Mandatory Registry For Bitcoin And Crypto

[MilHojas]

Argentina Unveiled Mandatory Registry For Bitcoin And Crypto Platforms

Javier Milei took the power in Argentina boosting the optimism around crypto adoption, but passed a law that demands a mandatory registry from cryptocurrencies platforms.

www.forbes.com

It looks like liberalization is taking new heights.

 

[Cruz009]

"liberating the economy"

They said...

 

[Ries]

why would anyone but drug dealers and tax cheats object to this? There has been "mandatory registry" of banks for a century or more.
Is it "liberal" to believe that you should obey the law? Does that mean being a criminal is "conservative"?

 

[Reply Guy]

Using crypto as a tax cheat or drug dealer would be incredibly stupid because it's literally an open ledger of transactions that can pretty easily be connected to the user(s).

USD cash and corrupt banks remain the preferred medium of exchange for criminals across the world.

The question at hand here is if Bitcoin is a security or a commodity. It's being debated by different regulatory bodies across the world at the moment.

The Biden administration takes the stance that it's a commodity. Argentina is going to treat it as a security and have Bitcoin related companies register with the CNV.

If Bitcoin and other cryptocurrencies are treated as securities it will burden companies dealing in the space with too much regulation and no one will want to build in Argentina. They will go to the US, Singapore, UK, Hong Kong, Japan, other jurisdictions that are open to companies building on decentralized networks.

The next generation of software whether it be payments, video games, tokenized assets, etc will not be built in Argentina with laws like these.

Major L for Milei if this goes through.

 

[Ries]

I can not think of a more appropriate industry to "burden" with regulation than crypto. It has been more prone to swindling, fraud, outright theft, and complete lack of regulation than pretty much any other financial sector.
Its always refreshing to visit the last few days of massive losses to innocent bros--

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

www.web3isgoinggreat.com

 

[Reply Guy]

I don't know why you put "bros," there are a lot of brilliant women who have contributed to the technology. Let's not be sexist.

You'll kill any innovation in Argentina, just as they have done for the last 50 years and will stay poor, while Japan, Singapore, Hong Kong will continue to flourish.

There have been and will be a million scams related to crypto and AI. They are new technologies and scammers always find a way to exploit them. You can prosecute the scammers, or create a million regulations that crush technological progress.

Because a bad actor like Sam Bankman Fried stole his customers deposits, or someone creates a garbage meme coin doesn't invalidate the technology.

Remember when the internet was first popularized, people were afraid to buy anything on it, claimed it was just a place filled with porn, scammers, and criminals? It is filled with that, but it also brings a lot of benefits to society. Same with crypto and AI.

 

[Ruta Otto]

It's odd to see a self described "anarcho-capitalist" pushing to raise income taxes, after he voted to abolish them for people making less than a rather hefty amount (for Argentina), saying taxation is theft, and now saying they all owe for the last quarter of 2023, keeping export taxes, currency controls, and now stepping into the crypto world, wanting to clamp down on this commodity as well by declaring Bitcoin to be a security. This is a version of Libertarianism not yet seen in the world. If Argentina gets any more liberty it will give North Korea a run for its money.

 

[TonyTigre]

Remember when the internet was first popularized, people were afraid to buy anything on it, claimed it was just a place filled with porn, scammers, and criminals? It is filled with that, but it also brings a lot of benefits to society. Same with crypto and AI.

It doesn't make sense to compare Bitcoin/Cryptocurrency with the internet. Perhaps it makes sense to compare blockchain with the internet and Bitcoin/Cryptocurrency with porn. Large reputable companies are using the blockchain technology to build many useful and productive applications for society. Cryptocurrencies are implemented with the use of blockchains, but it should not confused with what blockchain is. It's easy to compare how blockchains can bring benefits to society like the the internet, and some only some would argue that cryptocurrencies can bring benefits to society similar to how porn can bring benefit to society.

 

[Reply Guy]

The best blockchains in the world, the ones bringing the most advanced tech are blockchains with tokens (cryptocurrency) associated with them.

The token is essential in decentralizing the network without it, you are left with some internal blockchain by IBM that is just a slow, centralized database.

It's Bitcoin, Solana, Avalanche, Ethereum - open sourced software than anyone can build on.

Bitcoin made the breakthrough of the double spend and byzantine general problem. Financial tech giants like Square are building on top of it.

Solana - https://usa.visa.com/solutions/crypto/deep-dive-on-solana.html Visa is experimenting with settling payments on it.

Avalanche - Citi Group is using it to tokenize assets.

Ethereum - Many companies building on Ethereum.

All these blockchains have tokens or currencies associated with them so that they are decentralized.

 

[lunar]

It's easy to compare how blockchains can bring benefits to society like the the internet, and some only some would argue that cryptocurrencies can bring benefits to society similar to how porn can bring benefit to society.

If you have never used a car and don't know what its purpose is, you could say that combustion engines bring benefits to society, but cars are like pornography and don't have any benefits. They only kill people and pollute the environment. Evidently, this is not the case, but rather because you just don't see the value.

Going back to the cryptocurrencies, let me give you just one practical example of their use, among many. To transfer money, you can purchase cryptos like USDT or USDC in one country, sell them in another country, and then transfer the proceeds to your bank account. Essentially, this is similar to what Western Union does.

Does Western Union provide benefits to society? Check the WU thread and all the complaints where WU imposes limits that it does not explain or bans people without providing reasons. Wouldn't it be nice to have alternatives?

In a traditional financial system, the government has almost full control over your money. If the government is benevolent, this might not be a big deal. However, several countries currently can tell you to go to war - I mean, literally, bring your ass to the trenches - and they freeze your bank accounts if you refuse. Does it illustrate a benefit of a decentralized banking system? And cryptocurrencies are the key element of this.