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I have Uncle Intel On CRYTPO

 
TrufSerumX

User ID: 78576101
United States
02/22/2021 10:00 AM

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I have Uncle Intel On CRYTPO
Buddy just called me from DC. He works for a compliance firm that is also fairly big in the world of financial legislation and lobbying. This guy is sharp. An MBA, numerous licenses. I trust him and we have been friends over 20 years. If he is ever allowed to talk about something, we talk. We talked this am about crypto.

Here is the rumors going around of some new regulations set to hit within the coming months:

1)Crypto Currency will be regulated by current amendable banking regulations. It won't be a control move at the exchanges themselves but rather the on and off ramps of those.

2)Any business wishing to have a SWIFT bank account will be required to instantly settle any and all crypto transactions PRE CLOSE for any transaction over $500.00. Basically meaning, if you want to buy something from me with bitcoin, I have to upon receipt instantly settle that in USD. This will essentially make crypto a more cumbersome payment system. Not an easier one. Also does not allow a business to stockpile crypto. Sure they can re buy it after the convert to USD. But then additional fees etc. We will get to that.

3)No anonymous transactions. Any item / transaction with crypto will require ID verification. They are talking literally scanned drivers licenses etc. For all transactions. Think about the headache. Failure to do so by either party will be met with steep fines, prison, etc.

4)There will be a transactional tax implanted of x percent on all crypto transactions due quarterly to the IRS. If you take 100k in crypto you will owe X percent to the IRS as a business quarterly. On top of and in addition to normal quarterly estimated taxes etc. Its unclear whether its DUE at the quarter or will be an estimated tax and then a final settlement at year end. This means most businesses instantly make LESS when selling something for BTC/Crypto.

5)Per transaction trading fees of x% on all crypto trades in addition to normal standard capital gains taxes. The rates are being discussed are 2-3%. Making scalping crypto nearly an impossible trading process.

6)This will initially be done with current regulations being amended but talk of an all inclusive new bill. Think something like the Patriot Act 2.0. Heavy fines, prison time, and penalties. The goal is to make it very difficult and cumbersome for any legitimate business to wish to do business in crypto currencies and for any trader of them to have a very hard time.

This is the basic gist of what we discussed. Basically legislators know the technology is too democratic to all out make illegal crypto, but the new regs are designed to make using crypto in legitimate endeavors more cumbersome, complicated, expensive and dangerous.

Stay safe.
TrufSerumX
Anonymous Coward
User ID: 77181668
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02/22/2021 10:06 AM
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Re: I have Uncle Intel On CRYTPO
yep dont ban it yet ruin it
lol people thought they could take down the central banks and the big commercial banks

you will need to go to much more discreet coins to bypass the system is my guess, monero?
mr dull socks

User ID: 80043323
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02/22/2021 10:07 AM

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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
Anonymous Coward
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02/22/2021 10:09 AM
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Re: I have Uncle Intel On CRYTPO
It's bullshit. Can't stand these government vultures. They can't stand people being free from them. They are literally a Mafia a bunch on monsters.
This will destroy crypto. Watch it tank for sure.

I heard Bitcoin will go down to $750. Hard to believe but now I know why they said that.
Anonymous Coward
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02/22/2021 10:09 AM
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Re: I have Uncle Intel On CRYTPO
Not going to happen.

They'll try. But its the end for fiat and no amount of deck-chair-rearranging is going to change that.
REaliZe

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02/22/2021 10:09 AM

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Re: I have Uncle Intel On CRYTPO
TBL-siwl
There's. A. H0le. In. The. Sky.
Deus group

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02/22/2021 10:09 AM

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Re: I have Uncle Intel On CRYTPO
Not happening they will push hard core regulations but settle for what they really want KYC for wallets
Smell MY Finger
Anonymous Coward
User ID: 79387251
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02/22/2021 10:10 AM
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Re: I have Uncle Intel On CRYTPO
Never trust an MBA. They are snakes. The most vicious. They literally teach/preach predatory tactics to strip wealth from the hard working people of the world to keep the rich rich and themselves in a cush 9 to 5 job. Disgusting.
Anonymous Coward
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02/22/2021 10:10 AM
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Re: I have Uncle Intel On CRYTPO
The worst that could happen is it would turn the US into a crypto-pariah while the rest of the world continues advancing and growing financial freedom.

