I don't get what the hate boner for crypto adds to this conversation?
The original wording in the bill and the Warner amendment are horrific overreaches that should be severely concerning. They would render anyone who hosts a validator node (aka a full cryptocurrency node regardless of if you are mining or running a stake pool or just using the network) as a traditional financial broker with all the regulatory oversight, KYC, and tax compliance responsibilities that comes with. Additionally, any developer who writes software for the cryptocurrency space would also be included in that.
The Warner amendment opens a whole new can of worms but on top of that it explicitly excludes PoW miners (but not validator nodes or SW devs) which would near guaranteed kill any alternative consensus protocol development in the US (and likely globally due to the tendency for other nations to follow the US's stance on financial decisions).
The complete infeasibility of this would put a defacto ban on anyone operating any decentralised software in the US as the wording includes anybody who develops or operates effectively any software that "facilitates financial transactions". If this was a reasonable move towards regulatory compliance that would be one thing but the wording here is mutually incompatible with the operation of effectively all cryptocurrency and a significant portion of federated or decentralised software.
Crypto coins are nothing but Ponzi schemes. Wake me up when their value is not tied to how many dollars they buy or used for ransom payments or dark-web payments.
Blockchain though that’s interesting.
The coins have been around for years and years and have not had much success with greater adoption other than another asset class to speculate with. I submit the utility of crypto in coins is zero but the blockchain might be marginally above zero.
And all this will lead to is crypto coins backed by governments built on blockchains where citizens of said governments will be coerced into using because what person is outside of the jurisdiction of their government? The e-yuan and the e-dollar are coming and each will be controlled by a central bank and fiat currency 2.0 will be here and the silly anarcho-capitalist utopia of the crypto hippies will die out to pragmatism.
So yes, crypto-bull tears are sweet because crypto coins are inherently useless.
> I submit the utility of crypto in coins is zero but the blockchain might be marginally above zero.
I disagree. If blockchain had such amazing utility we'd be seeing it successfully applied in different technology sectors, but it isn't despite how long it's been around. It's just a glorified database. In fact, I don't think a blockchain is worthy of any praise without crypto which allows individuals to transact on new basis of trust. This is the innovation, not blockchain.
