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Response to Lee-Lee (Reply #6)

Sat Mar 17, 2018, 11:34 AM

11. Except that cryptocurrency is now undergoing government regulation

It started on New Year's Day in America, when new rules from the Trump administration started taxing crypto, but only at the point that you convert it back into USD. And with recent fiascoes like the BitConnect MLM scheme and some sketchy ICOs, Capitol Hill is considering a few more rules to keep the crypto markets from imploding.

And sure, there is a libertarian component to crypto, but it's based on science and technology. We don't have enough gold in Fort Knox to back all the fiat currency in circulation; it is strictly our collective faith in the government that keeps the dollar afloat. But that is a considerable trust, indeed. I'm all about good government making people's lives better; but it's been such a long time since I've seen good government in action.

If crypto blows up tomorrow, I'll be out a few hundred bucks and I'll curse my rotten luck, and then I'll go back to work next morning and keep making money the old-fashioned way. But if it takes hold, matures, and develops into a workable alternative to fiat currency, so much the better. Let government take a role in it - Japan has already legalized Bitcoin and Ripple for most forms of exchange, and South Korea appears very interested in Qtum.

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