bcavnaugh
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The Chinese government’s heavy-handed action against digital currencies comes two months after the SEC ruled that cryptocurrency “IPOs” or ICOs are investments, and therefore, should be subject to the same rules as regular stocks. The Chinese and American governments aren’t alone. Last week, the Russian government opened a criminal investigation involving Bitcoin, while the Venezuelan government has been jailing Bitcoin miners. On the surface, these actions try to protect the public from market manipulations. But on closer examination, they are trying to kill any currency that may threaten government monopolies on printing money and earn seigniorage income, as discussed in previous piece here. That’s why digital currency investors should cast a wary eye on big governments.
post edited by bcavnaugh - 2018/01/23 06:56:58
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Chris21010
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The us is trying to keep people from being stupid while China is trying to stop people from making money.
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bcavnaugh
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Grey_Beard
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Typical yes, but consider this a warning. Until the stain of illegal activities is no longer associated with crypto currency, governments will feel embolden to protect people from it, albeit in different ways. Not just from volitity, but from everything about it. Many of these actions are direct reflections of how the government makes other moves in it’s social silo. The US is free and lets info flow, but China is one who will restrict this info so the government can control the propaganda. Not sure I see any difference here.
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bcavnaugh
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Long Time No See Grey_Beard, Welcome Back
post edited by bcavnaugh - 2018/01/23 11:27:31
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Grey_Beard
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I have been lurking in the shadows.
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Ranmacanada
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Chris21010 The us is trying to keep people from being stupid while China is trying to stop people from making money.
No, China is trying hard to prevent money from leaving the country. It's why housing prices in Hongcouver are so high. Chinese "investors" will overpay for houses just to get their hard earned or stolen cash out of the country. It's making it so that there is literally no one able to work in the city, and some places are actually having to close down because they can no longer find people to employ.
ASUS TUF GAMING X570-PLUS (WI-FI) AMD Ryzen 2700 Fold for the CURE! EVGA 1080 FTW EVGA 1080Ti Hybrid
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Noxnoctis1976
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Any time you have innovation transferring power back to the general population big government will attempt to take it away. Crypto currency is disrupting banking, much like Napster threatened the music industry.
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bcavnaugh
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Noxnoctis1976 Any time you have innovation transferring power back to the general population big government will attempt to take it away. Crypto currency is disrupting banking, much like Napster threatened the music industry.
Rhapsody is now Napster. Same digital music service. 100% legal. Stream the music you want and download your favorite songs to listen offline.
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EchofoxtrotFTW
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the Chinese government is stopping private individuals, trust me the state run companies are full bore mining
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Zerospinduelist
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the pie is now over a half trillion dollars, obviously governments want their slice
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bitcode
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For sure, government can't sit by
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FBHERO
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The Chinese only want to ban the export of Y to $. They care less about crypto, they just don't want capital to leave China.
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bcavnaugh
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