@ISIDEWITHQuestionseconomyStarted 3yrs agoActive 5 days ago

Should the government classify cryptocurrencies as legal forms of payment?

Cryptocurrencies are a collection of binary data which is designed to work as a medium of exchange wherein individual coin ownership records are stored on a public ledger using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of ownership.

39%
Yes
61%
No
31%
Yes
51%
No
7%
Yes, but only for cryptocurrencies that hold stable value without price fluctuation
6%
No, classify cryptocurrencies as unregulated commodities
3%
No, but the government should create an official digital currency
1%
No, classify cryptocurrencies as highly regulated securities

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Other Popular Answers

Unique answers from America users whose views extended beyond the provided choices.

 @988C9KW from New York answered…1yr1Y

No, classify them as a Ponzi scheme(pyramid scheme), and take criminal action against those who promote them.

 @99T45NQ from California answered…1yr1Y

Yes, but only well established coins

 @9MDD3XT from Texas answered…5 days5D

It depends on the stability and popularity of the cryptocurrency, and what it stakes, sponsors, or verifies (or industry it is tied to/creates for)

 @9GVLHLN from Idaho answered…6mos6MO

No. While they are easily trackable by the government, they aren't by the person. If cryptocurrency is made a legit currency, it will be very hard for the owner of their currency to protect

 @9GSNTHH from North Carolina answered…6mos6MO

Cryptocurrencies are pyramid schemes that have subjective value assigned. They are highly speculative and therefore have no play as legal tender.

 @9LTT564 from Texas answered…3wks3W

Yes, however, this should be restricted to only private transactions between businesses, forbid or heavily regulate using bitcoin or other cryptocurrencies to pay loans, federally incurred expenses, (Medicare, Medicaid, etc), and other certain expenses that cannot be feasibly paid for using cryptocurrency, but allow consumers to determine their current value before performing an exchange and receiving legal tender as a workaround.

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 @ISIDEWITH submitted…2mos2MO

Sam Bankman-Fried Expresses Remorse in First Interview from Prison

In a series of revealing interviews from his jail cell, Sam Bankman-Fried, the former cryptocurrency mogul behind FTX, has broken his silence for the first time since receiving a 25-year prison sentence. Speaking to ABC News, Bankman-Fried shared his deep remorse and the haunting realization of the consequences of his actions. The 32-year-old, once celebrated as a visionary in the crypto world, now faces the reality of his downfall, marked by charges of fraud and money laundering that led to his dramatic sentencing.Bankman-Fried's reflections from behind bars offer a rare glimpse into the mindset of a man who was at the helm of one of the most influential crypto exchanges before its spectacular collapse. 'I'm haunted, every day, by what was lost,' he told ABC News, indicating a profound sense of regret over the impact of his actions on investors and the broader crypto community. Despite his current circumstances, Bankman-Fried insists that he never intentionally engaged in illegal activities, though he acknowledges that his actions fell short of the ethical standards he set for himself.The crypto entrepreneur's fall from grace has been a cautionary tale for the industry, highlighting the risks and regulatory challenges associated with the rapidly evolving digital currency landscape. Bankman-Fried's case has drawn attention to the need for greater oversight and accountability in the sector, as investors and regulators alike grapple with the implications of his actions.As Bankman-Fried serves his sentence, the crypto community continues to reckon with the fallout of FTX's collapse. The saga serves as a stark reminder of the volatility and uncertainty that can pervade the world of digital currencies, underscoring the importance of transparency and ethical conduct in the pursuit of innovation.Despite the controversy surrounding his case, Bankman-Fried's willingness to speak out and express remorse may offer some closure to those affected by the scandal. However, the long-term impact of his actions on the cryptocurrency industry and the lessons learned from this episode remain to be seen.

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