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The World's Biggest Wealth Manager Won't Touch Bitcoin

bloomberg.com

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Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#51

Post by thisisit »

Snackchez wrote: post #7

>“All it would take would be one terrorist incident in the U.S. funded by bitcoin for the U.S. regulator to much more seriously step in and take action, he said. “That’s a risk, an unquantifiable risk, bitcoin has that another currency doesn’t." You can't make this up... or maybe I'm not understanding something. So, what's currently funding terrorist attacks?

He is alluding to the anonymous nature of bitcoin. Today even if the funding happens in USD there is trail - to countries and banks. Sanctions can be slapped against countries and banks fined. What about bitcoin? It cannot be fined and the only way to sanction is to "take action"

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#52

Post by sebleon »

Makes sense - government could instantly prevent BTC from gaining mainstream adoption as a currency. Unclear how price would move if BTC was only used for store-of-value only.

In Venezuela, people go to jail under treason laws if they get caught mining. [1]

[1] https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worl...

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#53

Post by johnvonneumann »

johnvonneumann wrote: post #11
CyberDildonics wrote: post #8

Earlier quoted context omitted.

Why would they be used to back anything? Why not just use a crypto-currency that isn't clogged by developers trying to make people use their proprietary service?

Please explain your statement in detail with sources and facts please, I'm sure I know what you're trying to insinuate so I'm going to ask you to back your claims up with some truth.

How is it right that I get downvoted for asking for someone to back their bullshit opinions up with facts? Enjoy your hyperbole.

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#54

Post by googletazer »

pdog wrote: post #2

> How do you know when to get out of a bitcoin investment? That's the thing. When Bitcoin succeeds, you won't have to get out of the investment.

You're being heavily downvoted but thats the ideal endgame for cryptocurrencies - you'll be able to just "use" them for your use cases, instead of cashing out first.

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#55

Post by oolaf »

iamthirsty wrote: post #16
nxsynonym wrote: post #9

Earlier quoted context omitted.

I don't understand the comment either. It's not like terrorist groups are currently un-funded. Cash is still king around illegal activities of all kinds. Why is using bitcoin for illegal activity any different than untraceable cash?

Your points are valid, but I think you're misunderstanding his point. If a terrorist attack happened that was funded via Bitcoin, and could've only been funded via Bitcoin (including a false-flag) the governments would throw the book at it. This could be terrorist groups sending BTC to legit US citizens who purchase things (like weapons) legally and then use them in an attack, &c.

That bit about the false flag has me thinking. Has that possibility been seriously discussed?

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#56

Post by googletazer »

biot wrote: post #46
oleganza wrote: post #38

Earlier quoted context omitted.

10 days of mining alone = 1440 blocks = 72K BTC at 50 BTC/block. $1M per coin gives $72B, not $1000B.

"Nakamoto is believed to own up to roughly one million bitcoins..." "As the sole, predominant early miner the inventor was awarded bitcoin at genesis and for 10 days afterwards." Source: https://en.wikipedia.org/wiki/Satoshi_Nakamoto

Sounds almost like a creation myth, doesn't it? Wonder if the world will ever find out with certainty who, or what organization is Satoshi.

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#57

Post by AnimalMuppet »

johnvonneumann wrote: post #53
johnvonneumann wrote: post #11

Earlier quoted context omitted.

Please explain your statement in detail with sources and facts please, I'm sure I know what you're trying to insinuate so I'm going to ask you to back your claims up with some truth.

How is it right that I get downvoted for asking for someone to back their bullshit opinions up with facts? Enjoy your hyperbole.

Maybe because CyberDildonics asked a couple of questions, and you're asking him/her for facts and sources. People don't need facts to ask questions. That's kind of why you ask - to get facts.

You read CyberDildonics' questions as being an attempt to push an opinion (which seems unjustified to me). You might try not assuming the worst about people in the absence of better evidence...

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#58

Post by [deleted] »

remarkEon wrote: post #45
wickawic wrote: post #31

Earlier quoted context omitted.

Easier: make exchanging bitcoin for real money illegal.

You’d have to make the inverse of that transaction illegal as well. If you banned me from exchanging BTC for USD that wouldn’t stop he from buying more BTC nor using it to purchase things.

[deleted]

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#59

Post by AnimalMuppet »

grandalf wrote: post #6
corporateslave6 wrote: post #5

Earlier quoted context omitted.

this isnt true, when countries have massive instability and currency manipulation (see Zimbabwe), people can buy bitcoin as an alternative store of value.

To some extent, even stable currencies suffer from significant manipulation by governments. This is not a tinfoil hat idea, it's generally why non-corrupt central banking helps achieve social stability. But central banking is a large hammer, and so even in the US there are many uses of currency where Bitcoin shines. Also, over time no central bank has managed to avoid some form of corruption (this is concerning both…

One of the things the better fiat currencies have is stability of value. Bitcoin (at least so far) has failed rather dramatically at that. It's been mostly up so far, which makes many people willing (even eager) to accept the lack of stability, but it definitely hasn't been stable.

Re: The World's Biggest Wealth Manager Won't Touch Bitcoin

#60

Post by AnimalMuppet »

PatientTrades wrote: post #29

The key aspect of Bitcoin is that buyers/sellers can operate anonymously. Once governments regulate Bitcoin and makes the anonymous nature illegal, Bitcoin will crash and be essentially useless.

No, it will just be illegal. It will still be useful for those who are willing to be illegal.

The trick for the government will not be creating regulations or prohibitions. The trick will be enforcement.

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