The Feds Are Terrified Of Cryptocurrencies… But They’re Powerless To Stop Them
by Josie Wales via TheAntiMedia.org,
ZeroHedge.com
Jul 30, 2017
The federal government is no match for innovation. This is something lawmakers have always known, and it is the reason state and federal regulations exist. But innovation, by its very nature, will always find a way around those regulations, resulting in the implementation of more regulations for creative minds to learn to evade — which they will. This results in the over-regulation we see in America today.
Nothing scares the government more than something it can’t control, and the Securities and Exchange Commission (SEC) revealed this week that it is terrified of cryptocurrencies — as well it should be. See, all those lawmakers and bureaucrats sitting around regulating everything depend on taxpayer money to pay their salaries so they can keep writing regulations. Since cryptocurrencies allow people to keep all of their money, this is a big problem for the lawmakers. Soon, people may even start to realize they can buy, sell, and trade freely without any government intervention. The horror.
So the SEC recently got together to write up even more regulations to try to scare people away from using cryptocurrencies and the blockchain by targeting Initial Coin Offerings, or ICOs. Initial Coin Offerings have become very popular recently as a way for crypto start-ups to raise funds for their ventures using digital tokens (cryptocurrency) like Bitcoin or Ethers. They operate on a blockchain, which is a decentralized digital ledger of publicly and chronologically-recorded cryptocurrency transactions. Investopedia gives a wonderfully detailed breakdown of how ICOs work. You can read it here or watch an explanation by technologist and author of The Internet of Money and Mastering Bitcoin Andreas Antonopoulos here.
The Rest…HERE
