You have to feel sorry for Americans.  They are some of the most financially enslaved people in the world.

 

 

Submitted by Jeff Berwick:

The bankrupt US government has been instituting capital controls for years now and have ensured that Americans can’t open a bank account nor even a bitcoin exchange account outside of the US through things like the Foreign Account Tax Compliance Act (FATCA) and just outright threatening to attack any bank or bitcoin exchange in the world who accepts Americans as clients.

This leaves Americans in the “land of the free” with very few options for bitcoin exchanges.

No exchange outside of the US will accept Americans as clients. They’ll accept North Koreans. Iranians. Russians. Chinese. Anyone… except for Americans.

And due to all the regulations in the fascist/socialist mixed US economy, it is incredibly hard to even operate a bitcoin exchange in the US.

While there are now a few other options, which we’ll discuss further below, until recently, there was only one option. Coinbase.

To be fair to Coinbase a lot of the issues with the exchange aren’t its fault directly. They are due to the myriad of rules and regulations that are strictly enforced in the US police state.

This has led to countless complaints about how difficult it is to open an account at Coinbase. Many have said that it is just as difficult to open an account at Coinbase as it is to open a bank account in the US… which usually requires a phone book stack of documents and needing to report in each morning with what you ate for breakfast.

And there have been countless reports of people saying that Coinbase closed their account without reason or notice. And many others have reported that their bank accounts have been closed once the bank noticed they were doing business with Coinbase.

Matters were made worse when late last year the IRS requested a John Doe summons as part of a bitcoin extortion-evasion probe, seeking to identify all Coinbase users in the US who “conducted transactions in a convertible virtual currency.”

After all, the thieves at the IRS expect to get their cut.

To add to that, the US federal government is pushing a bill called “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” – which we talked about a few days ago.

This bill takes a further step to target bitcoin and wants to put any business which “issues” cryptocurrency under this umbrella of anti-money laundering regulations. Also, it will include bitcoin on the list of monetary instruments that must be reported when entering or leaving the US.

As you can see, trying to do anything related to bitcoin in the “land of the free” anymore is becoming more and more difficult. This combined with the SEC turning down a bitcoin ETF months ago has all but ensured that many Americans missed out on massive gains in the rise of bitcoin and other altcoins in the last year.

All in the name of protecting Americans, of course!

Lately, the site has also been plagued by technical issues as it is unable to handle the demand from customers.

There have been numerous website inefficiency and maintenance issues which rendered buy and sell orders useless for extending periods of time.

Plus there were extended periods of time when the site couldn’t be accessed at all, which left users unable to move their funds into other wallets. It’s worth noting as well that the majority of these instances occurred during periods of massive price movement which probably costs users millions in potential profits and losses.

As if all that weren’t enough to make its users furious, it just came out that Coinbase disabled the fundraising account being used to pay the incarcerated founder of the Silk Road, Ross Ulbricht’s defense attorneys.

Ross Ulbricht, for those who don’t know, was given numerous life sentences for having a website in the, need I say again… “land of the free.” Here was my recent interview with his mother on the massive injustice done to him.

  1. Should gold or silver ever make a moon shot like the crypto’s it’s guaranteed similar legislation would be quickly enacted by your favorite bought-and-sold fascists.

    I just wonder if a couple of states will get smart with crypto’s like they did with legalizing pot?  Illinois could definitely use some help about right now!  LOL

    • “Illinois could definitely use some help about right now!”

       

      LOL!   There is no help for those who have dedicated their lives to a political philosophy that has been proven over and over not to work.  Why should anyone expect this to suddenly work after such a complete record of abysmal failure?  There are other cities and states in this same fix and for the very same reason.

       

  2. “There was a slight smile upon his lips; death had not come to him as an enemy” – Arthur C Clarke

    There were signposts all along the USD highway. Each one ignored had been broadcasting a pretty clear signal of what lay in store down the road.

    Hey what th………….did that just say Dead End???!

    Nah, gun it Pops.

    https://www.youtube.com/watch?v=UmLvc76zd_w

    “hang on st. Christopher with the hammer to the floor
    put a hi ball in the crank case
    nail a crow to the door” – Tom Waits

    • “Please fasten your seat belts and extinguish all smoking materials.”

       

      Wait!  I know how this one ends… something about doing a forward roll, tucking head between legs, and kissing your butt goodbye.  😉

       

  3. Stacking the silver shiny till the cows come home. Government may in the future try to steal your Gold, but not the Silver Shiny. They will want your gold bullion. Silver is not on there radar. IMHO. Bitcoin will go the way of the Dodo bird, it will become extinct… Now will US fiat or Bitcoin disappear?

    • Bitcoin will go the way of the Dodo bird, it will become extinct…”

       

      It very well might.  But then what?  Will the BTC pumpers admit that they screwed the pooch or will they just migrate to something else of dubious value?

       

    • Only thing extincting is flailing USA empire.  Crypto is new norm, along with American Banana Republic (ABR).  Monsanto should research American banana unlimited potential

  4. I hadn’t really given it much thought until reading this, but yes, reporting and tax requirements for Americans to legally use a cryto-currency would be enormous.

    They probably don’t need any new laws to make them impractical for Americans, just need to enforce the laws we already have.

    The same is actually true about physical PM.

     

Leave a Reply