If the government wanted to kill crypto, it could do it with some nicely timed FUD right about now.
I'm writing this because I know that government is too stupid to actually implement this. I'm actually gloating at that. Thank God government doesn't employ real traders who understand what they could do to the market with a couple of fake news announcements.
If a non-story like Coinbase being regulated can tank BTC 15% right before all-time highs, just think how scurrd this current gaggle of weak hands would respond to a sustained message of possible regulation.
Actually, I wish they would do this. I want to shake out all the weak hands. Every US citizen who owns a Celsius wallet, gets their crypto happily through Paypal, and won't use a VPN to invest in Asian projects because they're "not available in the US" can suck it. I want these idiots siloed.
Crypto would truly take off if the world would separate itself from the US as a consumer base. Even guys I respect like Boxminer pay far too much attention to stuff that happens in the US. The default setting on crypto price watchers is against the US dollar. If crypto removes itself from the US dollar standard, it would see that many lies that get told about crypto actually aren't true:
- LIE: Crypto is volatile. It's volatile against the US dollar. It's not volatile within itself. Use BTC or ETH as the baseline when you look up a coin. The movement is the same as any stock you'd find on the NASDAQ.
- LIE: The market needs stimulus to pump. Obviously not. The idiots in the US Congress didn't give a stimulus, and bitcoin pumped to an almost time high followed by an alt pump. Shills like Elliotrades are still pushing this fucking stimulus line, and it reeks of an incredibly narrow, selfish, and shortsighted viewpoint. The US is not the world. Crypto doesn't need US stimulus.
- LIE: There's a conversation to be had about regulation and centralization. What objectively could government do except cause red tape and slow down an infinitely better system? Even slow-ass Ethereum is faster and better than TransferWise or Western Union. There is really no discussion to be had about regulation or centralization. There's a discussion to be had about shills who want their bags pumped quickly and lazy people who don't want to read a whitepaper.
- LIE: US regulation is protecting its citizens. Protecting them from profits, maybe. I love turning on the VPN and searching Hotbit for projects in SEA that don't show up on US exchanges. I think those will be my 100X projects. I mean, how do you miss investing in something awesome like Eight Hours just because you can't get to it from Binance US? So stupid. Also, I've traveled Asia extensively. Been to tech conferences. Experienced firsthand the technical splendor of Singapore and Tokyo. It's shameful how far they are ahead of the US. If you let US regulation stop you from investing in Asia now, you'll hate yourself later, I promise.
- LIE: US consumerism creates the market's stability. In the short term, if the rest of crypto says fuck the US, there will be some correction. To the upside. Emerging markets will soon realize they have sovereignty and use it to bolster their own jurisdictions instead of paying coyotes to sneak in here to work as housemaids. That's a win-win, because you racist libertarians no longer have to deal with immigration. So you should support this. With crypto, if world leaders take IMF loans and waste them, the people can still transact with a solid currency — a currency that connects them to the rest of the emerging world.
Those are just the first 5 lies I thought of off the top of my head. I can see why the US wants to rein in crypto so quickly. If they don't get their piece early on, they will lose their grip on the world. Crypto is that powerful. What's funny is its the US citizens who don't seem to understand this and are giving up their power to Paypal and Celsius willingly.