LOL what.

what bad did he say?

- he said don't use it for illicit activity, if you do you'll be caught.
- follow regulations (ok cool, status quo)
- dyor if you want to speculate on it. i don't care if people speculate on it.

market seems to agree too since it's up about $300 since pre-speech

curious what you heard that leads you to believe the opposite.

Congrats!

Just to finish that off with a bit more reality, the only new info from that presser is essentially they (gov) have many more investigations going on than had been reported previously. that's hardly something to rally on...

market disagrees with you

For an hour, a day? They even mentioned sanctions, and how that works to deter activity... Those who say it cannot be banned are in for a rude awakening.

The FED stated that mass cryptocurrency adoption could diminish the power of its monetary controls. I don't have the link, but the article was posted sometime ago in this thread. The government has a long and extensive history of prohibiting **** (and waging war) for much less than a threat to upend control of the money supply, thus making regulatory crackdown inevitable if/when Bitcoin begins to achieve mass adoption. Also, Bitcoin will always be one cryptocurrency funded terrorist attack away from prohibition as well.

Lol. Why isn't USD prohibited? It has funded exponentially more drugs, terrorism and other illicit activities than crypto. It's something like multi trillions vs a few billion. Not to mention crypto is traceable. DEA prefers drug people to use crypto than the USD. This has been stated.

Their desire to control money supply, I'll give you that as a reason they'd want to prohibit. They want to maintain reserve dominance. Problem is, other countries won't, and it will become the de facto reserve. And if it's not bitcoin, it will be China's govt issued crypto, or some other similar crypto.

The use of it for illicit activities is such weak and uninformed reasoning. There are endpoints. It is trivially easily to blacklist utxos. Governments will ban and act very strongly against any exchange or other end point that interacts with these addresses. This is basically what the kyc/aml they are referring to is all about. If you can only deal with properly verified accounts, going to be tough for people to move crypto around and ever actually redeem it for something else.

Do you really not understand this?

It was a congressional research service: https://digital.library.unt.edu/ark:..._2013Dec20.pdf

Price was sub 1k usd

It's a semantic based debate of whether or not the US gov could ban it and crash the price. They can definitely ban it...but what does that mean? It's already not accepted by merchants legally. One can say the US gov can ban people from owning it and hodling it and someone can argue no they can't because its not traceable.

The gov can certainly ban it by law. But they cannot stop people from holding and using it illegally. Its just semantics.

Gov can, in the short term and locally, drop the price....but not the value. And the value shows through by way of international valuation.

Do we have economics experts here? What happens when an international value is held conjointly and a certain nations valuation is a comparatively lower exchange trend?

understand what?

I'll take that as a no

I understand why the fed doesn't ban fiat.

Ppl in this thread say bitcoin should be banned because it is used for illicit activity. If that reasoning is true, then I don't understand why other mediums of exchange used for illicit activity shouldn't also be banned.

Enlighten me please

I do not believe this is true.

Code is text
Text is free speech
Free speech is a protected by the first amendment

Maybe they can ban the on-ramps and off-ramps that are exchanges but they can’t “ban” bitcoin. Whether they try to or not would be a net-net positive for its price imo

Do you mean to argue that bitcoin gets its market valuation from the US based merchants that accept bitcoin as payment legally?

I think their point is that the % used for illicit activity is much higher then the % of other currencies.

It is true. Still no reason to ban it. It's just better money. Maybe down the road with adoption, the use of it for illicit activities will be a much lower %. It just worked well for illicit activities first so they adopted it first. When the rest of the population realizes why bitcoin is better, they will adopt it and it won't be so illicit heavy.

No. I'm saying I don't believe it is illegal for US merchants to accept bitcoin as payment.

ah. ya its (probably) not widely (in the US) illegal. Maybe that would change state to state if it became a prominent form of payment. I just mean to say its not very used as a medium for payment so the price is not very held by the US domestic based use case of bitcoin as a money.

If something is going to be banned it’s going to be Monero before bitcoin as that is the one actually used for illicit activity. Once atomic swaps and Dex are ubiquitous it won’t even matter.

fyp

Also, have a read through that and then let's compare notes on how those recommendations being adopted are going to help mainline crypto
https://www.fatf-gafi.org/media/fatf...A-VA-VASPs.pdf

Here's a little hint: If countries do not accept those guidelines by next year, they will effectively sanction themselves in the international market. Anyway, if you are balls deep, this shouldn't be a revelation either as you've most certainly done your due diligence for hodling (yea right)

Lol primarily. BTC alone had $22 billion volume past 24h, not to mention probably 5x that OTC. So for primarily illicit activity we talking in the $50 billion a day range? That's a lot of drugs being bought and terrorisms

BTC gets a lot of press for being used as payment for cyber ransom. Hospitals, universities, local governments, and businesses, frequently have their data, and systems, taken hostage and the "kidnappers" demand to be paid in btc.

If btc is as traceable as many here like to claim these crimes should be so easily solvable that they don't happen right?

Aren't 90%+ of btc transactions speculation? Of the btc speculation, isn't like 80% of that fake trading?