Listening to some coverage of the congressional noisefest about bitcoin. They’re arguing about details of ‘stablecoins’.
All of this regulation is misplaced. Bitcoin is not a form of currency or banking, it’s a form of ENTERTAINMENT. It’s like casinos or fraternities or city social clubs for aristocrats. It’s not nearly as entertaining as movies or TV or radio.
The feds have never directly regulated entertainment. States have casino rules, enforced mainly by fines, not arrests. Colleges have rules for fraternities, which are influenced by federal “civil” “rights” laws but not directly federal. Magazines and movies had various bureaus, from Comstock to Hays to the current ratings bureau that stamps G or PG or R or X. Again these agencies have political connections, but they don’t have arrest powers.
Bitcoin can certainly absorb all of your money, just as casinos or other forms of entertainment. This power to absorb doesn’t place it in the same category as banks or even stocks. Banks are expected to hold value, and some old-fashioned stocks are still expected to behave more like bonds.
Thus bitcoin should be treated in the same arms-length way as fraternities or movies.
The bitcoin whales want it to be federalized because they hope to gain easy and “legal” access to the huge resources of banks and pension funds. The exposure of Sammy (and CZ and Sun and others) has repeatedly demonstrated their motives. Anyone who expected bitcoin to be a bank is inside the social club and thus fully informed by all the news. Absolutely no excuse for continued illusion.
So why is everyone still doing what the criminals WANT us to do?
Polistra's Mill 