Bitcoin Comes Under Full Scale Attack by Regulatorsselfnews Post To be clear, cryptocurrencies are threatening because no central entity can fully control them, and they also represent a nearly free and anonymous payment application. Its an algorithm that has the potential to make central banks, commercial banks, private banks, and the tax collectors obsolete. In other words, cryptocoins may be epoch changing for society. In the same way the Internet killed publishing or how VoIP killed long distance telephone carriers, cryptocoins may in fact kill debt-based money and brick-and-mortar banking. As Bucky Fuller said You never change things by fighting the existing reality.To change something, build a new model that makes the existing model obsolete. The banking cartel along with the government are scrambling to protect their territory and regulate Bitcoin so it doesnt have an unfair market advantage (and to protect the public from fraudsters of course). The industry leaders in the Bitcoin digital currency community just got subpoenaed yesterday by financial regulators in New York. New Yorks Department of Financial Services declared that Bitcoin is a virtual Wild West for narcotraffickers and other criminals. The formal reasons for the subpoenas were described: This statement seems conflicted because everyone already knows the big banks are the money changers of choice for terrorists, drug smugglers, illegal weapons dealers, money launderers, and human traffickers despite futile efforts to regulate them. Secondly, Bitcoin became an over $1.2 billion currency without the protection of the regulators. Now that there is money to be made with Bitcoin, here come the vultures. The subpoenas came shortly after a federal judgeruledthat Bitcoin is a currency in a Ponzi-scheme case involving Bitcoin. It is clear that Bitcoin can be used as money, writes Judge Mazzant in the ruling. It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses. Whats more, Congress just announced its opening an investigation of Bitcoin today. Politico reports: The more folks that we talked to related to this issue, it became very clear to us that this is not a sort of technology thats going away, a committee aide told Politico. This isnt something thats a flash in the pan. Its something thats going to be with us. Meanwhile, Bitcoin entrepreneurs are attempting to set up their own digital currency regulatory body called DATA the Digital Asset Transfer Authority. The committee for DATA will work proactively with regulators and policymakers to adapt their requirements to our technologies and business models, the group said in an announcement late last month. We must develop and implement common risk management and compliance standards that address the public policy concerns associated with our businesses. And our firms must build risk management and compliance programs that meet those standards, it added. Many of the entrepreneurs in this working group have also received subpoenas to appear in New York in front of regulators. List of companies subpoenaed by the New York State Department of Financial Services: To make matters worse, authorities are already seizing bank accounts of Bitcoin exchanges and vendors prior to any formal regulations. They are even holding up cryptocurrency mining equipment at customs. What do you think will happen to Bitcoin if it gets regulated like other currencies? Will the transfer fees explode? If Bitcoin gets over regulated, will a different cryptocurrency replace it as the private option? Read other articles by selfnews Post Here 