Bitcoin and Crypto Talk (Merged)(includes NFT)

SaintInBucLand said

Are you arguing against government regulation of cryptocurrencies? It would seem to me that you are. Regulation is going to be needed as cryptocurrencies become more mainstream. It's mostly wealthy people involved in the upper echelons of these currencies and we all know what happens when the wealthy are involved in unregulated activities.

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I presented no such argument. I merely pointed out that your concern about use of cryptocurrency to avoid tax could be equally applied to physical, fiat currency.

I don't disagree with the premise that there's a regulatory need in cryptocurrency. But I also think that one of the fundamental aims of cryptocurrency is to be beyond the reach of regulators. That's not to say that it can't be regulated, at least in so much as how Americans and American institutions are involved with it. But I think that fundamental nature of cryptocurrency can make regulation challenging - and, in the end, consensual. In other words, those who want to be compliant will be, but those who don't want to be and are capable of pulling it off, will be able to avoid it. But that can be said for many things.