US Treasury Secretary Steve Mnunchin Rallies G7 Against Libra and BTC

[wry]

Well the Trump Administration push against cryptocurrencies claimed another victory today.

US Treasury Steve Mnunchin appeared on TV to announce that the US and the other G7 nations (basically the other large world economies) had agreed that Libra was of great concern to regulators.  While most of the attention has been on Libra, BTC is getting some of the spill over effect, Mnunchin said:

Quote

“We’re going to make sure bitcoin doesn’t become the equivalent to Swiss numbered bank accounts.”

Which is REALLY interesting, because THAT is EXACTLY how I explain Bitcoin's privacy features to people who I am explaining Bitcoin to!  (e.g. your BTC address is your numbered account)  So that is sort of what Bitcoin is, so I'm increasingly thinking that the US at least will use the "boogyman" of Libra to also start to try and restrict Bitcoin.

I was one of the many who thought Libra would be great for crypto and Bitcoin especially, but now I'm not so sure.

Link:  https://www.coindesk.com/us-treasury-secretary-mnunchin-says-g7-in-agreement-on-libra-cryptocurrencies

[polor12]

why it seems they think crypto is a threat..  of course is valuable then all the paper currency in the world.. but is not part of the main market.. is not in the main trade market i mean.. they are doing this because they have no control of it. that is the only reason why.. can already think is not money at all.. so why bother.. is just another reason for trump to show his "presidency" to the people. this won't go no where.. Fake news!

[nattekut]

I personally think Libra will not have such a good effect on the crypto market as everyone is thinking. Lot of people are very excited about it but I am not that excited. Libra will be launched by a huge company so they will have regulators on their back all the time and they will need to be compliant with every fucking tiny detail of all laws. If Libra and FB manage to get through all this regulations and shit than automatically there will come more stricter regulations for other crypto s as well.

so for me I am not so keen on Libra coming into the market.

[Danifilth]

I'm thinking about why the alts were crushed right down to the floor, just before listening to the lib, it is possible that there will be some kind of approval, but under certain conditions put forward that the zuckerberg will agree and he will be given the greatest good but the launch of the coin after which all other coins will follow the example of the zuckerberg line up to get approval on what conditions, maybe the whole cryptranok will be tightly tied to the dollar over time
and such news, if approved, libra can give a powerful impetus to the growth of all alts

p s - I am writing through the translator sorry for the mistakes (if any))))

[wry]

10 hours ago, nattekut said:

so they will have regulators on their back all the time and they will need to be compliant with every fucking tiny detail of all laws.

I think you nailed it!  No more flying below the radar for crypto now.  I'm pretty concerned.

I found this awesome picture of the Mnunchin's with the world's most successful underground currency:

I love how is wife, who I will admit is very attractive, looks like Cruella Deville in this picture.  I saw one funny suggested caption: Louise Linton and the love of her life, also pictured, husband Steve Mnunchin.

[wry]

This is a guy who just keeps on giving!  Today has a news report of him saying that Bitcoin wont be around in 10 years!

Here's a snippet:

Quote

“I can assure you I will personally not be loaded up on bitcoin in 10 years,” Mnuchin said on CNBC’s Squawk Box. “I would bet even in five to six years I won’t even be talking about bitcoin as Treasury Secretary.”

I wonder if he realizes that Trump has to face re election in 2020 and even if he wins he'll have to leave office in 2024, so in five years there is no way he'll be talking about Bitcoin as Treasury Secretary because there's no way he'll BE Treasury Secretary!

How did this guy become a billionaire in the first place?

Link:  https://www.coindesk.com/ius-treasury-secretary-mnuchin-thinks-outlook-for-bitcoin-is-bleak

[Enzo]

I personally never thought Libra was going to be a good thing for Crypto because of the regulations it will come with and the obvious lack of privacy behind it.

Now, I don't see how this could affect BTC in a positive way that's for sure. But as long as they don't began rallying against BTC directly. I don't have too much to worry about and neither do many people here.