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Comment by CountDrewku | Hacker News Reader

Isn't the entire appeal of crypto is that it's not regulated? Why the hell would I want it if it's controlled just like a fiat currency. That means it's susceptible to idiotic government decisions right?

The only reason our regulatory masters every say this shit is because they want a piece of the pie for themselves. You see it in every industry where they're not getting a cut.... oh gambling very very bad! Regulate the hell out of it and now it's fine to have sports betting and all sorts of other "sin" pleasures available.

Then there's always this "guarantee" that the tax dollars will go to the children except they pull the rug out on other money that was previously going there.

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> That means it's susceptible to idiotic government decisions right?

That's the point. I'm not sure why people think that crypto is just going to be allowed to exist outside of government control. Of course government is going to want to get their hands in it. And while the technology might be resistant to that, there are still other things the government can do, just like they do with fiat, to gain control of crypto. For example, putting you in jail I you don't do what they want. Exactly like they do with taxes in the US.

It'd be hard to do in the US as its not a tax. The 5th amendment is pretty clear stating "nor shall private property be taken for public use, without just compensation.", Now that crypto is main stream the backlash would be immense and citizens have the 2nd amendment (in some states) to back it up.

I think we're talking about different things. I'm not saying the government is going to take try and just take everybody's crypto. But they absolutely could regulate in any way the want, just like with fiat.

In other words, crypto changes absolutely nothing when it comes to the relationship the government has with your money. If the government wants your money and you don't give it to them, you go to jail. Crypto isn't going to change that.

Is crypto considered money though or is this more equivalent to the government coming in and repurposing your tv? Generally curious, not trying to pile on what if scenarios

Definitely money. You really think the government is just going to let you loophole your way out of taxes?

When was the last time TV’s went up in value by thousands of times, creating tons of millionaires and billionaires, and advertised itself as a money replacement? The government isn’t stupid when it comes to collecting your money.

I would bet the explosion in cryptocurrency values over the past 5 years has been more from "everyday people" who care less about the philosophical underpinnings of cryptocurrencies and more about investing the best performing asset of the past few decades. so when they start getting scammed and raising ire about it, of course regulators will step in - that's their job

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