The Coming SEC / FBI / IRS Crytpo Crackdown
With the recent spike in Cryptocurrencies, from $20B to $110B in market Cap in just the past few months, let alone what I predict coming - a 70X spike from these levels - THE CENTRAL BANKS / GOVERNMENTS will want their pound of flesh.
See my article:
https://steemit.com/cryptocurrency/@cryptonomics/the-coming-crypto-superspike-this-bubble-is-small-compared-to-what-s-coming
The Richest Men/Women in the World will not be the Computer Barons of the 1990s.
The Richest Men/Women in the World will be the Crypto Barons of the 2010s.
I hear old timers tell me about how in a neighborhood not far from where I used to live, the Italian Mafia ran things, until the 60s when the FBI went after the leaders and shut things down (or, at least, underground). If the Mafia was around today, they would probably not just deal in Crypto, they would want control over the whole thing - they'd have their own Cryptocurrency. If they built one, made Billions, and then handed things off to "the uncontrollable blockchain" - how would the Government respond?
NO DIFFERENT THAN HOW THEY ARE ABOUT TO RESPOND.
WHEN the government budgets are crashing by the TRILLIONS and Cryptocurrencies are skyrocketing BY THE TRILLIONS...
Who do you think the Governments are going to go after???
How hard do you think (when Crypto is the only thing going UP) the Governments are going to crack down???
You ain't seen nothing yet.
All Exchanges based in anything near the U.S. Control will be required to report Names, Addresses, Balances, Transaction Histories, and all To / From Addresses. The IRS will audit and identify any taxable gains. Any Cryptocurrencies with ANY Centralized Control, especially U.S. Citizens, will be treated NO DIFFERENT THAN THE MAFIA. So they created a system that earned them hundreds of billions, and they won't cooperate in giving up their customers for the tax man??? With Trillions of Tax Collections at stake, they won't take "No" or "I don't know" for an answer. Full registration and identification will be compelled.
www.coinfirm.io - they have a CRYPTOCURRENCY that sponsors them! The step from AML/KYC to full-on Tax Compliance Enforcement is small.
Currencies that are Privacy / Anonymous focused will flourish:
My Favourites, in Order:
- PIVX - www.pivx.org
- Monero - www.mymonero.com
- ZCash
The RUSH towards AML/KYC, Centralization, and ultimately, Tax Compliance, of Cryptocurrencies is unnecessary. There will ALWAYS be jurisdictions that WANT the wealth that Free Market Money (as Jeff Berwick calls Cryptocurrencies) brings... with freer flow of capital comes greater volatility, but also greater prosperity. Those jurisdictions will always have to be served by major Debit/Credit Card companies (Visa/MC,etc), Gold and Silver Companies, etc - and there will always be ways to "Change" your Anon Crypto to Spendable, or load direct to your Debit Card to cash out at an ATM or spend - there will ALWAYS be those options.
See my other articles:
https://steemit.com/dash/@cryptonomics/the-coming-paradigm-shift-in-cryptocurrencies
https://steemit.com/crypto/@cryptonomics/the-cryptocurrency-dotcom-bubble
If they crack on this too hard, it will just go dark. And then nothing can be done.