Topic: US Government! You are Welcome to the Bitcoin Age. - page 2. (Read 292 times)

Exactly. Expecting the US government to suddenly minimize crypto related issues through various regulations is completely silly and stupid since BTC and other cryptocurrencies were developed to shift some power away from the government into the hands of common citizens.

There are way more scams associated with FIAT when compared to crypto too.

They are just trying to rewrite history, the US government has been aware of bitcoin for a very long time, way before a great deal of the members of this forum were aware of it, and since then they have been trying to find ways to hinder bitcoin or if possible to destroy it, this is nothing new and it is something that is going to continue for a very long time, can the US government reach their goal? I doubt it, but they are going to invest all their resources to try to do so.

The world has experienced different categories of currencies from the creation. Even the Barter trade phase, the West (Europe) was using currency for their transactions.

The 22 century has introduced theirs which is Crypto-Currency

yhup when it come decentralized they should know how to prevent some bad activities before implementing it as a legal within the country because it's not possible to happen to be honest as it's so easy to used to any crimes and etc, and yes bitcoin is very common when it comes to such reason even before so it's their consideration to fix what will be the results.

What exactly are you trying to say?
Do you say that we have to pray to the all mighty US government to save us from the crypto scammers,or the crypto industry will sink into the ocean of cryptocurrency scams in the next few years?
I don't believe that the crypto industry is totally dominated by scams.The majority of the crypto exchange platforms and crypto casinos are legit.I'm not going to discuss all the crypto startups,ICOs,IEOs,DeFi,NFTs,because most of them are scams,but you could see from a mile that they are a scam,so only naive and gullible people would put their money there.

The way things are already going, if strict measures are not put in place could be very dangerous, people will pay a high price for that, the government as the sole protector of Its citizens must take the necessary decisions required,
Many scams already taking advantage of decentralization and free to everyone to carry out crimes, if the government doesn't carry out its executive responsibilities now in a few years things will really get ugly in this space.

What I understand from the above article is US is doing what any other country shall be doing to clean the mess from their land. It’s very simple they are just working on their different agenda so that crypto currencies do not become weed in the coming days. What I mean by this is real simple: they want the crypto to survive but they just want it more regularised, more under control rather than too free for criminals, robbers etc.

I don’t think they gonna go very hard on the crypto as the time will pass on. It’s just about the time period when crypto gonna go bloom in the USA. It’s IT hub, the least we could expect from them.

The fact about articles are, that they shows the idea, the whole notion that a person is himself adamant about, it might not even portray facts, most of the times it's just simple words. Therefore I do not think that you have to think that hard and fast about this. These are his thoughts and initially the government did everything, what they could to make things more safe for them, for their point of view. The misuse of digital currencies is a big thing and it has been happening for a really long time I do think that even if they set it up right now they still would be able to help the people in the past since the data always stays there, it never really disappears.

I can't understand why the author think that it's too late. Like almost all powerful financial institutions, US authorities tried to limit the usefulness of the digital currencies in their early days. Then by time goes by, they realized that they can't stop the wave just by diabolisation.

Jamie Dimon, the chief executive of JPMorgan Chase, at the World Economic Forum in Davos in 2014, called Bitcoin a “terrible” store of value that was also being used for illicit purposes. In 2017 he called it a fraud and more recently he declared it “worthless.” Few years ago, Bank of America’s chief executive, Brian Moynihan, debarred the company’s wealth managers from putting any customer money into cryptocurrency-related business. When regulators in New York were investigating methods of checkmating Bitcoin transactions, executives at Wall Street’s biggest banks bothered that regulating cryptocurrencies would also legitimize them and that could be a threat to the finance industry. So they tried to sow doubt.

Today, digital currencies are now the new rave. People and businesses including big banks around the world are embracing digital currencies at a rapid pace. Even governments are getting involved. A system that allows individuals bypass banks in money transfers, credit cards, loans, sales and business collections by connecting people instantly without an intermediary cannot be overlooked. There are now more than 75 million users of Bitcoin, up from around three million seven years ago, and the number of digital currencies has exploded threatening to take away that central role banks play. According to a report by Crypto.com, 220 million people transact business in the $2 trillion crypto-market globally.

Now the banking industry knows its problem. Regulators have not acted quickly enough and their inaction is costing banks valuable time in their mission to compete with other institutions that earlier embraced the crypto-space. It’s now hard for US banks to compete in this new world and profit from it.

Too late, just yesterday the US Justice Department set up the National Cryptocurrency Enforcement Team, which will serve as the focal point for efforts to identify and dismantle the misuse of cryptocurrencies and other digital assets. US government is now speeding up to determine how to police the cypto-space claiming that it has become a new frontier for criminals and rogue nations to steal and launder billions of dollars. The US government claim that if they could recover almost all the Bitcoin ransom paid to the perpetrators of a cyber attack on Colonial Pipeline Co. and equally trace and seize Bitcoin valued at about $3.6 billion that was stolen during a 2016 hack, then they have the ability and capacity to regulate the crypto-market.

Do you think the US government acted late or early?

https://www.nytimes.com/2021/11/01/business/banks-crypto-bitcoin.html

https://www.aljazeera.com/economy/2022/2/17/us-justice-department-taps-new-cryptocurrency-czar