131–140 of 231 posts
Bitcoin and cryptos ought to be banned for good. Cryptocurrencies are scam and outright bubble that will bring down the world economy. There is no currency without an authority to guarantee its value. Cryptos are pure bubble. If there is any good in this thing, it's ease of transaction, which is a question of underlying technology - it has nothing to do with lack of authority or decentralized scheme that cryptocurren…
Bitcoin and cryptos ought to be banned for good. Cryptocurrencies are scam and outright bubble that will bring down the world economy. There is no currency without an authority to guarantee its value. Cryptos are pure bubble. If there is any good in this thing, it's ease of transaction, which is a question of underlying technology - it has nothing to do with lack of authority or decentralized scheme that cryptocurren…
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The good news for the rest of us is that it is very difficult to "ban" cryptocurrencies. That's a feature of them, of course. You can try to crack down on exchanges and methods for converting crypto to/from state-backed currencies, but that doesn't actually stop crypto.
you can make it illegal for a bank to do business with crypto exchanges like what SK is doing right now. If all G10 currency do this then it can kill the bubble in crypto. I actually think this is a better move for crypto's future.
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This, in fact, goes against what Cryptocurrencies represent and what scares me the most is that people, in this case governments, are trying to regulate the new with the old. Remember, innovation always win.
None of the proposed laws are unreasonable though. Anyone who thinks no regulation is coming to this space is delusional. Regulation is good. KYC and AML policies are good. That means regulators are taking proactive steps to keep these currencies in the system, rather than banning them.
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When a bubble bursts, it's not just about some people, but it brings down the whole economy. I can't believe people have already forgotten what CDO has done to this economy. Bitcoin & cryptos are financial weapons of mass destruction. Any responsible government ought to outright ban them all already.
> I can't believe people have already forgotten what CDO has done to this economy. Good news, crypto is still two orders of magnitude smaller
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So bitcoin is like art-as-store-of-value, that makes sense, it could lose 100% of its value unlike national currencies which can only suffer 91% loss in case of a bank run and only 99.9% loss in case of hyperinflation. Does your portfolio account for nuclear war?
the reason why crypto is dangerous is because it's very, very easy to get a piece of it. it is open to anyone and you can buy for just a dollar. this drives up price unlike anything out there. yes anything can be a store of value with enough people believing in it. bitcoin succeeded in generating large enough followers to drive up its price like crazy. if it continues, it will suck up capital from all other asset cla…
You're being tolerated because most of the people here seem very nice and they allow that sort of thing, but I felt spouting insanity like you do over and over, well, that sort of thing should be called out. Apologies to the offended.
Bitcoin has many problems. That it's somehow bad because "you can buy for just a dollar" is not even close.
The argument could be made to say that statement isn't even realistic. Why would someone pay $1 for Bitcoin and then $10-20 in transaction fees? Pragmatically, this would be an immediate, minimum 80% loss of value. One would think that to be enough of a disincentive to "buy for just a dollar", no?
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> Bitcoin & cryptos are financial weapons of mass destruction. You need to explain this. Many of us just think it's a good replacement for gold and other precious metals. Is gold a "financial weapon of mass destruction"?
No, it's a "barbarous relic" in the words of Keynes, which is why it's not really used as currency any more. There are real reasons why the world went off the gold standard.
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> Bitcoin & cryptos are financial weapons of mass destruction. You need to explain this. Many of us just think it's a good replacement for gold and other precious metals. Is gold a "financial weapon of mass destruction"?
that's a valid question. three reasons why bitcoin & crypto is NOT like gold and very dangerous. 1) limited supply: drives up price enormously. almost endless. minimal supply, infinitely increasing demand. depending on how far this will go it can potentially suck up all liquidity in the world. 2) no authority, no price stabilization, meaning extreme volatility that adds fuel to vol & price rise, 3) ease of access: an…
1- Limited supply prevents money printing and inflationary theft. Besides there are many coin alternatives and a BTC can be divided to a hundred million units.
2- No `central` authority is a big plus (probably the best property of it). Once crypto coin pass its infancy, the volatility will be much lower.
3-Ease of access. Another superb property.
At its core, the current cryptocurrency craze is simply an unprecedented wealth transfer to China from the rest of the world. Until the end of 2013, Bitcoin was predominantly traded for US dollars. However, after the crash of 2013, miners consolidated in China and Bitcoin mostly traded for Chinese yuan[1]. At the start of 2017, regulators in China cracked down on digital currency exchanges[2] and trading quickly move…
I agree that this might be a wealth transfer to China. Bitcoin inherently does not hold any value, it is a ledger. When someone buys bitcoin, someone else sells it and takes the cash out of the system. Right now, a lot of mining is still taking place in China since energy is cheap. These miners sell their coins outside of China and bring cash back into the mainland to pay for the energy and hardware used for mining.…
Edit: ok not 100% sure of the solution, but I think that there should be a way for the government to stop people putting their life savings into Bitcoin.