Dear Crypto Fans,
Excuse my absence. I’ve been reading all the news lately and it has made me slightly wary of things to come.
The crypto innovators are being hunted…again.
Prepare for more American regulation…again.
Followed by the UK.
And probably Australia…again.
Wendy McElroy called it the Pitbull assault, in the US. She’s being nice. She keeps tabs on this crap and I suggest keeping an eye on Wendy.
Uncle Sam is taking square aim at your stash of crypto now. Bitcoin et al.
Maybe Uncle Sam is tired of his missing tax loot. More than likely, he’s about ready to print a load of paper money to pay down the debt through inflation. It would be smarter just to e-print some crypto, but allegedly the US gov’t isn’t biting.
If there is one thing that could put a serious dent in cryptocurrency, internationally, this is it: S.1241. Or, perhaps more accurately, push crypto underground – in the US, UK and Australia. Okay, let’s add South Africa.
Did I miss anyone? Canada? Please.
Crypto Black-markets may be about to explode in the old free-world, as a result. But how long can they last?
Who controls ICANN?
Reactions from this news might push people into the privacy coins. Monero (XMR) is up of late, but some of that may be from news that you can now purchase discounted music with XMR’s. In other words, it’s marketing. No, Jethro, it’s privacy.
Privacy, privacy, privacy.
Let me harp on that. Get ready. It is possible that the Winklevoss Twins backed the wrong horse. It’s okay, but if they are smart, you should see a rising Monero now. Slowly at first. Then faster.
It is highly probable that governments will continue to attack cryptocurrency as a threat, as a bubble, as an unregulated investment vehicle, with no intrinsic value. They will hold out their own valueless fiat currencies as the one true god. Bitcoin will be beaten.
Don’t pray too hard. Diversify. If not Monero, any other privacy coin you think is good gumballs, buy them. You might live to regret it, if you don’t. I seriously doubt you will regret it, if you do.
S.1241 states, if you are a US subject (I am) – you must comply. They will cancel my passport, if I do not. This is my prison camp. How big is yours?
The United States must modernize. I’m serious, that’s the buzzword: modernize. But think of this word instead: confiscate. I mean, at least be honest, pud-winkles. Modernize what? The confiscatory tax laws?
And don’t think there is an out.
S.1241 covers all the bases. Ownership. Control. Cryptocurrency exchanges. Paper wallets. Brain Wallets. Hardware wallets. My dead grandma’s coffin stash. Hey, they even made it all-encompassing: funds stored in digital format are subject to reporting requirements, if the bill passes.
And you think it won’t pass? Do you remember why Jesus tipped over the money-changer’s tables?
By my estimation, there are over 30 million Americans holding (HODLing) crypto. I hope there are more. Eleven more disciples at least. No Judas.
S.1241 is attempting to amend a section of Section 53412(a) of title 31, United States Code. And it appears as if our illustrious US law makers will do it on the sly. Middle of the night stuff. And soon.
Satoshi Nakamoto warned us. Bitcoin was only a temporary solution.
So, what is a more enduring solution?
Monero? Grin? Aeon? Electroneum? Bytecoin?
Any port in a storm.
And for the record, IOTA. I have a bad feeling about it. I hope I’m wrong.
The above is all opinion. If you think it’s off the mark, that’s okay.