The Government Crackdown on Bitcoin

“Governments enjoy a monopoly on money creation and they’re not about to surrender that monopoly to cryptocurrencies like bitcoin.”

High risk. High reward. It’s an experiment. A fascinating experiment. Some might get hammered in this experiment. Don’t be that guy. Some might get rich. Better to be that guy.

Wise allocation is key. Don’t let greed get the better of you. But the same goes for fear.

(From The Daily Reckoning)

And while I’m not necessarily a fan of individual cryptocurrencies, I am a believer in this technology.

Governments don’t want to kill it; they want to control it.

They seek to do so using powers of regulation, taxation, investigation and ultimately more coercive powers, including arrest and imprisonment of individuals who refuse to obey government mandates with regard to blockchain.

As I also explained last week, blockchain depends on critical infrastructure, including servers, telecommunications networks, the banking system and the power grid, all of which are subject to government control, as the Chinese action shows.

That’s the back door governments will use to regulate and control the blockchain.

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