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This Could Kill The American Crypto Industry | Urgent Update

DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,959
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edited May 2022 in Tug Tavern
https://www.youtube.com/watch?v=Wt_96cl8lUU
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,959
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    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.
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    PurpleThrobberPurpleThrobber Member Posts: 41,807
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    DerekJohnson said:

    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.

    Banksters gonna bankster.

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    greenbloodgreenblood Member Posts: 14,278
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    edited August 2021
    That won’t happen. Typical politicians, using regulations to drive down the value until they get their desired position, then loosen up restrictions, followed by a trip to the bank once the price flies. Rinse and repeat. Politicians are no better than hedge funds that short stocks to get better buying positions.
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    RoadTripRoadTrip Member, Swaye's Wigwam Posts: 7,198
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    PurpleThrobber said:

    DerekJohnson said:

    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.

    Banksters gonna bankster.

    Would have accepted gonna gangster
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    TheRoarOfTheCrowdTheRoarOfTheCrowd Member, Swaye's Wigwam Posts: 1,563
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    edited August 2021
    DerekJohnson said:

    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.

    The issue is that the heart and soul of perceived government power is the US treasury power to have real time audit trail access to all transactions from a taxation and monetary control standpoint.

    By definition, any untraceable transaction is an illegal transaction that will be prosecuted. All of the clearing houses and exchanges and those firms that provide those services are actively monitored to provide that data to the oversight agencies and failure to provide all data access is a capital offense that will shut down or result in major league fines as a consequence

    The obvious issue is the essence of block chain is it’s very problem from a compliance standpoint…. For crypto to survive, the government must have access to ID both sides of a transaction or they will shut it down. they have no choice, they will defend that “right” to the death and it’s only a question of time before they enforce it.

    In the meantime it’s a sticky trap with long term gotcha consequences for those that do not self report gains and losses in crypto.

    JMO, but I’m certain that this is coming, and it’s my guess that it’s coming soon in most high powered central bank states in a coordinated lockdown move in the near future
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,959
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    DawgsCanDance said:

    DerekJohnson said:

    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.

    The issue is that the heart and soul of perceived government power is the US treasury power to have real time audit trail access to all transactions from a taxation and monetary control standpoint.

    By definition, any untraceable transaction is an illegal transaction that will be prosecuted. All of the clearing houses and exchanges and those firms that provide those services are actively monitored to provide that data to the oversight agencies and failure to provide all data access is a capital offense that will shut down or result in major league fines as a consequence

    The obvious issue is the essence of block chain is it’s very problem from a compliance standpoint…. For crypto to survive, the government must have access to ID both sides of a transaction or they will shut it down. they have no choice, they will defend that “right” to the death and it’s only a question of time before they enforce it.

    In the meantime it’s a sticky trap with long term gotcha consequences for those that do not self report gains and losses in crypto.

    JMO, but I’m certain that this is coming, and it’s my guess that it’s coming soon in most high powered central bank states in a coordinated lockdown move in the near future
    That makes sense. I can even see a day where the IRS will imprison some high-profile people in order to send a message to the populace.
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    UW_Doog_BotUW_Doog_Bot Member, Swaye's Wigwam Posts: 14,195
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    DawgsCanDance said:

    DerekJohnson said:

    Cliff notes version... Congress is trying sneak in legislation through their infrastructure bills to force anyone who takes part in transacting in crypto to provide the IRS with the info on everyone they dealt with. Since this is impossible in cryptocurrency, it would effectively make it illegal for US citizens to buy and sell crypto. Why Congress would want to hurt the American public is the question of the day, but not surprising at this point.

    The issue is that the heart and soul of perceived government power is the US treasury power to have real time audit trail access to all transactions from a taxation and monetary control standpoint.

    By definition, any untraceable transaction is an illegal transaction that will be prosecuted. All of the clearing houses and exchanges and those firms that provide those services are actively monitored to provide that data to the oversight agencies and failure to provide all data access is a capital offense that will shut down or result in major league fines as a consequence

    The obvious issue is the essence of block chain is it’s very problem from a compliance standpoint…. For crypto to survive, the government must have access to ID both sides of a transaction or they will shut it down. they have no choice, they will defend that “right” to the death and it’s only a question of time before they enforce it.

    In the meantime it’s a sticky trap with long term gotcha consequences for those that do not self report gains and losses in crypto.

    JMO, but I’m certain that this is coming, and it’s my guess that it’s coming soon in most high powered central bank states in a coordinated lockdown move in the near future
    I could see the various exchanges getting picked apart but part of the entire point and design of blockchain is anonymity. It's a feature of the product. The level of surveillance required to enforce any sort of crypto regulation would inevitably be a much bigger concern than the price of crypto itself.

    FFS even the CCP can't get their various members to stop trading in Crypto and they really do have an Orwellian surveillance state.

    It would be similar to when FDR tried his best to shut down gold as a currency.

    https://mises.org/power-market/88-years-ago-fdr-banned-gold-will-bitcoin-ban-be-next
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    CuntWaffleCuntWaffle Member Posts: 22,493
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    Pitchfork51 said:

    I don't like crypto because everyone I meet who is into it is a world class dbag

    It really is just a gigantic cult. That being said, it is a cult you can make money off of.
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    RoadTripRoadTrip Member, Swaye's Wigwam Posts: 7,198
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    CuntWaffle said:

    Pitchfork51 said:

    I don't like crypto because everyone I meet who is into it is a world class dbag

    It really is just a gigantic cult. That being said, it is a cult you can make money off of.
    But are the crypto chicks wild in bed?
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    Pitchfork51Pitchfork51 Member Posts: 26,583
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    edited September 2021
    Every decade there is a new get rich quick scheme.

    And it's the same burnout douchebags doing it.

    By the way I'm at an orthopedic trade show and hanging out with the sales reps and doctors....like everyone has brought up crypto. Lol
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    UW_Doog_BotUW_Doog_Bot Member, Swaye's Wigwam Posts: 14,195
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    Pitchfork51 said:

    I don't like crypto because everyone I meet who is into it is a world class dbag

    Guilty as charged. Still making money.
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    greenbloodgreenblood Member Posts: 14,278
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    Pitchfork51 said:

    I don't like crypto because everyone I meet who is into it is a world class dbag

    I would like being a rich dbag
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