And people who already have earned their financial freedom will not accept to be sent back under govt thumb. Cryptos pulled a checkmate in 2009. You just don't know it yet.
10^33Moderator
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02/22/2021 10:11 AM

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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
Few will listen,
Of the few who listen, fewer still will understand,
Understanding does not mean believe,
Of the handful who believe, most may not know what to do,
Those who even know, how many will actually do ?
And the rare ones who have done it.......
Need not listen to you anymore.
mr dull socks

User ID: 80043323
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02/22/2021 10:11 AM

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Re: I have Uncle Intel On CRYTPO
Not going to happen.

They'll try. But its the end for fiat and no amount of deck-chair-rearranging is going to change that.
 Quoting: Anonymous Coward 80076762


bitcoin is fiat.
Anonymous Coward
User ID: 78471717
02/22/2021 10:11 AM
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Re: I have Uncle Intel On CRYTPO
Buddy just called me from DC. He works for a compliance firm that is also fairly big in the world of financial legislation and lobbying. This guy is sharp. An MBA, numerous licenses. I trust him and we have been friends over 20 years. If he is ever allowed to talk about something, we talk. We talked this am about crypto.

Here is the rumors going around of some new regulations set to hit within the coming months:

1)Crypto Currency will be regulated by current amendable banking regulations. It won't be a control move at the exchanges themselves but rather the on and off ramps of those.

2)Any business wishing to have a SWIFT bank account will be required to instantly settle any and all crypto transactions PRE CLOSE for any transaction over $500.00. Basically meaning, if you want to buy something from me with bitcoin, I have to upon receipt instantly settle that in USD. This will essentially make crypto a more cumbersome payment system. Not an easier one. Also does not allow a business to stockpile crypto. Sure they can re buy it after the convert to USD. But then additional fees etc. We will get to that.

3)No anonymous transactions. Any item / transaction with crypto will require ID verification. They are talking literally scanned drivers licenses etc. For all transactions. Think about the headache. Failure to do so by either party will be met with steep fines, prison, etc.

4)There will be a transactional tax implanted of x percent on all crypto transactions due quarterly to the IRS. If you take 100k in crypto you will owe X percent to the IRS as a business quarterly. On top of and in addition to normal quarterly estimated taxes etc. Its unclear whether its DUE at the quarter or will be an estimated tax and then a final settlement at year end. This means most businesses instantly make LESS when selling something for BTC/Crypto.

5)Per transaction trading fees of x% on all crypto trades in addition to normal standard capital gains taxes. The rates are being discussed are 2-3%. Making scalping crypto nearly an impossible trading process.

6)This will initially be done with current regulations being amended but talk of an all inclusive new bill. Think something like the Patriot Act 2.0. Heavy fines, prison time, and penalties. The goal is to make it very difficult and cumbersome for any legitimate business to wish to do business in crypto currencies and for any trader of them to have a very hard time.

This is the basic gist of what we discussed. Basically legislators know the technology is too democratic to all out make illegal crypto, but the new regs are designed to make using crypto in legitimate endeavors more cumbersome, complicated, expensive and dangerous.

Stay safe.
 Quoting: TrufSerumX



Nice story bro! Unfortunately I can't see how any legislation can regulate crypto as China, known for having one of the most regulated Internet policies in the world, can't manage to control it.
Anonymous Coward
User ID: 76011661
France
02/22/2021 10:12 AM
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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


A monetary investment with no intrinsic value is dangerous.
Anonymous Coward
User ID: 80076709
United States
02/22/2021 10:12 AM
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Re: I have Uncle Intel On CRYTPO
yep dont ban it yet ruin it
lol people thought they could take down the central banks and the big commercial banks

you will need to go to much more discreet coins to bypass the system is my guess, monero?
 Quoting: Anonymous Coward 77181668


depending on who you are, you can pretend crypto has 'always only been about' anything
mr dull socks

