Greed is Crippling Cryptocurrency
Lately, in the news about crypto, there is nothing but courtcase after courtcase where people are desperately trying to exploit the space in scandalous acts of greed. For instance, Craig Wright the self-proclaimed Satoshi is in and out of court in multiple cases concerning crypto seemingly due to him having greed and wanting fame. BitMEX is being sued by the US Government, Coinbase has been dragged through the court system over patents and multiple accusations, and there's a current court case from the united states against XRP. The United States government is also in the midst of attempting to drag its own citizens into court over non-paid taxes on suspected crypto earnings and places like India and China are threatening to outlaw cryptocurrency altogether so the citizens will have no choice but to continue to use government-owned currency.
In my opinion, greed is infiltrating the space of cryptocurrency because when I used to look around I would see innovation and collaboration in the space. Now everywhere I turn I see separation and desperation. A lot of the people entering into the space have major FOMO and they are looking for ways to get rich quick. According to a report made by David Canellis cryptocurrency-related lawsuits are up 300% from last year alone and the US Government is responsible for 30% of them. Furthermore, now that Goldman Sachs is offering Bitcoin derivatives manipulation may come into play as it has in other arenas namely gold. I’m afraid that with the way things are going cryptocurrency is being crippled and Bitcoin may never reach its full potential.
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Hi dear friend @restmode.
The governmental actions that you describe to us undoubtedly correspond to a campaign of discredit towards cryptography.
This is due to two possible aspects: fear or rejection and desire for domination.
Adoption levels have not stopped since the relatively recent launch of Bitcoin. Cryptography is occupying spaces that are traditionally dominated by Fiat. Taking into account that the currency with the highest circulation in the world is the USD, it should not surprise us these 30% of which you have spoken to us.
So it is a matter that is escaping from the hands of the authorities and banking entities.
Create rumors about coercive measures and threats with legal consequences, they only seek to generate rejection in crypto users.
This measure will sooner or later be abandoned, because people will simply not stop using crypto. In fact, it is increasingly used in everyday aspects such as paying for coffee. There are employers who pay salaries to their workers with crypto.
Nations like Switzerland are very advanced in terms of cryptography legislation, government authorities and policies have implemented processes that involve the use of crypto.
Then the only valid option for governments is to accept cryptography and develop measures that favor its adoption. Although this involves large commissions of money that will be consumed in bureaucracy before its final application.
All best, Piotr.
Absolutely @crypto.piotr, people will simply not stop using crypto and we have to keep the revolution going.
https://steemit.com/bitcoin/@restmode/the-cryptocurrency-revolution-persists
Thank you!
A bit late thx for your comment @restmode and for sharing this link with me. It's a bit old so I upvoted with my full SP your latest post instead.
ps.
Check out my latest publication..
It brought some real emotions. I've been downvoted by over half million SP (attack of few accounts), however I also received solid support and few strong upvotes and now I will be enjoying the biggest genuine payout in my lifetime ;)
Yours, Piotr
Chaos is just opertuity in disguise. You have to understand what's going on right now. There are always greedy folks out there trying to leverage the hell out of anything they possibly can. That's not the issue.
Crypto was a novelty. Governments have been ignoring it hoping it'll go away. Then they laughed at it. Now it's become enough of a threat to their protection racket that they're in full on damage control mode.
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I don't agree with your statement – crypto is not making enough impact for the governments to be worried and nor should it. The only way to go forward is to find a happy medium where advantages of blockchain and certain aspects of regulation go hand in hand.
@ exscudo, the governments are worried plenty. Why do you think they are now all scrambling to get in front of it. If they were not worried about it they wouldn't be trying to regulate and ban it.
That is their job to ban and regulate. And I don't see them jumping ahead - those that are smart are implementing a new technology which benefits both governments and people.
Most importantly, I am not saying anything against cryptocurrency, I just think that we must find a happy medium where regulators and crypto can coexist. There is just now way regulators will go away anytime soon and crypto is not going away either, so it's the only way forward.
It may not be, but not all of them are completely stupid. They see where this is going. It floors me that anyone even considers compromise an option. Governments and regulators have no place here. Thinking like this is whats killing crypto.
The ENTIRE POINT was to financially free people from government issued currency that is constantly being taxed, regulated, and devalued. Obviously governments would want to bring it under their control, but why would ANYONE else want to help that along?!
You have to draw a line in the sand somewhere. This is our chance, and it boggles my mind that folks want to hand it back.
@ appalachain, your thought process right here is spot on! I'm mind-boggled as well that people are willing to hand it over so easily. Like you said governments and regulators have no place here. If we hand it back to them we can forget about financial freedom and I'm surprised that more people are not voicing their concerns about Goldman and these derivatives.
@restmode, I understand wwhat you're saying, but any market can be manipulated. That's just part of the numbers game. Look at all the pump and dumps with cheap altcoins. People who aren't big players are coming together and making that happen. It becomes harder as distribution spreads out, and a coin stabilizes.
Government involvement, on the other hand can choke a market out before it ever even gets started. The reason crypto has boomed over the last few years is they've either not bothered, or been pushed away from projects.
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You can't just go ahead and completely untie yourself from governments. Even if in the future we are going to have sort of a self-governing system it will take a lot of time to get there and in its current state, BTC is not good enough. Firstly, there is the scalabitly problem, then there is volatility and lastly, it can be used for illegal transactions easily.
@exscudo, No, not completely yet because they would throw me in a cage if I tried, but the further a man can push the state out of his life, the better. I don't think BTC will always be the dominant currency. It will only be that way till the market provides a better option. That's the way it should be. There are tons of projects out there experimenting ways to solve that very problem and more.
"Illegal transactions"? LOL! What are you talking about?! God forbid it does what it's designed to do and give people economic freedom.. Black markets are free markets, my friend.
"Black markets are free markets, my friend." So, child pornography, untraceable guns, drugs– are a good thing just because they represent freedom? Imagine your kids getting into heroin because it suddenly became accessible via Bitcoin. No thank you, I don't want to support this future and this type of economic freedom. I'd rather pay my taxes and account for my money if I had the choice to support black markets or lose my freedom.
Thankfully, again, I do believe that there is a middle ground here and nobody will have to make this type of choice.
This is true, the dirty players still concern me though and this derivatives business really does not sit well with me.
Platforms like bitconnect give all crypto’s a bad rap, and that platform was all about greedy people.
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Absolutely one of the best articles of the day
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@q-news, Thank you!
It's less of a crypto problem and more of a human society problem
it is @ura-soul, my concern is human society getting in the way of all the greatness that cryptocurrency can bring to the world.
This is indeed and issue.
I'm somewhat new to the crypto currency system, but even I am aware of this.
Let get this post a #resteem
So this can be read!
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STOPTo support your work, I also upvoted your post!
This should not surprise anyone as there probably isn’t a single human endeavor that hasn’t been touched by greed and greedy people. The real question is how can we avoid it ourselves and not get caught up in someone else’s greedy scheme? Practicing safe crypto is one place to start and being aware of the schemes that are out there. Forums like this can serve the community well by offering this kind of pubic education...
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As someone whos had an ear to crypto markets loosely since 2013 I agree with your assessment of the scene. Sadly I feel its a trend we will see continue in the near future. Hopefully not a long term trend but if I were betting on it I'm sure I wouldn't want to know those odds. Good read!