New York made HBD illegal.
No surprise. The regulators are going to use the UST situation for maximum gain.
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New York made HBD illegal.
No surprise. The regulators are going to use the UST situation for maximum gain.
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Why do they even need to put regulations on crypto in the first place.
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Politicians love power.
Have you ever seen anything they didnt put regulation upon?
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That's True.
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They are doing their job, putting their hands on everything they can, lol!
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If we use stablecoins as a stepping stone to buy other altcoins, we just do likewise with HBD: use HBD to buy a SWAP-coin before we withdraw.
Source: Tenor.com (via D.Buzz)
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Certainly, there are a lot of uses for HBD. We need to keep expanding the use cases for it.
We really need to push value towards both coins.
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I was just addressing the supposed illegality of HBD in New York State. As long as the governor doesn't sign the legislation into law, then it has no force of law.
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I didnt look into it deeply. It might be FINRA.
Either way, it doesnt matter, there is no way to get HBD under regulation.
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If there's one thing I've learned since 2008, it's that laws once meant only for "certain situations" eventually end up being used in "all" situations. This came to pass with the more questionable provisions of USA PATRIOT Act and the income tax amendment to the US Constitution which was meant "only" for those who "qualified" until that came to mean the effectively "everyone" qualified. Even Social Security Numbers-- once meant to be used only for Social Security purposes-- ended up being used as de facto ID numbers throughout society.
I want to believe that cryptocurrency and specifically HBD are beyond reach of government regulation, but a government hellbent on extracting its pound of flesh will get its pound of flesh one way or another. Even if the effort ends up a failure, it has the means to make life a living hell for the population living under its jurisdiction.
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They simply adjust the numbers to encompass more people. It is really that simple.
Few realize the income tax act was only meant to be "for the rich". This is why those who support the "tax on unrealized gains" are total assholes. They claim well it is good to tax the rich. Even if that were the case, in 20 years it will be a tax on everyone.
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That's exactly my point. What starts as something targeted to a small number of people ends up being used on all of us. Then instead of going away once the "mission accomplished" or a "sunset clause" moment is reached, the tax is kept in place as a source of revenue and we're suckers for not paying attention.
At the federal level, government generally receives more in taxes each year that in previous years. Yet national debt grows unsustainably. As bad as government taxation is on us, what's even worse is government spending taking place at a rate which exceeds incoming tax receipts.
Revolutions have started for lesser reasons.
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Which in the grand scheme of things, means absolutely nothing.
We will continue to exist outside their jurisdiction whether NY likes it or not.
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It will be quite hard for them I think. People will always find ways to go around it hehe
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I believe it gets magnified when you have developers involved.
Whatever they set down, we can code around. It is why, I feel, they havent had much success against megatech. Whatever regulations they draw up, code is changed to be exempt.
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That is the key to decentralization.
There is nothing they can do to HBD. It is simply out of their reach.
It is the lesson from the Eurodollar system. The Fed, USG, nor NY State can do nothing about it.
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One bad coin is putting good coins at risk
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I am not sure about risk but it is making life more expensive for the likes of Circle.
Regulation costs money it is why most of the compliance is by larger firms; they have the people and infrastructure in place to handle it.
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