Governments have always been free to buy/sell their own bitcoin just like everyone else. All Biden really did was give an indication that the government has its own crypto projects and they will support crypto ideas which their populace can benefit from.
Global governance does not mean to take over something, Global governance just means to manage issues/problems which cross any countries borders.
So for example one could say “The global governance of covid 19 was poor because they let people travel for a long time before lockdown.”
So when they say global governance of BTC they just mean things like, Are we ready to accept BTC? Are we able to limit the amout of people using BTC to scam? Can we make money lauderers face justice? Are we ready to adopt BTC as legal currency? Can we donate aid money using BTC?
This is not the kind of person I am, I’m not here to convince anyone to do anything or manipulate, I am here to discuss logic and fact, my only narrative is whatever the facts are. You misunderstood what global governance means, is there anything else you’re misunderstanding?
If I hadn’t taken the time to explain what it means to you would you have continued believing Biden wants to take over BTC and control it?
Yeah and that should actually scare you. CBDCs are not crypto currencies, they are a centralized digital form of fiat. They will have complete control over it. If this gets implemented, the citizens of this countries pretty much hand a few people a economical kill switch for pretty much everyone and everything that uses their money.
This is like next level dystopian ■■■■. But it is the alternative to crypto they are proposing. And it doesn’t matter what they promise and how much checks they put in place to prevent abuse. If it is centralized it can get changed, and if the wrong people get into power they can pretty much annihilate their adversaries over night with a push of a button.
Whatever you understood translating the FACT SHEET from American English to UK English is wrong.
Dude, I LITERALLY COPY AND PASTED FROM THE OFFICIAL WHITE HOUSE FACT SHEET. No where does it say anything remotely like that.
After reading a lot of your posts, Aaron, I am now officially entitled to use the following quote to any outsiders of this forum ; “I’ve seen things you people wouldn’t believe…hmpf.” -said by replicant Roy Batty in the movie Blade Runner.
Why did you bold that part? then you typed that I said crypto should not be that.
I’m talking about YOUR interpretation of it, YOU seem to think Biden meant more than he said. All he is saying is that he wants the USA to gain a good understanding of crypto and how it can affect the world, and be in a position to get involved in crypto if the rest of the world is.
I for one fully agree with Biden intentions as I believe the mining of crypto can help low income families increase their income. Perhaps the US government will start accepting crypto for some of the services they offer? If this happens we will see lots of people use their gaming computers to mine lower value crypto with Nicehash and be paid 1 or 2 dollars in BTC per day.
There is some heavy investment going on in Texas due to Chinese crypto miners planning to move there, I hear there are lots of new residential homes being built too.
Those are the parts where Karak Terrel understands The U.S. is going to be going towards national (or state level with central oversight oversight) crypto coin(s) managed by a federal appointed “trustee”. Like the FED. With a lot of rules, and not distributed. Centralized currency per country and international agreements on how it’s created, managed, controlled with international agreements and oversight. Thus meaning it isn’t just like in El Salvador, where they accept the Bitcoin like the USD and leave the managing of the coins to the Bitcoin community and U.S. Federal Reserve respectively. It will be a cryptocoin like the “USDcc” for example, that is made by controlled companies, which have to abide by ecologicla rules like “create it ONLY from WASTE ENERGY, thus near power plants by companies and not the random work-at-home-hobby-ist”.
Maybe you should ask @Karak_Terrel , as he’s seeing this could be going in a whole different way than what was assumed by the crypto community (decentralised currency with no national/international government interference).
You really just pick whatever you want from the Executive order, right?
Good to hear you claim to know more than is written in the executive order.
In short, Cryto coins are like the wild west, federal oversight is on the way in the U.S.A. and now no one can stop them. Until next election, that is. And it will be polarized, which is very bad as I don’t think any political party besides maybe Wayne Lambright will support “The Wild West for currencies”.
This isn’t surprising. I don’t expect countries to not try to release their own digital currency. Especially the US would have a lot to lose if something else became the reserve currency. They heavily export it, it is a big junk of the US wealth that depends on it.
But the whole concept of a CBDC leaves so much room open for power abuse that it will inevitably happen. And since money is based on trust, I think they will eventually fail.
But again, CBDC has nothing to do with crypto. They could have created that long before Satoshi wrote his whitepaper and gave us the technology to build decentralized consensus, because they don’t require that. So it’s wrong to say “they go in a different direction than we thought”. In fact the only surprising thing is that Bitcoin and crypto isn’t attacked more given how disruptive it is.
Maybe they still think they can catch up if they make a CBDC now. I think they still don’t fully understand it. In the end Bitcoin will be inevitable, even if it has to go underground for a while in certain places.
BTC will always be a decentralised currency with no national/international government interference, countries can go ahead and create their own digital coins but this won’t have any impact on what BTC is or change it in any way.
I will never be involved in any digital coin a government creates, Only BTC and whatever popular crypto coin someone commissions my GPU’s to mine. Countries can do a lot with BTC but they will never be able to control it,
You do seem to be confusing a couple of issues, Crypto Coins are not the same as Digital Coins many governments plan to create.
Why would the U.S. Government take it over? They can make a simple coin, everyone can understand and use. I think that will be the solution, you must agree because you keep saying I don’t understand the Bitcoin/Cryptocoin system(s).
t. The guy who mines and then sells his crypto tokens as fast as possible for government currency.
Yet here we are with you having a bank account with digital representation of the value of your money. Ok, it’s in the negative but it still is digital money.
