Crypto-NIGHTMARE - The Regulators Are Coming, The Regulators Are Coming!!
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There could be no worst case scenario than SEC and government agency regulators coming in an changing how this market operates. Sure, the crypto market has its issues and way too many coins that don't actually do anything. And sure the funds of people who invest in coins is not insured and backed by the FDIC. But that is what you get with true liberty and a free market. A truly free market will move to police itself if you give it a chance. It will regulate itself as self preservation becomes the priority.
The worst thing this market can do would be to invite and even welcome government regulators in to enact policies to be governed by.
WHY?
Because the system wherein these regulators work, HATES US! The very purpose of Crypto was to ensure privacy and non-regulation. It was born and promoted out the shear knowledge that our current financial system is corrupt, rigged and can print money into oblivion making it essentially worthless. Making things worse is that some of these coin companies and leaders in the crypto-verse are even welcoming these regulations!
If you want to ruin and make something very hard to use, then yeah government regulation is the way to go. Topping it off is the fact that the financial system of the west hates crypto-coins and does not want them to succeed in the first place. Its a threat to the very core and foundation upon which they were created.
Bitcoin, Steem and all the existence of all other crypto currencies out there are in jeopardy if any real regulation ever takes hold.
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I don't understand how anybody involved with cryptocurrency would be ok with this let alone promote and ask for it! MIND BOGGLING! Theres no shortage of stupid out there...
I know, dude!
Nice article Zac, I'm new to Steemit and followed you on YouTube and now on Steemit. Also jumped in under you in Bitconnect.
It is already hard enough for Americans to get into the cryptocurrency market without the feds getting "more" involved.
Welcome aboard! Thanks for watching!
usa takes by regulation, russia takes by force, in a technical sense your not allowed to exchange from person to person without taxes, in any shapre form or fashion. And anything used to exchange outside of taxes is tax evasion , and unlawful currency . I dont like it but thats the facts and the laws. And ultimately all governments have a certain level of agreement that in order to secure their own existance they have to acknowledge and help enforce eachothers laws especially when having to do with money. yes snowden was outside of that but thats because it didnt affect certain taboo subjects, money being one, and played into the russians hands.
The only way crypto will stay is if it is endorsed by the gov, which will defeat its true purpose and give the gov what it has been trying to get us into for years, a perfectly trackable electronic currency. And they didnt have to spend a dime to develop it, and wont have to force it upon us, people will choose to take it.
no foreign power has ever taken a right away from me.
good vid, keep lookin out.
Yes Zac I agree with the Government interference. It is never any good. All good soldiers know their enemy and how to mover to keep them from getting over on them. I agree with Zac all crytocurrency operations should move their servers now and stay out of America since the lucies are trying to take us down and destroy our way of life and the freedom that we love so much.
I am sure that is what SEC and their GOVT bosses don't want. They see us as their puppets and won't want us to be Free. But Crypto will always survive because it is the will of the people.
what is not mandated must be prohibited.
I invested in SmartCash and I wasn't sure if they were US based or not. Their website is https://smartcash.cc/ . What's TLD .cc ? I wondered that myself.
A crypto-currency operating on an Australian territory island population 600. Ok good. @ironshield
Shared to educate!
Great video Zac, thank you for always being a good steward of the community!
A very interesting post,