Regulation FUD -- Hey hey hey
New US Crypto Regulation Far More Invasive Than We Thought US Congress intends to regulate crypto on a level far deeper than currently understood―They will:
Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly; Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities; Ban the use of (unauthorized) stablecoins; Introduce penalties for the use of mixers and privacy coins; Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly; Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded; Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients). This would not be done to then never use it.
In short: Congress wants to bring crypto-currencies under full oversight and control.
These new regulations introduce massive regulatory burdens on existing projects, ban and criminalize current normal activities, restrain innovation and free enterprise, and even introduce a transparent central bank digital digital currency that redefines money as we know it!
According to United States representative Don Beyer, congress should incorporate “digital assets into existing financial regulatory structures.”(1) As you will see, they intend to do just that.
And it will change the way things are done for crypto forever…
Full post here. I was close to copy and paste the hole because Reddit likes to delete things, but i also know hive community hates copy and paste, so here is the link:
https://old.reddit.com/r/Bitcoin/comments/pr7fow/new_shocking_us_crypto_regulation_far_more/
What does it mean?
Attack crypto with massive weapons.
In super short:
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Make DEFI without SEC approval illegal
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Make Stable coins Illegal
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Make mixer and privacy coins illegal
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Re-define legal tender, so Bitcoin is no money by law.
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Force other countries to use the same rules.
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Only FED is allowed to print their stable coin. Unauthorized = Illegal
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Go to prison and pay 250K USD if you receive coins from the mixer or privacy coins.
Is it likely it gets approved?
Maybe not the full version, but it would be very naive to think they don't try it again and again and again. And some versions will come around. Maybe not that worse as this one, or even worse.
And that's the superpower of GOV, makes it Illegal, and go to prison is the ultimate weapon to let Institutions quit the market. Also, people that hold large numbers in it are more likely to dump now and wait for what happens.
That's IMO the beginning of a bear market. And if the prices fall massive, they have another reason to regulate because pump and dump right?
For now, the crypto market gets fucked IMO.
Some thoughts about Hive
We all think Hive is super save because is decentralized. That's true, but think about it would be illegal to receive Funds from hive.
Think about the decentralized content storage becomes illegal and posters need to pay X amount if they get caught?
Think about all the ways to attack hive.
IMO it would need to protect the users Real anon wallets. I know with voting and all that shit it is difficult. But there must be a way to "hide" the number of coins the wallet holds.
Posting is less difficult because create a new wallet and post. Bam Censorship resistant.
Attack the holder = attack the network. The point of failure can be easily used to scare the users away. To make the reward mechanic useless. @blocktrades @smooth what do you think about it?
Rewards = mining? Money laundering? And some other evil words I don't want to write :D
Also if exchanges ban Hive, we need a smooth working dex.
In the end, it will be the fight of censorship against freedom. Nobody cares about hive today, the biggest advantage hive has. Enough time to prepare.
The video from Crypto daily explains it really well.
