Gov't Regulations vs Crypto Freedom
You can help me continue to produce these videos and upgrade my equipment! Any donations are very much appreciated. ---Deposit Wallets--- Bitcoin (BTC): 16gwMprXw5ss8Nk23CU8Jc6XtVf7KYF621 Ethereum (ETH): 0xac5223209791820b4c37f6f6b4b5d249d25d55ac Steem: Memo- 65a0c840997c338c Address- poloniex Dash: XuvS5TzRSRGbNZM2va9KXYxF6QBqQ4tVQp PIVX: DRpsLWV3mPnyqRv66UUSm3vyJLB16k1KjS Lisk: 15973080749547839572L Dogecoin: DEJmCLEht9LkvHG5a53wNaKmMGyGVdKXBp Monero: 72a078b6d7f81d3c47244953ecc96f877c46bb13e609743b8664a7d278f05613 Stratis: SfbCiTWEMs6UygRCRc5w4XZujqocgU2Kys Ethereum Classic (ETC): 0x773a3adc21f4fb7ff3b646c9369535214816bff6 Decred: DsmfmgrStpBEwsRwkEBogqrFQhfe6ExR2B8 Let’s talk about the role of governments in crypto currency. Without a doubt, governments actions affect how or why crypto is adopted by its citizens. The very reason Bitcoin was brought into existence was in many ways a philosophical response to how governments have control over the rules of their countries respective currencies. Whether a government has chosen to be encouraging of the use of cryptos as a way to achieve their goals of being a cashless society like in Denmark, or if a government is actively enforcing capital controls like in Buenos Aires, governments have a very real way of motivating people to explore their options for storing or transferring their monetary worth, and this is leading them to cryptocurrency. The reason I wanted to speak on this subject today is because of the recent news regarding the new Bill introduced by the US senate that would require all travelers entering the country to declare any holding of crypto that exceeds $10,000. It has only been introduced, has not been passed. But if it is passed, that will mean if you travel with your hardware wallets and they are storing more than $10,000 or more worth of cryptocurrencies you’ll need to declare it or else suffer the consequences of “smuggling” money. Now I’m not sure how this wouldn’t also lead to the eventual inclusion of having to report your entire bank account since we can access those with our debit and credit cards, but I’ll leave that little thought nugget here for you all to ponder. ………….. Now let’s consider how certain regulations affect the growth of blockchain based and crypto based companies in that area. In New York for example, a city known as being a dominant financial hub and home to Wall Street, is one of the U.S. cities that has relatively strict regulations on cryptocurrencies with the implementation of Bitlicense. New York was once home to the online crypto exchanges Kraken and Bitfinex but the restricting regulations have since led these companies to relocate to the more crypto friendly state of California. It sure is interesting to see which cities and countries are handling this new wild west of cryptos. Some want to try and control it and tax it as much as possible, which might very well end up like a kid trying to hold a wet bar of soap- the more you try to hold on to it the more it will slip away. Like in New York, it’s regulations have already driven out a few companies while others put up with the extra red tape for the sake of having businesses in the financial capital of the world. Much like how early investors of crypto have reaped the benefits of getting in early, the US states and other countries that choose to facilitate crypto based companies I believe will have the chance to improve their economies. Bitcoin and now other cryptocurrencies allow us to explore options for borderless, freedom-based, wealth transfer. At the heart of cryptocurrency, despite the potential for making money, is very much a philosophical ideal of monetary freedom. They are a reminder that human beings are capable of self-governance and that a free market will promote innovation. It’s a breath of fresh air for those already knee-deep in libertarianism and it’s a wake up call for those who believe that governments will always be needed for nearly every aspect of life.
via YouTube https://youtu.be/tJZRgb4sqdk
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