Bitcoin Will Probably Never Be Embraced by the U.S. Government
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Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#2as much as i want bitcoin i think it would be premature for the us govt to embrace bitcoin at this point.. the tech around all this stuff needs to seriously bake and be refined before seriously considering it
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#3The title is so misleading. It's just a interview, and there's nothing in the interview that gives room for what the title is saying.
> Barzilay: Do you believe Bitcoin will ever be embraced by the U.S. government?
> Dr. Hosp: I think that the concept of virtual currencies will definitely be embraced, because they have a very transparent transaction ledger. So, we know exactly what’s been happening. With bank transfers, it’s quite hard, but with fiat money it’s impossible, so I think virtual currencies will see a huge uprise by governments. Whether governments will embrace Bitcoin - let’s see, but there is definitely value for people. Bitcoin is very difficult to hack, it’s almost impossible to steal if you use for example multi-signature bolt. And with TenX you can spend Bitcoin pretty much anywhere. So, this is the future to go. I don’t think that Bitcoin is going to be a currency, but it’s going to have status like gold.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#4"Probably Never" is wishful thinking. They will never. Full stop.
Why would the U.S. government tolerate universal currency when it has something far more advantageous? A currency it controls every other currency is pegged to (including Bitcoin).
More practically speaking, the government needs the ability to expand the money supply during financial crises. Bitcoin doesn't lend itself to any of those Keynesian tricks.
And, government is not "afraid" of Bitcoin. Letting the experiment continue is more about laissez-faire capitalism than an inability to regulate crypto.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#5"Probably Never" is wishful thinking. They will never . Full stop. Why would the U.S. government tolerate universal currency when it has something far more advantageous? A currency it controls every other currency is pegged to (including Bitcoin). More practically speaking, the government needs the ability to expand the money supply during financial crises. Bitcoin doesn't lend itself to any of those Keynesian tricks…
Government does not need this ability, it just wants it.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#6What does this even mean? BTC is a commodity, the government wins via taxes when people make gains. That’s like saying the government will never embrace stocks or real estate.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#7Bitcoin has achieved so much already that people considered impossible. If the government is not able to build their own competitor they'll certainly embrace it at some point.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#8"Probably Never" is wishful thinking. They will never . Full stop. Why would the U.S. government tolerate universal currency when it has something far more advantageous? A currency it controls every other currency is pegged to (including Bitcoin). More practically speaking, the government needs the ability to expand the money supply during financial crises. Bitcoin doesn't lend itself to any of those Keynesian tricks…
Government does not need this ability, it just wants it.
My point is Government doesn't even need to "want it". It has it.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#9Different people in the U.S. government will embrace bitcoin, because they are the people trading bitcoin now. The wealth will bring the influence and the influence will bring the power.
Some people were flabbergasted when the Fed was buying Mortgage-Backed Securities off the open market, practically giving one group of people money, under the guise of stimulating AN economy.
Different people are going to be flabbergasted when the Fed, under a different group's leadership, starts buying cryptocurrencies by the $ billions every month, practically giving another group of people money, under the guise of stimulating AN economy.
And it will still be unaccountable to anyone that cares.
The European Central Bank buys junk corporate bonds simply because a Goldman Sachs alumni wanted to. The Swiss National Bank buys equity, straight off the New York Stock Exchange, at valuations it can never make a profit from dividends from. The Central Bank of Japan buys equity and bonds.
These institutions are funded by the future productivity of tax payers and can be exposed to heavy losses.
It isn't out of the question that they will buy the spot market in crypto commodities in the future just because someone familiar with that market is heading the bank.
Re: Bitcoin Will Probably Never Be Embraced by the U.S. Government
#10"Probably Never" is wishful thinking. They will never . Full stop. Why would the U.S. government tolerate universal currency when it has something far more advantageous? A currency it controls every other currency is pegged to (including Bitcoin). More practically speaking, the government needs the ability to expand the money supply during financial crises. Bitcoin doesn't lend itself to any of those Keynesian tricks…
Government does not need this ability, it just wants it.
What does this mean? How does a government "need" or "not need" things?