Business

Why the Government Will Not Be Able to Regulate Cryptocurrencies

NOOSPHERE - If there is proof needed that idiots run governments, trying to regulate cryptocurrencies is another verifiable reason that governments are indeed overrun by idiots.

To be so far behind technological advances, to be so ignorant of the machinations of cryptocurrencies and how they work is unforgivable in today’s modern age, however, in government where they lag behind by about two centuries, they have just noticed that cryptocurrencies exist.

The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation.

The funny thing is, there is nothing the government can do to track Bitcoin transfers once converted from fiat currency, and if anyone wants to transfer from Bitcoin to fiat, this is easily done at an anonymous broker somewhere offshore.

The majority of exchanges already have rigorous ID checks in place, so the governmental meddling will amount to nothing new in many exchanges on the internet.

As for the Tor, Dark Net, they are well prepared for such intrusion, and will simply conduct their business as usual. What they do is completely untraceable, as they utilise techniques away from the system, like Tails.

Cryptocurrencies were designed specifically for the purpose of circumnavigating governmental intrusion and being separate of any fiat currency model. The algorithms and blockchain systems in place are not centralised, and therefore, immune to any government trying to change or regulate them.