The Muddling Of Cryptocurrency

We see the inefficiency of government at work. In an effort to "protect investors", the unknowing dimwits in Washington are proposing a host of changings to "clean the industry up".

Regulations. Taxes. Oversight. All of it is making news.

The reality is that it is all a major goat-fuck. These fools actually thing they are helping things and understand what is going on.

What is really taking place is costs are just being pushed higher and innovation is going to be stifled. This is what always happens when government gets involved.

In the United States, the latest tax bill even grouped cryptocurrency miners are money transmitter entities. They were going to require the same compliance from miners as would a Coinbase™. Can you imagine a miner having to report each time a token was moved and to make sure the parties were KYC approved?

The other day I tweeted this phrase out:

We can develop faster than you can regulate.

Cryptocurrency is a party that was started by people who were not asking government permission. In fact, governments were never invited to the party. Instead, they crashed it like a rival gang, seeking to destroy things and get the cops called.

We can already see how their involved is muddling things up. Many things are starting to screech to a halt because of the uncertainty. It is likely showing up in the market pricing.

Nevertheless, the old mindset still prevails. The key is for people to keep operating outside the system. As projects are built on decentralized systems, the ability to regulate becomes very difficult. This get multiplied if the applications people are using is open source. Under this scenario, many people can spin up the front ends, providing too many targets to hit. It ends up where the second one is taken down, two more spring up.

It is long said that if you write enough laws, eventually everyone becomes a criminal. We are rapidly getting to that point. Of course, the worse the conditions get for individuals, the less they care about what a bunch of politicians do.

The problem for the establishment, in this era, is whatever their law says, coders will figure a way around it. Lawyers like to operate in a very precise manner. If it says "Bitcoin" in the bill, then that is what it is referring to. Ethereum, nor any other cryptocurrency, is not included in that.

Tyranny often comes in the form of a suit and tie along with a nice press conference. It is not always in the form of military garb and guns. Make no mistake, that is what is behind the suit and tie yet it is the former that is pushing the tyranny.

This is exactly what is happening today. Cryptocurrency is something that is outside their control. Hence, they must reign it in.

Therefore, our option is to stop the muddling of this by moving outside their reach. Keep developing, expanding, and growing. There is a point where the system just gets overloaded.

Governments are known for their inefficiency. This is something that we need to take advantage of. The idea is that we can move faster than they can.

So while they are muddling things up, we are moving passed them.

article by @taskmaster4450le

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