User ID: 80043323
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02/22/2021 10:12 AM

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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
 Quoting: 10^33


keep telling yourself that.
Dr. Feels

User ID: 75789655
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02/22/2021 10:12 AM
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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


it hasn't happened

and in the meantime you missed out on a fortune
Dr. Feels
mr dull socks

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02/22/2021 10:12 AM

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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


A monetary investment with no intrinsic value is dangerous.
 Quoting: Anonymous Coward 76011661


yep
Dr. Feels

User ID: 75789655
United States
02/22/2021 10:13 AM
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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
 Quoting: 10^33


keep telling yourself that.
 Quoting: mr dull socks


lol

loser cope

you know nothing

this world is going blockchain
Dr. Feels
Anonymous Coward
User ID: 20473958
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02/22/2021 10:13 AM
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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
 Quoting: 10^33


legit, but evil

Now it will be nothing more than an airtight way of making sure all transactions are tracked by the beast system.
Anonymous Coward
User ID: 77965914
United States
02/22/2021 10:14 AM
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Re: I have Uncle Intel On CRYTPO
Thats what they may want, thats not what their going to get. Crypto is just too big, the people will not stand for it. Not to mention the hedgefunds, and businesses buying into it. Right now I know of no US legal exchanges that allow you to buy and sell without a valid photo ID, so thats already there. Also on my taxes this year I had a box to report gains in crypto as well. Not to mention how much potential crypto the feds have in their possession. They have what 50 million from the silk road guys account alone and that was prices back in like 2012. Crypto is just to big, and established, and being decentralized lends itself very well to under the table transactions and useage.

And like all things banned, or restricted, people will always find away.
Anonymous Coward
User ID: 80026104
Canada
02/22/2021 10:14 AM
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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


the idiots should have continued to stack something real. gold silver
mr dull socks

User ID: 80043323
United States
02/22/2021 10:15 AM

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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
 Quoting: 10^33


keep telling yourself that.
 Quoting: mr dull socks


lol

loser cope

you know nothing

this world is going blockchain
 Quoting: Dr. Feels


i own cryptos you fool. i mine bitcoin. but i know nothing. hahahahahahaha.
leader

User ID: 79013611
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02/22/2021 10:15 AM

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Re: I have Uncle Intel On CRYTPO
Every time there is a pullback, all this crypt doom shit comes out. bwahahahaha
jack
Anonymous Coward
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02/22/2021 10:15 AM
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Re: I have Uncle Intel On CRYTPO
Not going to happen.

They'll try. But its the end for fiat and no amount of deck-chair-rearranging is going to change that.
 Quoting: Anonymous Coward 80076762


bitcoin is fiat.
 Quoting: mr dull socks


Fiat means "by decree", i.e. the USD is worth this because I say it is.

BTC and other proof of work currencies (the best of which currently is DASH) are backed not by what you say, but by the energy expended to create their blocks and issue rewards.
Dr. Feels

User ID: 75789655
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02/22/2021 10:16 AM
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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


the idiots should have continued to stack something real. gold silver
 Quoting: Anonymous Coward 80026104


you do realize that bitcoin was 20k a few months ago and is now 55k right?

i think you're an idiot

all markets are absolutely controlled
Dr. Feels
mr dull socks

User ID: 80043323
United States
02/22/2021 10:16 AM

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Re: I have Uncle Intel On CRYTPO
Thats what they may want, thats not what their going to get. Crypto is just too big, the people will not stand for it. Not to mention the hedgefunds, and businesses buying into it. Right now I know of no US legal exchanges that allow you to buy and sell without a valid photo ID, so thats already there. Also on my taxes this year I had a box to report gains in crypto as well. Not to mention how much potential crypto the feds have in their possession. They have what 50 million from the silk road guys account alone and that was prices back in like 2012. Crypto is just to big, and established, and being decentralized lends itself very well to under the table transactions and useage.

