13 comments
And who voted the "Idiots and Retards" into office.
And who voted the "Idiots and Retards" into office.
Did anyone seriously think that governments weren't going to regulate the hell out of crypto currency?
The wild west is over. Lawyers and politicans are going to screw you over.
Did anyone seriously think that governments weren't going to regulate the hell out of crypto currency?
The wild west is over. Lawyers and politicans are going to screw you over.
Good luck getting every govenrment on Earth (or at least the U.S. and China) to agree on regulations for crypto currencies and enforce them on the collective holders of more than half of all existing CPU power.
Not impossible, but the reason they haven't regulated it to the extent they want isn't simply because they haven't bothered.
Good luck getting every govenrment on Earth (or at least the U.S. and China) to agree on regulations for crypto currencies and enforce them on the collective holders of more than half of all existing CPU power.
Not impossible, but the reason they haven't regulated it to the extent they want isn't simply because they haven't bothered.
Bitcoin-styled crypto is specifically designed to be anti-regulatory. The blockchain records all transactions and is designed to be at least partially anonymous (fully anonymous if you know what you're doing). It's designed to be non-changeable once a transaction is recorded.
Governments don't like this because they want to control the currency because controlling the money is real power.
Having currency that defies regulations means that you can commit to transactions that can't be traced, can't be taxed per transaction, can't be identified to a specific person (if done correctly). That eats into tax revenues and that's what this is all about: power and taxes.
When the US government made it a requirement that exchanges act like banks and require proof of identification, other ways to exchange bitcoin anonymously sprung up. They want to be able to reverse transactions so that they can erase anonymous transactions that didn't go through their channels. It's not a government issued currency so it's none of their business.
Bitcoin-styled crypto is specifically designed to be anti-regulatory. The blockchain records all transactions and is designed to be at least partially anonymous (fully anonymous if you know what you're doing). It's designed to be non-changeable once a transaction is recorded.
Governments don't like this because they want to control the currency because controlling the money is real power.
Having currency that defies regulations means that you can commit to transactions that can't be traced, can't be taxed per transaction, can't be identified to a specific person (if done correctly). That eats into tax revenues and that's what this is all about: power and taxes.
When the US government made it a requirement that exchanges act like banks and require proof of identification, other ways to exchange bitcoin anonymously sprung up. They want to be able to reverse transactions so that they can erase anonymous transactions that didn't go through *their* channels. It's not a government issued currency so it's none of their business.
Yeah but it's not magic. If they manage to control more than 50% of the existing hashrate, they can do whatever they want to the blockchain. There could still be an uncompromised chain running on the cpu power they haven't seized yet, but the smaller that group becomes, the less secure it will be and the easier it is for fraudulent chains to start popping up without the ability to distinguish them from one another.
It's extremely extremely difficult for governments to control bitcoin, but not impossible.
Yeah but it's not magic. If they manage to control more than 50% of the existing hashrate, they can do whatever they want to the blockchain. There could still be an uncompromised chain running on the cpu power they haven't seized yet, but the smaller that group becomes, the less secure it will be and the easier it is for fraudulent chains to start popping up without the ability to distinguish them from one another.
It's extremely extremely difficult for governments to control bitcoin, but not impossible.
https://www.nytimes.com/2021/06/09/technology/bitcoin-untraceable-pipeline-ransomware.html
They need to make it easier to mine and create a backdoor, but make us all pinky promise to only use it for good reasons in honest faith. :)
They need to make it easier to mine and create a backdoor, but make us all pinky promise to only use it for good reasons in honest faith. :)
LOLS, read the news once in awhile. US federal personal income tax returns now have bitcoin questions. Do you think that the business returns do not?
https://www.nytimes.com/2021/06/09/technology/bitcoin-untraceable-pipeline-ransomware.html
LOLS, read the news once in awhile. US federal personal income tax returns now have bitcoin questions. Do you think that the business returns do not?
https://www.nytimes.com/2021/06/09/technology/bitcoin-untraceable-pipeline-ransomware.html
Good luck