CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

Post by ipaddr » Mon, Apr 12, 2021, 8:48 PM UTC

graeme wrote: post #226

cslarson wrote: post #205

Earlier quoted context omitted.

How can you not see what the importance of this new infrastructure? I come here and read these comments and am just at a loss for words at this point. Forget Bitcoin and look at Ethereum. This tech is so powerful I am in some ways scared of it and you call it a fad. The gulf between our interpretations drops my jaw to the floor :)

Can you name some use cases that aren’t trading crypto derivatives or crypto debt? Ethereum is certainly more interesting than Bitcoin but the use cases so far seem to be more speculation.

Post by john_moscow » Mon, Apr 12, 2021, 8:48 PM UTC

noxer wrote: post #147

AlexandrB wrote: post #117

Earlier quoted context omitted.

What does that mean? How does "crypto" guarantee that someone has the reserves necessary to back the stable coin in circulation? Whenever cryptocurrency interacts with the "real" world, you're trusting someone to verify that the real world state corresponds to the state recorded in the blockchain. I have yet to see a satisfactory solution for this. You're also trusting someone to verify that all this software is free…

Backed by crypto means for every stablecoin worth 1 USD someone has locked away for example 1.5 USD in crypto. Whoever locked the crypto away and created the stable coin needs to buy it back to unlock the crypto again. If the price of the stabelcoin would drop below 1 USD everyone who created them and sold them would make a profit buying it back lower. This essentially makes the coin stable. I'm not going into furthe…

Post by loceng » Mon, Apr 12, 2021, 8:49 PM UTC

RealityVoid wrote: post #152

christiansakai wrote: post #99

Tangentially related. Cryptocurrency is just a side effect of blockchain. Once blockchain technology matures and if one day we see blockchain to store files and blockchain to run cloud services, then will the US government censor it as well? If they will, how? It is practically impossible. You can upload anything there, including child porn, instructions on making bombs, videos that contain brainwashing propaganda fo…

My stance is: forget about this "blockchain" rhetoric thing. What was interesting for cryptocurrencies was the ability of producing scarce, unique, digital assets. That was groundbreaking. Then other cryptocurrencies expanded on that. Write only data structures themselves are not new and not that valuable on their own. But the interesting thing is the decentralized, trustless structures it enables. And just pinning t…

Post by rodiger » Mon, Apr 12, 2021, 8:51 PM UTC

wil421 wrote: post #189

fastball wrote: post #113

Earlier quoted context omitted.

Hell, Satoshi Nakamoto probably is the NSA.

Bingo. I’ve always thought it was the NSA, CIA, or maybe UK or Israel but I doubt the latter two. Especially since Satoshi’s wallet is so large and hasn’t moved. Bitcoin has to make it much easier for 3 letter type agencies to follow money.

Post by sleavey » Mon, Apr 12, 2021, 8:52 PM UTC

winslett wrote: post #46

Instead of killing it by banning it, I suspect they could kill it by buying it. If the Fed wanted to "invest" in Bitcoin, it would kill it by soaking up liquidity and creating a liquidity-squeeze. Because the amount in circulation is fixed, it wouldn't have to buy all of the Bitcoin -- just enough to kill any utility. This is a downside of an asset with a fixed quantity. Once the community discovered the liquidity-sq…