Possible Bad News For US Crypto Miscers...

11-28-2020, 07:09 AM

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#31

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The Coinbase CEO took to Twitter Wednesday night to blast the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets with an onerous set of data-collection requirements.

If the whispers are to be believed, outgoing Treasury Secretary Steven Mnuchin is preparing to tamp down on one of the fundamental tenets of the cryptocurrency ethos: the ability of the individual to hold their crypto (unmolested) themselves.

Brian Armstrong is worried the Trump Administration is about to send the cryptocurrency industry a parting gift.

The Coinbase CEO took to Twitter Wednesday night to blast the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets with an onerous set of data-collection requirements.

If the whispers are to be believed, outgoing Treasury Secretary Steven Mnuchin is preparing to tamp down on one of the fundamental tenets of the cryptocurrency ethos: the ability of the individual to hold their crypto (unmolested) themselves.

“This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted.

If true, the regulation would represent a broadside against the U.S. cryptocurrency industry like few ever levied by the federal government. It would force corporations to know every counterparty to their users’ crypto transactions, keeping logs, tracking movements, and verifying identities even before a transfer could take place."

https://www.coindesk.com/coinbase-ce...o-wallet-rules

TLDR:

Possible legislation being introduced by the end of the year, that will make it law that if any US miscer want to move their crypto out of an exchange and into a wallet, then ownership of the wallet will have to be verified with the exchange and kept on record.

Just in time for the economic fallout in 2021 due to COVID polices.

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11-28-2020, 07:12 AM

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#32

mcdojo
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Lmao freedom of peace

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11-28-2020, 07:13 AM

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#33

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Those cryptocels really thought the'yd be safe from the government meanwhile giving every detail to coinbase LMAO

11-28-2020, 07:21 AM

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#34

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to the moon guise.

11-28-2020, 07:27 AM

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#35

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11-28-2020, 07:31 AM

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#36

elterrible987
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if this is true, the valuation is going to tank.

lmao at cucks who bought it as its nearing all time highs

11-28-2020, 07:34 AM

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#37

JayJ350

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It was bound to happen eventually. The chit was way too tied in with organized crime, and I am sure tax evasion has a lot to do with the government cracking down.

11-28-2020, 07:41 AM

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#38

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Retirement by 85. Yo.

11-28-2020, 07:54 AM

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#39

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Originally Posted By Slamt⏩

Those cryptocels really thought the'yd be safe from the government meanwhile giving every detail to coinbase LMAO

IMO most crypto peeps just want to make money, and don't really care about the Agorist activism/privacy.

The ones who are anti-elite/privacy concerned will probably use things likehttps://local.bitcoin.com/andhttps://localmonero.co/, and decentralized exchanges that don't require ID.

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11-28-2020, 07:57 AM

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#40

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Originally Posted By BetaAsPhuck⏩

IMO most crypto peeps just want to make money, and don't really care about the Agorist activism/privacy.

The ones who are anti-elite/agorists will probably use things likehttps://local.bitcoin.com/andhttps://localmonero.co/, and decentralized exchanges that don't require ID.

Soft agree from me. There are plenty of anti-central banking peeps who prefer the "independence" of crypto "financial instruments," but I agree it's not all of them.

The main problem is that a huge segment of the retards scampering to pick up BTC and other coins (and therefore bumping the price)definitely docare about that aspect of the investment. And when the asset is tied to nothing other than the buzz it generates or the opinion around it, this is going to be a massive hit to its value if it goes through.

May even be the death knell as the majority of crypto assets are owned by US wallets, I believe.

11-28-2020, 07:58 AM

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#41

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Originally Posted By JayJ350⏩

It was bound to happen eventually. The chit was way too tied in with organized crime, and I am sure tax evasion has a lot to do with the government cracking down.

Wrong reasons.

BTC and other coins are outside the system they want to control with a central bank issued coin. You think they will get rid of cash and allow plebs to use something else other than what they're told to use?

I got sum bad news.