Well, the crypto market is quite confusing for a lot of people. That does not bode well for it’s global acceptance as a currency or highly volatile stock depending on which “Crypto Gorillionaire” you ask.
Todays vote in the European Parliament would suggest that there clearly can be government interference:
While the regulations cant directly interact with the blockchain, if they prevent any financial institution from interacting with any Proof of Work currency, they can certainly have a significant impact on its usability, and likely value - how will people convert their Nicehash earnings to regular currency if Coinbase cant trade in Bitcoin?
Countries can keep out of crypto, but you can’t keep crypto out of countries. We seen this in the 90’s with PGP and nowdays it’s expected and demanded we have encryption everywhere by the people (not governments of course, except themselves that behave like elitists).
Companies bath themselves with privacy washing, woke washing, green washing, anti-war morality washing.
The EU is one of the largest lobbyfests you will ever see. The regulation is not for you, it’s for big companies to keep out little emerging competitors by raising the costs to their level. The EU is greenfields for the military/medical pharmaceutical /energy/financial industrial complex.
Good luck with those audit sign offs on the EU finances and transparancy of their communications and documents.
Democracy is when you know everything about the government, tyranny is when they know everything about you.
Companies will just move to the path of least resistance. There’s always the UK next door, treasure island.
Proof of work ban won’t work, how about those Google data centers? Scientific computation farms?
The EU themselves fund science that uses huge compute farms of ASIC’s, GPU’s, clusters…
I agree you can’t keep crypto out of the country by regulation, the vote may well not succeed, but if not it doesn’t mean it won’t reappear, so will remain a threat.
However, given the environmental considerations it seems that there is a fair chance, sooner or later that there will be regulation of PoW currencies. As you say it isn’t possible to actually prevent the PoW being carried out, but you can definitely restrict the currencies use.
The use of compute farms for scientific research is very different to cryptocurrency, in the vast majority of cases the purpose it to complete research for actual measurable benefit, not simply the endless grinding of artificially created problems, the answer to which have no real world application.
The average person doesn’t care about the EUs motivation, what may be going on behind the scenes, or rebelling against existing systems that they likely don’t perceive any issues with - they want to be able to easily exchange their money for goods/services/etc. and if every legitimate business and financial institution in a given country isn’t allowed to accept Bitcoin, why would its citizens want to hold a currency that can only be spent abroad.
Given the UK Financial Conduct Authority’s recent judgement outlawing crypto ATMs, due to the level of anonymity they provide and their lack of compliance with anti money laundering rules, it seems unlikely that it will become a haven for crypto currency trading.
No, don’t encourage them. Remember, these people spent €7 million on Donkeypedia, a travelling blogging donkey, and that’s just one example of what happens when people in power spend “others peoples money” without acountability.
They made a donkey, richer than the average citizen, and they want to pontificate to us about money laundering and responsibility?
As I’ve explained a few times before. I was in debt before I found crypto/nicehash. I am a person who likes to ensure all my debts are paid before I start investing. So once my debts (which I’m being charged interest on) have been paid off THEN I will start investing the BTC I’m paid. If you can’t understand this the convo is over for you and I. I don’t understand why I have to keep explaining basic things to you in this convo. The people in the world who have a reasonable attitude will try their very best to pay back what is owed before moving forward financially, do you struggle with this viewpoint?
I also mentioned that if the establishments I owe money to accepted BTC then I’d pay them in BTC without exchanging it to government currency.
You’ve lost me.
YOU interpreted the official fact sheet as a US desire to control BTC and other crypto currencies, this is not the case. What is the exact problem which needs a solution? a solution to confusion BTC and crypto brings? BTC on it’s own is worth Trillions so there are many people who have a very good understanding of it.
It might be best to keep it simple and just focus on what BTC is and what can be done with it.
We both know it’s just about power and not about money laundering or the environment.
I don’t see a scenario where they will not eventually attack Bitcoin. But Bitcoin was made to withstand exactly this. There is no point in it if it can’t survive this, and I rather know sooner than later.
But it obviously sucks for the EU, they kinda shoot their own foot with this.
Anyway, no matter what I say or want will change the outcome.
Not really. There is a process to generate BTC which can be fully understood if one takes a couple of hours to research it. BTC could be seen as like a foreign currency as it has an exchange rate vs other physical currencies. BTC is still very new and countries are seriously considering adopting it as part of their finances. There are various methods of keeping your BTC secure which again can be fully understood with a couple of hour research.
Purchasing BTC isn’t that difficult, In my example all I need to know is how to obtain it from Nicehash, how to move it to Coinbase and how to sell it for physical cash and have it paid to my bank account. Obviously I need to understand exchange rates for GBP and BTC. I’m pretty sure you’ve been on holiday to another country and have had to exchange your money for whatever country you’re visiting, this is no different from the process you would go through with BTC.
Project Discovery is “proof of work”, we do work (draw circles), submit the result, and get a reward. We do this using toxic nuclear and dirty coal and oil/gas energy on the EU energy grid.
Everyone who comes up with a plan against climate change and it doesn’t involve going against big oil or other industries who are in the business of digging fossile carbon out of the earth are either complete idiots or liars. Because it’s politicians, probably both.
You have a very good point and you are correct that any proof of work service can be banned which has already happened in a few countries. Many countries do understand that it is something new that can be taxed so it is in their interest to not ban it.
Honestly, I’m glad I don’t live in a country that has banned BTC.
