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Potential government action goes beyond chasing a friendly regime and low electricity prices. What if the US passed a law tomorrow that said that financial ins

by cletus 5y ago

Potential government action goes beyond chasing a friendly regime and low electricity prices. What if the US passed a law tomorrow that said that financial institutions who traded in crypto in any way lost access to the US financial system? That's not fantastical. We already do this with trading with countries that are sanctioned (eg Iran). The US uses this power to exert influence on foreign banks so it's not just a US banking issue. And I agree: governments don't willingly lose control.

JumpCrisscross 5y ago
> What if the US passed a law tomorrow that said that financial institutions who traded in crypto in any way lost access to the US financial system? America isn't banning crypto because we, overwhelmingly, benefit from it. While the public pitch is fire and revolution, the ground-level truth of crypto is it exports cheap, often-subsidized, environmentally-ruinous energy from poor regions to financial centers.
- rsynnott 5y ago
  > it exports cheap, often-subsidized, environmentally-ruinous energy from poor regions to financial centers. No it doesn't. I'm not sure where people are getting this from. It _wastes_ energy; it does not move it.
neatze 5y ago
> What if the US passed a law tomorrow that said that financial institutions who traded in crypto in any way lost access to the US financial system? I don't see how such law can be enforced legally in not communist government.
- evgen 5y ago
  Try conducting a financial transaction from the US with an entity in Iran or North Korea and get back to us about how it is impossible for the US government to enforce such a law. Now try to do it from some other country whose banks engage with US financial networks like Swift and tell us how the reach of the US government stops at their own financial borders.
  - neatze 5y ago
    The sanction on North Korea and Iran where not applied retroactively, eg. US did not say before sanctions where applied that; all business who wired money yesterday to Iran broke the law, this would be illegal law.
TAKEMYMONEY 5y ago
> That's not fantastical. We already do this with trading with countries Bitcoin isn't a country, this is fantastical. Wall Street is deeply entrenched in crypto and once there are more crypto-backed ETFs this will be even more true.

by cletus 5y ago

JumpCrisscross 5y ago

> What if the US passed a law tomorrow that said that financial institutions who traded in crypto in any way lost access to the US financial system? America isn't banning crypto because we, overwhelmingly, benefit from it. While the public pitch is fire and revolution, the ground-level truth of crypto is it exports cheap, often-subsidized, environmentally-ruinous energy from poor regions to financial centers.

rsynnott 5y ago
> it exports cheap, often-subsidized, environmentally-ruinous energy from poor regions to financial centers. No it doesn't. I'm not sure where people are getting this from. It _wastes_ energy; it does not move it.

neatze 5y ago

> What if the US passed a law tomorrow that said that financial institutions who traded in crypto in any way lost access to the US financial system? I don't see how such law can be enforced legally in not communist government.

evgen 5y ago
Try conducting a financial transaction from the US with an entity in Iran or North Korea and get back to us about how it is impossible for the US government to enforce such a law. Now try to do it from some other country whose banks engage with US financial networks like Swift and tell us how the reach of the US government stops at their own financial borders.
- neatze 5y ago
  The sanction on North Korea and Iran where not applied retroactively, eg. US did not say before sanctions where applied that; all business who wired money yesterday to Iran broke the law, this would be illegal law.

TAKEMYMONEY 5y ago

> That's not fantastical. We already do this with trading with countries Bitcoin isn't a country, this is fantastical. Wall Street is deeply entrenched in crypto and once there are more crypto-backed ETFs this will be even more true.