Yesterday the CEO of Coinbase, Brian Armstrong talked about incoming regulations for crypto. In short, every wallet (this can be any wallet like Exodus or Electrum for example) with a couple of hundred $ worth of crypto will have to be identified (have a valid government issued ID linked to the wallet).
This is news is shattering for the cryptocurrency community, who thought they could have a monetary system free of any government control. A quick 15% drop in price followed.
Some of you might ask why the government is doing this? There is a simple answer : THEY CAN. BTC is a public ledger after all.
well the good news is the USA is riding with BIden. So if this does go through if the crypto community collectively whines enough to political figures it could be done away with during the next admin. I don't know what cabinet nominations look like for crypto space for biden.
Jackson Brooks
>rumors if they happen to be false they should be sued to oblivion
William Long
>yes government, I do have crypto in a wallet whoever rats themselves out deserves to be KYC'd
Ayden Russell
USA is like ~8% of the spot crypto market and 0% of the derivatives market. Whatever happens in that boomer shithole won't hold us back.
Dominic Lee
Lol get rekt cryptoniggers
Eli Hernandez
Honestly this news is a fucking nothingburger since on almost any exchange you have to provide an ID anyways. And since you only have to ID once which wallet belongs to you only moving from FIAT -> Wallet will be different. Moving between wallets is tracked on the blockchain anyways so no need to provide IDs for those transactions as some smallbrains think. So what does this change ? Only thing is that coinbase or someone will make you accept a popup when withdrawing to a wallet acknowledging that you are the owner of it. Big fucking deal.
Stupid FUD as with every bullrun, and once again as last time it is kikebase breaking the "news" or rather rumor. Last two times it was Korea banning it and then it was China shutting it down last bullrun. They are really not that creative, guess this runs big boogeyman is Trump so they can crash the run and fill their bags before the rocket takes off. I hate this fucking market manipulation before EVERY single major crypto run. It is so easy to crash this market if you are a semi well known player in the space, I hope authorities do something about it eventually because it is just in plain sight.
Ethan Flores
Looks like it is time we band together and say no in minecraft
Owen Martin
Ofc it is false just like last time with the China FUD. Remember when kikebase told us back then China was gonna ban it and crashed the price from ~4k to ~2k before we went on a 10x run ? And weeks later they come out with "It was just a rumor China actually wants to get more involved, sorry guys uWu~"
Xavier Morris
What do you guys see as the knock-on effects of this?
Will privacy coins see a rise in price? Will bitcoin rise once regulations are put in place and institutions feel more comfortable , or will it lose its fundamental value propositions? Could the market basically ignore the US ? Perhaps players like China will see even more incentive to embrace crypto now that the US is regulating themselves out of the space?
Christopher Moore
this. its a nothing burger.
1. transfer to/from cb using my "KYC" wallet 2. once in kyc, transfer to 'other' wallet -
Julian Price
Biden is very pro bank. He has been taking bribes from banks for decades. This is a bank driven thing not Trump administration thing.
James Foster
Perhaps they'll demand an audit of all your transactions... KYC for each and every wallet your coins touched before allowing them back on exchange?
In the end I imagine we'll be forced to use decentralized exchanges
William Rogers
I mean what the crypto space could always do is just set up a service that lets you transfer money to an anonymous wallet held by a trusted 3rd party and then they use and of the multiple different currencies or blockchains and transfer an equivalent amount to the recipient. With LINK and even UNI we might have solutions to even easily move between blockchains if need be is atleast how I understand them, I havent looked so much into the DeFi space yet.
Julian Cox
And your wallet where you send the crypto gets KYCed anyways because firms like Chainalysis buy these data from exchanges to shill their services to the government.
Logan Baker
It changes an important narrative that Bitcoin was a safe heaven free from any government control. This is the beginning of government regulations over crypto. They will soon retraced criminals, close doors to foreign exchanges, kill money laundering and the black market. This is like 99% of bitcoin's economy. Many will hodl to the ground, since there will be no other uses for a slow, expensive and crippled money transfer mechanism.
>I hope authorities do something about it eventually because it is just in plain sight. How are you still this fucking stupid if you've already been through it all? "Authorities" just privilege a different group of people to "manipulate" things. god damn you're a moron
Liam Williams
Give me a You to say thank you President Trump! Hoping for another 4 years!
There is more than one blockchain, there is more than enough freedom in the cryptospace to build what I described here and just move the transactions to a different chain. So if this community is so hell bent on their security then they will go ahead and build a service like that.
Robert Lewis
I predicted this would eventually happen a couple years ago. It's not really surprising
Michael Robinson
this
Mason Taylor
I would believe that virtually every politician takes bank bribes but at this point I see BTC as a form of digital gold where either custodians or individuals are transacting (on chain or not). I see a role for crypto to be successful but banks still get their cut (at least in the 10-20 year time horizon). Unless Bidens picks are solidly anti-crypto (warren for example) i'm still hopeful.
Parker Hall
Only criminals would care about this change.
Hudson King
Fake news. Coinbase fud.
Josiah Williams
thats just america though..... america is useless in crypto that crypto is gonna pull out of american entirely... do you know binance is leaving america and has told americans to shut down their accounts in 90 days? .... crypto is global... america is NOTHING to it.
Hunter Collins
>muah pooblic space to regulate centralized entities and individuals that are registered, operate or live in a certain territory is perfectly in the scope of a state, if it follows procedures.
Dominic Jones
These types of regulations are simply anti-crypto and anyone still using a CEX and/or exchange wallets on said CEX deserves what's coming to them. If we as users within the crypto space begin to drift away from huge centralized exchanges like Kikebase, Binance, etc and instead use DeFi exchanges and swap protocols as well as decentralized wallets, than we can remain sovereign. Obviously if you choose to cash out and into a bank account, you will likely need a centralized off-ramp, but until then just stay away from using exchanges and wallets that are centralized.
Lucas Smith
swap sites rid you off though, uniswap what you have to pay them shit massive fee to do your transaction then they ask for fee again because that was only confirmation? .... by the time you dont with it they have take 100% of your coin in fees.... fuck your defi scam sites...
Gabriel Robinson
it is interesting all regulations always come when price goes up
