Is this the end of crypto?

Post by KptMarchewa » Thu, Nov 17, 2022, 6:42 PM UTC

throwup wrote: post #189

danans wrote: post #154

Earlier quoted context omitted.

You excluded the first part of that paragraph: > We show that the vast majority of Bitcoin transactions between real entities are for trading and speculative purposes. Starting from 2015, 75% of the real bitcoin volume has been linked to exchanges or exchange-like entities such as on-line wallets, OTC desks, and large institutional traders. So 75% of the transactions are just speculative trading, not transactions for…

Illegal transactions are also 11-12% of the USA's economy.[1] In 2019, forex volume was $6.6T per day [2], or $1716T per year. Meanwhile global GDP was only $87.5T [3]. In other words, almost 95% of global currency volume is speculation. Why would anyone use currencies that are mainly used for speculation? Both the traditional and crypto economies are reflections of human behavior, but because crypto is more transpar…

Post by strix_varius » Thu, Nov 17, 2022, 6:43 PM UTC

agentultra wrote: post #44

It will continue to fall under increased scrutiny and market regulation until it's no longer profitable to run any kind of financial system on it. There will still be believers and people who will throw money at it and try. But I think they will have a harder time convincing investors going forward. I suspect it will end up mirroring the MLM market: still there, still profitable for a few, but depends largely on an u…

Post by codehalo » Thu, Nov 17, 2022, 6:47 PM UTC

yonaguska wrote: post #195

pessimizer wrote: post #142

Earlier quoted context omitted.

The government doesn't need a cryptocoin to monitor transactions, or to make using paper currency illegal. It can already do what you think it needs a cryptocoin to do, and it doesn't do it because it supports wealthy people being able to launder money and avoid taxes. US politics runs entirely on laundered money and misdirected/avoided taxes. You're lobbying for the swamp.

I anticipate CBDC being something for the peons to use, not the elite. Yes, the government can monitor transactions, but it currently has to jump through a lot more loopholes to do so. I understand and agree with your sentiment, with the additional point that smaller banks are also going to be made obsolete if a CBDC is rolled out. But the wealthy and connected will most certainly have their own way of getting around…

Post by itronitron » Thu, Nov 17, 2022, 6:54 PM UTC

pseudostem wrote: post #223

azangru wrote: post #155

Earlier quoted context omitted.

> When that happened he shuttered the website and kept everyone's bitcoins. > I knew of bitcoin early on due to this guy, but even then I had no interest and considered it bullshit. Then when I saw what this guy did it just solidified my opinion that it can't be trusted. But isn't it instead an early lesson in "not your keys not your coin" maxim that Bitcoin advocates preach? > If the value of gold crashes it still h…

>it's bulky Slight nitpick, Total gold above the earth's surface is less than a cube with sides 25 metres each.

Post by kirevmaco » Thu, Nov 17, 2022, 7:00 PM UTC

honestduane wrote: post #140

I can only hope crypto dies soon. Its actively a violation of the GDPR and this illegal in the EU. It violates human rights laws, including privacy laws, and is this illegal in most other places. It violates all the laws around SWIFT, at the international level, so its illegal under these laws. It never should have existed. Its a grift and a scam; Even NFT's vanish when the host doesn't want the expense of hosting ot…