[HN Gopher] US Justice Department Launches a National Cryptocurr...
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       US Justice Department Launches a National Cryptocurrency
       Enforcement Team
        
       Author : MilnerRoute
       Score  : 30 points
       Date   : 2021-10-08 22:00 UTC (1 hours ago)
        
 (HTM) web link (therecord.media)
 (TXT) w3m dump (therecord.media)
        
       | aazaa wrote:
       | > "If cryptocurrency exchanges want to be the banks of the
       | future, we need to make sure people can have confidence in these
       | systems," she [Deputy Attorney General] said during an interview
       | at the Aspen Cyber Summit.
       | 
       | You'll know Bitcoin has failed if cryptocurrency exchanges become
       | the banks of the future. The entire idea behind Bitcoin is money
       | without banks or the baggage they bring.
       | 
       | Ironically, the harder the US and other countries push exchanges
       | - to tax, to fight the endless wars on drugs and terrorism - the
       | more likely it is that users will implement the behaviors that
       | will obviate the need for exchanges in the first place.
        
         | lapetitejort wrote:
         | > the more likely it is that users will implement the behaviors
         | that will obviate the need for exchanges in the first place.
         | 
         | So double ironically, the US cracking down on Bitcoin, is good
         | for Bitcoin.
        
         | WorshipTheState wrote:
         | Bitcoin can succeed as an alternative to endlessly debased
         | fiat, even if it fails as a way to avoid financial tracking.
         | 
         | Banks full of crypto provide secure storage of a non-debased
         | asset. Not the original idea of bitcoin perhaps, but still
         | better than the current system.
        
         | Bilal_io wrote:
         | "You'll know Bitcoin has failed if cryptocurrency exchanges
         | become the banks of the future."
         | 
         | That's not fair. Crypto Exchanges being regulated does not
         | affect how Bitcoin works. I cannot do bank transactions without
         | using the bank. But you'll still be able to do Bitcoin
         | transactions without exchanges, even if they get banned.
        
           | aazaa wrote:
           | > But you'll still be able to do Bitcoin transactions without
           | exchanges, even if they get banned.
           | 
           | Exactly. But a ban seems highly unlikely. Instead, exchanges
           | are more likely to be regulated and subverted to the point of
           | being useless. You're right, Bitcoin would continue on its
           | merry way because exchanges are peripheral to using Bitcoin
           | past a point.
           | 
           | If that transition never happens, Bitcoin will have failed.
        
       | beebmam wrote:
       | There's so much scamming around cryptocurrencies. I personally
       | lost several thousand dollars from the Nano/BitGrail scam.
       | 
       | A dear friend of mine delved into cryptocurrencies specifically
       | to buy drugs, and he gets them shipped through the US postal
       | service all the time. He regularly abuses ketamine and LSD in
       | large doses and has done serious harm to his health with them.
       | 
       | It's deeply depressing to me what has happened to this dream of
       | internet currencies, and I hope that the US justice department
       | can clean this garbage up.
        
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       (page generated 2021-10-08 23:01 UTC)