Users of local.bitcoin.com may have found a surprise on Twitter today: a Tweet directed at Donald Trump and Treasury Secretary Steve Mnuchin from none other than the site’s owner, Roger Ver.
The troll-esque tweet does nothing but provides the two, officially on Twitter, a link to a peer-to-peer trading site.
Local.bitcoin.com is the latest to enter a competitive peer-to-peer trading market. The two primary players are LocalBitcoins and Paxful.
LocalBitcoins grew up around in-person trading but recently banned the activity. Paxful and Bitcoin.com currently serve as the primary way people might meet and exchange cryptocurrency in-person.
One primary difference between Bitcoin.com and LocalBitcoins is that the former allows you to trade more than just Bitcoin.
Various authorities have historically arrested LocalBitcoins traders on a semi-regular basis. Depending on the jurisdiction someone’s operating in, going about it wrong can result in several law violations.
Occasionally, such violations aren’t severe, but other times, they can lead to severe penalties.
It’s all a matter of volume, intent, and the mood of the government if history is any metric to judge by. For the most part, the government has been interested in shutting down people believed to be aiding with illegal activity or trading in volumes that would make your head spin.
The government doesn’t take kindly to people transacting in the hundreds of thousands of dollars a day in cash, in the open, without any business registration.
There’s a big difference between someone looking to get in or out of the crypto economy and someone trafficking in large amounts of crypto.
All the same, the number of different laws that do apply or might apply in the case of cryptocurrency are myriad. Inviting the likes of Donald Trump, who recently expressed that he doesn’t much care for crypto, or the Treasury Secretary who views it as a problem, may invite unwanted attention for the users.
Sure, the company gets a little bit of free advertising in the press, but if anyone understands the full potential of government mandarins, it’s Roger Ver, who once spent time in prison for transacting illegally online.
In his case, he had sold fireworks.
Now he’s facilitating what might be viewed as a gray market Bitcoin exchange.
Roger Ver renounced his citizenship, but look at El Chapo: the US doesn’t care if you’re a citizen or not. If you get on the wrong end of its prosecutor muscle, best of luck to you.
Libertarians of Roger Ver’s particular breed stress a peace-loving philosophy that drives them to promote extreme capitalism.
When they speak out against the government, they genuinely believe that, for the most part, government has a more detrimental effect on human life than positive.
It’s no surprise that Ver takes exception to Donald Trump’s denigration of cryptocurrency.
What might not be expected from the CEO of one of the largest Bitcoin-centric websites is randomly picking fights with the government.
Tweeting a link might not seem that much of a salvo, but it’s saying something. It’s saying: look at this. But is that what you want? At a time like this?
A weird form of diplomacy.
Last modified: March 4, 2021 2:38 PM