Greetings, Fabulous Felines and Hoomans of Hivelandia and surrounding communities!

I hope this week finds everyone doing well... notwithstanding the fact that it seems like the world of crypto has been taking it in the shorts one more time.

I had hoped to do a midweek update, but somehow it already is Friday! I suppose that's just how it goes sometimes.

Bye-Bye Bittrex!

So, this morning we got an email from the Bittrex Exchange, to the effect that they had been given permission by the US Bankruptcy Court to distribute the remainder of client assets held on the exchange on behalf of USA-based clients.

You might remember that Bittrex declared bankruptcy — that is to say, Bittrex USA declared bankruptcy — shortly after being sued by the SEC over basically the same series of ambiguous issues that are also being applied to Coinbase, Binance, and other centralized crypto exchanges. Once again, Bittrex's woes only applies to their USA operations not to their global operations.

Thankfully, we don't actually have anything of note left on Bittrex... we already moved our crypto out of there back when we got the original email in April when the lawsuit was first filed and they were forced to notify all US customers that they would no longer be serving the US. What remains now in our account is just little amounts that would cost more in gas fees to transfer than what is actually left there. Not going to chase it.

That Tightening Noose...

The Bittrex announcement, though, made me sad and the sense that it was yet another sign of how difficult it is to be a crypto enthusiast when you're living in the USA. Feels like pretty much all avenues to move between USD and crypto and back again are gradually being choked off and we have fewer and fewer options with each passing month.

I'm also saddened by the fact that what is allegedly the world's largest economy is actively choosing to be "left behind" while the rest of the world is taking a more positive view of the potential of cryptocurrency. The US economy is already a shambles and by clamping down on crypto you are essentially cutting off a lifeline to financial survival for more than just a handful of people.

It did make me think about what some of the long-term options might be.

Winter is coming...

Let's Just Consider Hive

Do US based members of Hive just continue to work away at building their stakes while not taking anything out and then eventually move to another country when it gets time for them to retire and perhaps draw a little benefit from their hard work of blogging?

Or is there going to be some kind of clever workaround, potentially involving either PayPal or some similar payment processor which will somehow be able to escape scrutiny by treating crypto transactions as "commerce" and "products" rather than the much maligned "securities?"

Or will a whole new industry of Offshore Banking (that is friendly for US residents and citizens to create overseas bank accounts) spring up somewhere, allowing people in the USA to do their crypto business without any of it actually being on US soil until it has been exchanged into US dollars under a different country's flag?

I suppose it would be tempting to say that "you should just use some kind of VPN network" and pretend that you live somewhere else, but that puts us over in the camp of having to have faith that the US government isn't listening in on emails and various other forms of communication and suddenly shows up and confiscates the funds you get transferred in. Or maybe US Banks will get paid to be whistleblowers against their own customers.

One thing is for certain: the world is always changing. And right now, as I look around me, it doesn't seem like it's changing for the better!

I don't have a lot at stake in the Cryptosphere (most of it is here on Hive) but I know there are people who have tens of millions at risk and who are feeling the same noose tighten around their neck that it seems is tightening around ours right here. And that makes me wonder how all of this is going to pan out. I suppose only time will tell.

Thanks for visiting, and have a great weekend!

=^..=

Curator Cat Contemplates Crypto is periodic series of articles and editorial commentaries on Hive, its Communities and the Cryptosphere in general, as seen through the eyes of someone NOT deeply immersed in the technological and financial end of the industry. Equal Opportunity Offender! We've likely got something to piss off everyone, here!

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