This is the U.S.'s "China moment". In the middle ages, China, who had previously done well, decided to close it's borders, and turn inward. This produced a weak China. Now, the country that landed on the moon, sees cryptocurrency is the next big thing. Instead of racing ahead, we block, deny and try to control. We act from a place of fear. https://www.jdsupra.com/legalnews/deconstructing-the-sec-s-cryptocurrency-3713403/
,,Being naive is as bad as being evil" - Jordan.P One should be naive as hell, if he had not seen it coming.
If governments decide to end cryptos, it can be done very fast. It will never die completely, but tiny niche will not matter. Cryptos can not do the the same to governments. It is clear who calls the shots.
Governments and central bankers have a valuable role to play in regulation of financial markets and instruments, if only for maintaining some degree of stability and safety. There are countless markets and instruments where traders can play. I wouldn't be freaking out about lack of government support for crypto mania.
This didn't start with crypto. Started around 9/11 in a full blitz kinda way. It proly started covertly around our defeat in Vietnam. Anyway, most serious crypto people I know are setting up long term visas and re locating to other countries....cuz bitcoin and the Fed are gonna do battle till the end in USA.
They aren't moving because they fear they will lose or not be able to move their Bitcoin. They are moving for other far more important reasons of which Bitcoin ban is one out of many possible outcomes / symptoms.
Well, I want my money to be safe from the infested hands of leeches, hackers, thieves, con men,... You know, like all the current members of the crypto craze. So, no, thank you. I see no benefit whatsoever in cryptos for developed markets. We already have electronic payment and transfer means that do not cost any more than a crypto transfer (end-to-end) but are infinitely safer.
Serious crypto people? What does that even mean? What do those serious crypto people do all long according to you?
Governments that issue their own fiat money control the amount of money they spend into their economies and the amount of money they sidetrack via bond sales. Furthermore, they accept only the money they issue in payment for taxes, and that's for a very good reason. If they allowed crypto currencies that they have no direct control over to be substituted for government issued money, particularly for the payment of taxes, they would open their economies to other currencies being used domestically and they would find it even more difficult than they do now to regulate their economies via monetary policy.