And like all things banned, or restricted, people will always find away.
 Quoting: Anonymous Coward 77965914


cryptobugs are the most delusional
Follower of Jesus

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02/22/2021 10:16 AM
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Re: I have Uncle Intel On CRYTPO
this is the main reason i stayed out of cryptos. i knew this day would come
 Quoting: mr dull socks


Shouldn't have stayed out should have:
Bought Cryptos
Held for medium term
Sold Cryptos for 1000% min profit
Convert to USD
Take profits and buy hard assets (Food, Generator, Supplies, Guns/Ammo, Silver, Property, etc...
Follower of Jesus (FoJ)
JohnDough
JohnDough

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02/22/2021 10:16 AM

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Re: I have Uncle Intel On CRYTPO
Still buying here!
Just a small road block that many cryptos have already been working on.
Silver is cool also.
Keep pushing the people away guberment... The US dullar is about to get smashed.

uncle
Anonymous Coward
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02/22/2021 10:16 AM
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Re: I have Uncle Intel On CRYTPO
Lots of taxes to be tracked.
Dr. Feels

User ID: 75789655
United States
02/22/2021 10:17 AM
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Re: I have Uncle Intel On CRYTPO
With so much main stream corporate backing they won't kill it now...

Yes, they will regulate it.

Yes, they ill tax it.

All of which makes it MORE legit.
 Quoting: 10^33


keep telling yourself that.
 Quoting: mr dull socks


lol

loser cope

you know nothing

this world is going blockchain
 Quoting: Dr. Feels


i own cryptos you fool. i mine bitcoin. but i know nothing. hahahahahahaha.
 Quoting: mr dull socks


apparently, i mean i didn't write the dummy coming from your posts.
Dr. Feels
The Daddylorian

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02/22/2021 10:17 AM

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Re: I have Uncle Intel On CRYTPO
Buddy just called me from DC. He works for a compliance firm that is also fairly big in the world of financial legislation and lobbying. This guy is sharp. An MBA, numerous licenses. I trust him and we have been friends over 20 years. If he is ever allowed to talk about something, we talk. We talked this am about crypto.

Here is the rumors going around of some new regulations set to hit within the coming months:

1)Crypto Currency will be regulated by current amendable banking regulations. It won't be a control move at the exchanges themselves but rather the on and off ramps of those.

2)Any business wishing to have a SWIFT bank account will be required to instantly settle any and all crypto transactions PRE CLOSE for any transaction over $500.00. Basically meaning, if you want to buy something from me with bitcoin, I have to upon receipt instantly settle that in USD. This will essentially make crypto a more cumbersome payment system. Not an easier one. Also does not allow a business to stockpile crypto. Sure they can re buy it after the convert to USD. But then additional fees etc. We will get to that.

3)No anonymous transactions. Any item / transaction with crypto will require ID verification. They are talking literally scanned drivers licenses etc. For all transactions. Think about the headache. Failure to do so by either party will be met with steep fines, prison, etc.

4)There will be a transactional tax implanted of x percent on all crypto transactions due quarterly to the IRS. If you take 100k in crypto you will owe X percent to the IRS as a business quarterly. On top of and in addition to normal quarterly estimated taxes etc. Its unclear whether its DUE at the quarter or will be an estimated tax and then a final settlement at year end. This means most businesses instantly make LESS when selling something for BTC/Crypto.

5)Per transaction trading fees of x% on all crypto trades in addition to normal standard capital gains taxes. The rates are being discussed are 2-3%. Making scalping crypto nearly an impossible trading process.

6)This will initially be done with current regulations being amended but talk of an all inclusive new bill. Think something like the Patriot Act 2.0. Heavy fines, prison time, and penalties. The goal is to make it very difficult and cumbersome for any legitimate business to wish to do business in crypto currencies and for any trader of them to have a very hard time.

This is the basic gist of what we discussed. Basically legislators know the technology is too democratic to all out make illegal crypto, but the new regs are designed to make using crypto in legitimate endeavors more cumbersome, complicated, expensive and dangerous.

Stay safe.
 Quoting: TrufSerumX


This sounds exactly like what they would plan to do.

All they have to do is say "Bitcoin is widely known to be used by terrorists and white supremacists" and poof there's their excuse.





GLP