11-28-2020, 08:01 AM

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#42

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Originally Posted By EmmaW4tson⏩

Wrong reasons.

BTC and other coins are outside the system they want to control with a central bank issued coin. You think they will get rid of cash and allow plebs to use something else other than what they're told to use?

I got sum bad news.

This lol.

Central banking doesn't work if there is a decentralized workaround.

11-28-2020, 08:02 AM

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#43

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Originally Posted By JayJ350⏩

It was bound to happen eventually. The chit was way too tied in with organized crime, and I am sure tax evasion has a lot to do with the government cracking down.

its most definitely because of tax evasion, watch coincels pretend this won't hurt them and actually benefit them lmao

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11-28-2020, 08:03 AM

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#44

jtaylor2010

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Originally Posted By EmmaW4tson⏩

Wrong reasons.

BTC and other coins are outside the system they want to control with a central bank issued coin. You think they will get rid of cash and allow plebs to use something else other than what they're told to use?

I got sum bad news.

You are both correct...yes, they want to reel in control of cryptos, but tracking it will also go a very long way in helping to deal with tons of illegal activities and stuff like ransomware.

11-28-2020, 08:09 AM

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#45

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Coinbase is trash anyway.

Also:

https://99bitcoins.com/bitcoin-obituaries/

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11-28-2020, 08:15 AM

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#46

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doesn't Coinbase already require KYC?

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11-28-2020, 08:17 AM

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#47

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So no lambos? I thought crypto was supposed to be untouchable? Lol

It’s exactly as Emma said.

11-28-2020, 08:18 AM

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#48

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Originally Posted By Unstumpable⏩

So no lambos? I thought crypto was supposed to be untouchable? Lol

untouchable until it gets touched like everything else enjoy your bus ride.

11-28-2020, 08:26 AM

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#49

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Only idiots thought Crypto would be untouchable by the government.

11-28-2020, 08:28 AM

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#50

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Still waiting for Gesten and the coincel crew to come ITT and acknowledge that their retarded investment is proving to be less sound than the Beanie Babies my mom bought in the mid-nineties.

Have a feeling they are all "AFK" though.

11-28-2020, 08:28 AM

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#51

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Good, keep spreading FUD so we can dump this chit, I'm trying to find a good buy in for a short term rebound profit

11-28-2020, 08:28 AM

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#52

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A lot more crypto regulations will come in 2021. This is just the beginning. My m8 is working in one of the biggest banks in my country and confirms that stricter regulation are coming to Europe as well.

11-28-2020, 08:32 AM

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#53

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Ill bump this thread when it hits 20k, buy the dip dummies.

11-28-2020, 08:32 AM

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#54

PimpMasterC
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Originally Posted By badbart⏩

Ill bump this thread when it hits 20k, buy the dip dummies.

Supporting bitcoin is unethical. I´ll buy some other crypto after btc collapses.

Bitcoin will eventually go to zero, as will most other cryptos. Only a few ones with actual usecases will survive.

11-28-2020, 08:34 AM

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#55

elterrible987
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This isnt even the first time. When China decided that most its online stores would no longer accept bitcoin it tanked right after.

All cointards: but there are limited number of coins and the last ones are the hardest to get..

Facts:
- crypto has no intrinsic value
- regulations can make it worthless at any time
- there are infinite number of competing crypto currencies

11-28-2020, 08:35 AM

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#56

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It really is shocking that the government that "taxes everything that moves" and uses the movement of funds as part of their weaponized monetary strategy would ever crack down on Crypto currency...

Who could have seen this coming....

11-28-2020, 08:35 AM

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#57

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11-28-2020, 08:39 AM

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#58

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Originally Posted By jtaylor2010⏩

You are both correct...yes, they want to reel in control of cryptos, but tracking it will also go a very long way in helping to deal with tons of illegal activities and stuff like ransomware.

dude, the biggest banks in the world conspire to fake markets and do all sorts of shady chit that would net a normal person or group 100+ years in a Fed supermax.

Banksters want more control.