Wall of text incoming.
In the illusion-based governments like the U.S.(the ones that claim freedom), regulation of crypto(by nature peer-to-peer and censorship-resistant) means piercing the illusion. Only way people are willing to let that happen is when they are scared or heavy manipulated e.g, the left being so pro-censorship right now, the country allowing the patriot act after 911.
KYC/AML has nothing to do with protecting people. It's all about protecting governments/fiat. So governments have to explain all this restrictive bullshit against peer-to-peer. Why bringing banking to the unbanked will be so fucking difficult because of KYC/AML fuckery.
Regulation in financial markets isn't to protect regular people. It's to protect the elites/government. That's why they spend so much money on politicians. It's the same type of regulation that prohibited citizens from owning gold. Same type of regulation that makes it difficult for citizens to move their own money around the banking system. I could go on, but you get the point.
Why do you think the U.S.(SEC and them) will say business/people are dong something wrong BUT they can't tell us what it is? Because the government knows they are walking a very fucking thin line with their illusion of freedom hustle. Regulation has to be specially crafted fuckery. It needs the right environment of fear. That's why the right currently being way more accepting of crypto scares me.
Let's go over some things we know to be true:
1. Left is for heavy censorship of social media/Internet. Crypto/blockchain offers censorship-resistant options.
2. Left is for heavy censorship of who gets to use the Internet to raise money. Crypto/blockchain offers censorship-resistant options.
3. Left is heavy into the environment. Proof-of-work threat to the environment is heavily exaggerated while environmentally options fielded by the right will not be recognized simply because they are put forth by the right.
4. Similar to after 9/11, country is being manipulated with a terrorism narrative. Left thinks there is a white nationalist boogeyman under every bed similar to how it was sand cacs in the 2000s. Crypto/blockchain is being associated with that.
5. The left has no concept of how money works. NONE(see cats on BGOL talk money. Earning does not equal knowledge of it).Vast majority of the right doesn't. However, the few gold bugs/Austrian economics politicians are ALL on the right. The ones who get the danger/ramifications of fiat are ALL on the right.
So domestically, we can see how restrictive legislation that isn't crypto friendly can be pushed. Because once the cool kids get going, peer pressure from MSM will turn a lot of people into cowards who cosign ANY fuckery. While the narrative is that the right is prone to misinformation(and it is true), the left is just as easy to manipulate.
It's not by accident that just on BGOL alone the most active crypto posters are also the ones who don't seem to be political party diehards. The deeper you go, the more you find people who don't like the current system. The deeper you go, the more you find people who think all sides are full of shit.
As we attract more 'regular' people, we pick up political fanboys who don't understand shit and are easily manipulated. The types who defend the '$600 bank reporting' simply because their side is doing it. That's the side that will defend the government coming after our unhosted wallets.
TLDR: regulation will be bullshit(it has to be) meant to protect the elites while pricing out the little guy. U.S. needs a boogeyman and the current climate will make that easier than ever before. Those of us already in are lucky.
www.newsweek.com
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