Bitfinex Joins the EGTOW community. Is Poloniex Next?!

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Three Month Eviction Notice to All US Customers

Okay, so enough with the introduction. Let’s get down to business by going over the 2-minute flash report. I will start with news from the US, as it eventually impacts our entire global environment. An article coming from Bitcoin News is titled “US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency.” [1]

Supposedly, this bill was recently signed several days ago by Donald Trump. It advocates that foreign countries comply strongly with KYC “Know Your Customers” and AML (Anti-Money Laundering) laws. I stressed something like this on a couple of videos back where I highlighted that the United States may softly try to clamp down on this Bitcoin mania situation.

And it’s not really Donald Trump to blame as the same thing would happen under Clinton. I would actually put much of the blame on new people who have jumped into the crypto currency market with no idea of what they are doing. If this group of people have a problem with an exchange, they threaten the exchanges will lawsuits.

So, what you have is the legal system with a combination of the financial regulatory agencies writing up these bills that is making it difficult for US citizens to invest in ICOs. We saw recently how Status, the most popular ICO, denied people from participating in their initial coin offering. But you also have many ICOs who are hesitant to allow US customers to participate.

There are a couple of ways that US citizens have worked around this loophole. This would include folks setting up a VPN connection to some other location outside the US territory, and then participating in the ICO. Another option is to tell an overseas friend to participate in the ICO on behalf of them.

And I am not encouraging anyone listening to this audio or reading this blog post to go against their government. So please, do what your government says or you can risk going to jail. I think that’s a nice disclaimer, and I will leave it as that. But to conclude on this subject, what you have is one vicious cycle. It starts off something like the following steps:

1. Novice investors who don’t know what is an offline wallet or a "wallet" for that matter.
2. They will fall into a scam or accident.
3. The novice investor gets hold of a lawyer.
4. If the situation involves a lot of money, then a big federal agency, which I like to call daddy is involved.
5. Next, the exchanges have to respond and put up cost for legal arbitration.
6. Then the cycle repeats itself as more new investors enter the market place.

So what you have are exchanges like Bitfinex not interested in dealing with US customers anymore.[1] I’ll call this new term EGTOW. Similar to MGTOW. It’s Exchanges Going Their Own Way. Are we going to see more exchanges go EGTOW? Only time will tell guys.

Alright gentlemen and the few ladies out there…You can check out references to all this information here on Steemit and much more. Thank you for either watching or reading this info. Lastly, you can subscribe/like on YouTube or Follow me on Steemit for more information.

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Relevant Sources:

[1]. “Bitfinex Drops US Customers.” Kevin Helms. 8/11/2017. https://news.bitcoin.com/bitfinex-drops-us-customers/.

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