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Strategies & Market Trends : Blockchain and Cryptocurrencies -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (4943)	9/8/2022 11:52:24 PM
From: Elroy	Read Replies (1) \| Respond to of 7619

The Treasury Department will warn the White House that cryptocurrencies could pose significant financial risks that outweigh their benefits unless the government rolls out major new regulations, according to two people familiar with the matter. Through four separate reports this month, Treasury is expected to make clear that the Biden administration’s top economic officials believe crypto needs strong oversight, as lawmakers weigh new rules for the digital assets. Bad idea. The US government's actions on crypto and Bitcoin in particular should be twofold. 1- A massive communications campaign which makes it clear that Bitcoin and other "zero real world use" cryptos are intrinsicly worth nothing, and therefore akin to a Ponzi scheme. Anyone who buys such cryptos has ZERO government oversight, zero government support in case of investment loss, and it is likely that the buyer will lose ALL of his / her investment, because........ 2- The US government plans to cash out of all the Bitcoin it has acquired over the years from drug criminals and other sources, and that amount is estimated to be X hundred million USD. All of that money, plus whatever else it takes, will be spent trying to make Bitcoin worth zero. The full resources of the US government will be directed at hacking Bitcoin wallets and ruining the Bitcoin blockchain. Anyone who currently holds Bitcoin or other "zero real world useage" cryptos has three months to sell them, and after the the resources of the US government will be directed toward driving the price of Bitcoin toward zero - using whatever legal means exist. And while we're at it....... 3- Make running /modifiying / upgrading the Bitcoin software protocol illegal, with the punishment being 10 years in prison. That's a much better, cheaper and more effective approach than lotsa "government regulations". If the government regulates it, and then it has disastrous problems, somehow some way the government is going to find itself responsible for all the lost investment, and then probably bail out the dumb ass cryptoheads......with USD tax payer's money.