Meraglim Blog

The Empire Strikes Back. The U.S. Government is Taking Down Cryptos.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

I’ve been a critic of bitcoin and most (not all) cryptocurrencies for a long time. I’ve also been a critic of the cryptocurrency infrastructure of exchanges and “miners” who appear to be involved in price manipulation to draw in suckers to their pump-and-dump schemes.

One of my specific warnings was that central banks and the G20 governments would not sit idly by and let cryptocurrencies create a medium of exchange that rivalled fiat currencies. Powerful interests don’t go down that easily and they never go down without a fight.

Now the heat is on in crypto world. The IRS has summoned all records from certain crypto-exchanges looking for tax cheats, (and there are a lot of them). The SEC has subpoenaed scores of ICO (initial coin offering) promoters requesting books and records with a view to fraud cases and enforcement actions. And now, as reported in this article, the SEC has also notified all crypto-exchanges that they need to register as securities exchanges immediately or face fines and penalties.

That last news caused bitcoin to hit another air pocket, dropping below the critical $9,000 level. This wave of government regulation won’t let up soon and is happening all over the world; not just in the U.S.

In the end, some cryptocurrencies and crypto exchanges may survive as heavily regulated financial intermediaries. But if they do, what’s the difference between cryptos and the banks, brokers and exchanges they were meant to replace? There is no difference except that cryptocurrencies are slower, more expensive and more wasteful of electricity than traditional payment methods.

Visa or MasterCard anyone?

IF THE SCIENCE IS NOT ON YOUR SIDE, JUST TRY THREATS

It’s clear that good science does not support the extreme claims of the climate alarmists. Yes, there is such a thing as climate change, but it’s slow, difficult to predict and almost impossible to model because of the complexity of the process. The climate alarmists have grabbed most of the headlines for the past ten

Read More »

WHY TRUMP WILL WIN REELECTION: NOT POLLS OR PUNDITS; JUST COMMON SENSE

Political analysts use polls, betting odds, historic trends and other inputs to make their (usually wrong) political predictions. We all remember that “experts” said Hillary Clinton would win the presidency in 2016 (they gave her a 92% chance on the morning of the election), and that the UK would vote to “remain” in the EU

Read More »

HERE’S ANOTHER ELITE WITH ANOTHER PLAN TO TAX AWAY YOUR WEALTH

The elites never rest when it comes to devising new ways to take your money through taxes, inflation or outright confiscation. The latest Trojan horse the elites are riding to take your money is climate change. The climate does change over long periods of time for reasons that are not well understood except that they

Read More »

KRUGMAN SHOWS HE KNOWS LITTLE ABOUT ECONOMICS AND LESS ABOUT FINANCE

We already knew that Nobel Prize winner Paul Krugman knows almost nothing about economics. Now, we see from this article that he knows nothing about banking either. Krugman claims that the repeal of Glass-Steagall and the actions of banks in general were not the cause of the 2008 financial crisis. The conventional wisdom is that Lehman Brothers,

Read More »
Scroll to Top