutions around the world and it's being seen as developing at a very high rate. As a result, some governments and big banks are already strategizing how to launch their own digital currencies and control the existing ones. The privately owned stablecoins are more likely to be impacted negatively if such governments go ahead to launch their coins, and trying to regulating the stablecoin ecosystem seems to be the beginning to what will come later. But I still don't see such actions stifling other cryptos like bitcoin.

This is one of the reason why I always  believe that we can't do without banks, if stable coin like Usdt need regular audit by providing adequate information of mint stablecoins to individual, investors and traders. They should do the needful and get banking licences, this way I will be able to sleep and having trust in stable coin and not the other  way around.
It's necessary, look at Usdt capitalization, they need to be properly secured to avoid any future uncertainty that will hurt investors especially now that the market is accommodating institutional investors.

^ The bill is not to kill bitcoin or any cryptocurrency instead it is to have regulation for stablecoins which means that the government will gain control over the coins by subjecting them to the jurisdiction of their local financial institution. Though this is for stablecoins which is apart from bitcoin I am not convinced that once the bill has passed and be implemented they will already be stopped for I supposed that, this is just the beginning or a trial and if the bill will work then they might take another step that bitcoin might be stricken too and the result will either be positive or negative which is almost similar to their action now towards stablecoin.

It looks like the banking license will be used to control the company who already issued the stable coin. We know that tether is always printing more and more money. The problem in the stable coin was the transparence especially for the reserved fund that being used to backed the stable coin itself. There were some cases in the past said that if we can't trust the company who issued the stable coins.
Even tether said that if USDT is not fully backed by fiat money.

They're having a thought that stable coins will be a threat to their fiat money and banks as well that is why they wanted to make regulations to stable coins. However, there is a point doing such as they have stated some reasons like tether issues and connected with the Bitfinex actions before. This worried the federal reserve of the US.
 
 Remember Libra coins not yet launched because it is stable coin and their government wanted to regulate it, too. So if they can make some laws regarding stablecoins, then what's next? They'll gonna do the same thing with the other cryptocurtency in the futute? I hope not.

If they just want stablecoins to get a banking license and registration at Federal reserve then it is in no way a ban rather I think that all genuine stablecoins will follow it and should not have any problem, Infact this can help in even more adoption of stablecoins.

that's true and even they will be banning it and the stable coin will still exist. The stable coin must have not operated in US and that will solve it. The banking license is such a crap thing that came from the US.
it looks like the US itself is starting to think stable coin as a big threat for the US bankers. lol

Stable coins are actually dangerous.
Centralized stable coins.

Tether could collapse and crush billions.
The only stable or price smoothing coin that is entirely decentralised like Bitbay and ampleforth will be okay they are not hard attached to fiat or hard assets like gold. So no centralized control that can collapse and crush the entire crypto sphere.

I think sadly there are other forces attempting to crush projects like Bitbay.
Stable coins clearly provide even stronger competition to fiat currencies. Since people want to have a consistent price to for things.

Bitbay ( original I believe) ampleforth and a few others offer what I would call price volatility inhibiting mechanisms but some need a level of liquidity and volume to do so successfully.

Read up about these here.


https://www.researchgate.net/publication/344233205_Applications_of_CBDCs_and_private_stablecoins_Comparative_analysis

I don't expect they would allow Stable coins without super strict regs and their tasty angle.

Worst case scenario, even if they highly regulate or ban stablecoins still people will be able to use them because they are decentralized and crypto coins are truly borderless and even if exchanges have to ban it for US members even then the rest of the world is a big market and things will continue working as usual, I guess.

This is stupid. Why does a coin need a banking license if it's not holding fiat money or exchanging fiat money in any way. All the exchanging is done on exchange platforms and if someone is to require any licenses it's them.

Many countries tried such regulations but legislation is long and slow and the bill is going to get changed along the way. I don't think it's going to get approved straight up, if ever.

I am not shocked by the move of the US lawmakers and if they didn't take this step sooner or later the EU/UK will do because KYC/AML was introduced by the SEC when there's a lot of scams involved in cryptocurrency initial offering and with the issue of Tether lied about their reserves then which the US lawmakers thought another centralized stablecoin company may also do the same thing they have to take a bold step.
I don't see it as a deed to kill Stablecoins but to prevent them from doing something dirty.

I reckon.

It won't kill bitcoin but they're just trying to regulate the stable coins. That's more of their concern with the printing of any centralized stable coin issuers seems to be alarming for them. Although, they also even print fiat.

No.

There's no such as investor in stable coins. Most traders and investors are only converting to stable coins for the maintaining value of their assets but it's not literally investment for everyone.

The US jurisdiction should be affected for this and not the entire world, this regulations will help the US citizens against scam projects and it should be seen as something positive. Its time these exchanges face the wrought of the law anytime they act inappropriately to their customers, stablecoins should be regulated which equally give room for checkmating their activities. This news has actually helped in the recent drop in the price of cryptocurrency but it will do more good than bad, so, it should be appreciated.

Only a matter of time before tether blows the top of. Printing out of control, supply doubled since August

It looks like any crypto stable coin will be banning US citizen for this. I do agree if US is not controlling everything but when the stable coins are still being operated in US and it must have followed the US regulation.
I guess there will be  massive ban by exchange sites for US citizen to use the stable coin on the crypto market. We will see that.