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Haus

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1643250316515.png


Damnit: Can I get this moved to the investing thread where it properly belongs? (and/or cross posted to the thot thread?)
 
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swayze22

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something something national security, losing freedoms, something something

 
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LachiusTZ

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Shit like that just reinforces the idea we need a new currency.

And not a fucking Fed coin
 
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Daezuel

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Imagine letting some dictator draft his own legislation without needing any discussion or votes. Fucking clown world.
 
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Arden

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something something national security, losing freedoms, something something


Do you have the rest of the actual article?
 

swayze22

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Do you have the rest of the actual article?
I think its just a shitty site sorry

The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

The national security memorandum, expected to come in the next few weeks, would task parts of the government with analyzing digital assets and assembling a regulatory framework that covers cryptos, stablecoins, and NFTs, or non-fungible tokens, this person said.

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” the person said.
The State Department, Treasury Department, National Economic Council, and Council of Economic Advisers would be involved in the initiative.
The White House National Security Council would also be involved, the person said, since crypto has economic implications for national security. Along those lines, the administration would instruct agencies to work on harmonizing regulations of digital assets between countries.
“Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization,” the person said.
The White House wouldn’t issue recommendations. Agencies would be given three to six months to come up with proposals, and the White House would act as a policy coordinator.
White House officials declined to comment.
Bloomberg earlier this month reported on the White House’s plan.
The White House aims to bring order to the haphazard approach that the government is now using to regulate crypto, the person said. Various agencies oversee the industry, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. But there’s no consensus on matters such as whether some tokens should be registered as securities, or how to oversee exchanges, stablecoins, and high-yield lending products.
Congress has held multiple hearings on cryptos in recent months, exposing partisan divides between Republicans and Democrats on how to regulate the industry.
The Biden administration is also urging Congress to draft rules. The White House released a report on stablecoins in November, recommending that Congress act promptly to regulate the industry.
The Federal Reserve has also weighed in on digital currencies. The Fed released a report on a central-bank digital currency, or CBDC, earlier in January that laid out the pros and cons of digitizing the dollar. The report said that the Fed could start work on the project with support from the White House and Congress. A Treasury Department spokesman called the report an important step forward in discussions about a CBDC.
Other countries are ramping up scrutiny of crypto, seeing it as a matter of national economic security. Russia’s central bank and finance ministry said this week that Bitcoin mining and trading activity should be more tightly regulated. Russian President Vladimir Putin called on regulators to form a unanimous opinion on regulating the space Wednesday.

this is from a few days ago and similar
 
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Arden

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It's not executive overreach. It's just bureaucratic machinations. All the executive order does is encourage the formation of a committee tasked with encouraging various federal agencies to form their own committees to study crypto and maybe come up with a few suggestions. And oh, by the way, congress, please make some rules.

By the time these people even figure out what crypto is, it will already be so ingrained in our society that there's going to be a little they or anyone else can do about it. Just like the Internet was in the old days.

Edit: While I don't think there is much to fear from the executive branch, the real danger is that one or two of the legislators in Congress owned by the Banks (like Brad Sherman) manages to sneak some anti-crypto provision into a big bill.
 
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Rajaah

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something something national security, losing freedoms, something something


Well, so much for our portfolio values. Even BTC isn't safe from government-created FUD.
 
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Flobee

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Arden

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I've noticed most of the people complaining about "Government interference" don't actually read the articles. They stick to the headlines and make assumptions. Government could very well still ruin the cryptocurrency market. I personally don't think it will, but even if it does we aren't there yet.
 
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Il_Duce Lightning Lord Rule

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I've noticed most of the people complaining about "Government interference" don't actually read the articles. They stick to the headlines and make assumptions. Government could very well still ruin the cryptocurrency market. I personally don't think it will, but even if it does we aren't there yet.
Ya, I'm with you.

I have been watching the price action on ETH like a hawk recently -which is tied almost at the the hip to both BTC and the NASDAQ/QQQ btw- and it didn't even flinch when this article came out. Looks like a big nothingburger to me.



Also, it looks to me like we're heading up for a bit in crypto, along with tech. I'm thinking back up to the ~2800 level of ETH in the next week, assuming we get back to ~4600 S&P500 level. I could be wrong about that of course, as I see other people saying we're not going to get much of a rally and it's going to be straight sideways for the next 1-2 weeks followed by a leg down. Whether we get a rally followed by a down or get a wet fart followed by a down is anyone's guess, but I do think a down leg is in the cards if for no other reason than tons of analysts are predicting it, thus becoming a self-fulfilling prophecy. This is what I'm planning on, but caveat caveat because I'm not all that much better than Rajaah Rajaah at this kind of thing if I'm being brutally honest.
 

