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I don't see how any of that is relevant. Bitcoin has failed as a currency because owners are hoarding instead of spending. But the fundamental elements of all crypto, namely anonymous transactions over decentralized Blockchain, is the only element that is giving regulators heartburn.

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> But the fundamental elements of all crypto, namely anonymous transactions over decentralized Blockchain, is the only element that is giving regulators heartburn.

No, it's not. See wave after wave of stories about people thinking that crypto was anonymous only to be arrested for drug crimes and tax evasion.

I think the thing that's giving the regulators heartburn is the fear that this is looking like a massive bubble.

It matters because if it is just a currency then you shouldn’t be taxed on its appreciation. Right now if you say sold $100 in product and now have $100 worth of bitcoin, but then the price of bitcoin doubles and you have $200 in USD of bitcoin, then you have to pay taxes on the $100 appreciation if it is a security. The way it gets taxed will make it a currency or not.

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