Haus

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Someone at newsweek really has a bee in their bonnet over CBDCs...

What we need to realize is that every government will want/need a CBDC eventually. It WILL lead to separate markets for goods and services. Which means to maintain control they WILL try to outlaw any digital currency other than the government blessed/controlled one. That fight is coming. The question is if the crypto world is ready/capable of winning it.

I still think Russia will leverage some form of Crypto to free itself of fears that the west will isolate it by blocking SWIFT access.
 
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Rajaah

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Ya, I'm with you.

I have been watching the price action on ETH like a hawk recently -which is tied almost at the the hip to both BTC and the NASDAQ/QQQ btw- and it didn't even flinch when this article came out. Looks like a big nothingburger to me.



Also, it looks to me like we're heading up for a bit in crypto, along with tech. I'm thinking back up to the ~2800 level of ETH in the next week, assuming we get back to ~4600 S&P500 level. I could be wrong about that of course, as I see other people saying we're not going to get much of a rally and it's going to be straight sideways for the next 1-2 weeks followed by a leg down. Whether we get a rally followed by a down or get a wet fart followed by a down is anyone's guess, but I do think a down leg is in the cards if for no other reason than tons of analysts are predicting it, thus becoming a self-fulfilling prophecy. This is what I'm planning on, but caveat caveat because I'm not all that much better than Rajaah Rajaah at this kind of thing if I'm being brutally honest.

I tell people they should get into this stuff because at the end of the day it's easier to figure out than the stock market and there's a lot of money to be made here. If someone can fuck up as much as I do and still break even, I imagine people who are experts (or have copious amounts of luck) can do extremely well.
 

Arden

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Someone at newsweek really has a bee in their bonnet over CBDCs...

What we need to realize is that every government will want/need a CBDC eventually. It WILL lead to separate markets for goods and services. Which means to maintain control they WILL try to outlaw any digital currency other than the government blessed/controlled one. That fight is coming. The question is if the crypto world is ready/capable of winning it.

I still think Russia will leverage some form of Crypto to free itself of fears that the west will isolate it by blocking SWIFT access.

Article is heavy on doomsday prognostications and light on explanations. She's pretty hot for a BTC wonk though. I'm going to go ahead and guess she's just parroting lines from her boss, Alex Adelman. She's also not wrong that normal people would equate a CBDC to BTC, even though a CBDC would be the exact opposite of what BTC is trying to accomplish.

IF a crypto ban happened in the U.S. (I'm still skeptical), it would be for the reason mentioned in your last line. Calling something a "National Security Threat" is the one surefire way to abuse power. Few people would have thought the provisions of the Patriot Act would have been possible in the U.S. prior to 9/11. If we do end up in a fight with Russia and Putin manages to prolong his opposition with help from crypto, we might see widespread support for a crypto ban.

Otherwise, if it's not done by executive order, it will have to be done by Congress. You think Congress is going to be able to agree on crypto regs? lol.

Edit: This is where Aubrey Strobel, the author of that article, works lol Lolli: Earn Bitcoin When You Shop
 

Flobee

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CBDC's will be an existential threat to freedom. Yes, they're technically capable of solving a lot of issues, but they're also a nearly flawless vehicle for financial surveillance and censorship. CBDC systems combined with a digital ID system (vax pass) is very mark of the beast-like. We'll see how things pan out, but general acceptance of a CBDC worries me more than just about anything. I don't think most folks are going to think about it deeply enough to fully grok what kind of capabilities they're giving the Gov/Central bankers with this system.
 

LachiusTZ

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Just look at the insane shit that cunt Biden nominated wanted to do with CBDC.

Or watch a few Gammon videos on it.

That shit is end game levels of horror.

CBDC's are an existential threat to freedom

Ftfy.

The step after CBDC is banning cash, BTC, etc.

If you dont think that is an existential threat to freedom / liberty, your a fucking moron.
 
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Haus

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CBDC's will be an existential threat to freedom. Yes, they're technically capable of solving a lot of issues, but they're also a nearly flawless vehicle for financial surveillance and censorship. CBDC systems combined with a digital ID system (vax pass) is very mark of the beast-like. We'll see how things pan out, but general acceptance of a CBDC worries me more than just about anything. I don't think most folks are going to think about it deeply enough to fully grok what kind of capabilities they're giving the Gov/Central bankers with this system.

You do know that a national digital ID system is a pre-requisite for a CBDC, right? I wonder how all those who maintain that requiring ID for voting is racist because people can't be bothered to get an ID (without mentioning that every US citizen has a SSN), would then treat "You have to have a government ID to get or use ANY money".