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re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/23/21 at 5:32 pm to TigerTatorTots
Posted on 12/23/21 at 5:32 pm to TigerTatorTots
So, here are some more questions that I have:
Does the crypto community envision a day where Bitcoin replaces the dollar?
To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?
Does the crypto community expect to trade Bitcoin for goods and services rendered tax-free? Or is there an expectation of paying taxes on transactions?
Is anyone on here currently paying for all of their food, shelter, and basic living expenses solely thru crypto?
Can Bitcoin be hacked?
Since someone asked, the current value of my stocks & real estate is between $250k-300k with virtually no debt.
I'm genuinely curious and trying to learn here. I'll watch the video link above.
As for those calling me dense or cackling at my comment regarding the end of my crypto conversations with people.....I don't end it. The people just fail to understand my follow-up questions. It's like they haven't thought thru the whole process. They're just buying crypto to turn around and exchange for dollars.
Does the crypto community envision a day where Bitcoin replaces the dollar?
To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?
Does the crypto community expect to trade Bitcoin for goods and services rendered tax-free? Or is there an expectation of paying taxes on transactions?
Is anyone on here currently paying for all of their food, shelter, and basic living expenses solely thru crypto?
Can Bitcoin be hacked?
Since someone asked, the current value of my stocks & real estate is between $250k-300k with virtually no debt.
I'm genuinely curious and trying to learn here. I'll watch the video link above.
As for those calling me dense or cackling at my comment regarding the end of my crypto conversations with people.....I don't end it. The people just fail to understand my follow-up questions. It's like they haven't thought thru the whole process. They're just buying crypto to turn around and exchange for dollars.
3
Posted on 12/23/21 at 5:46 pm to KCRoyalBlue
quote:
Does the crypto community envision a day where Bitcoin replaces the dollar?
some bitcoin "maximalists" do, that community generally believes that the US dollar is ultimately doomed and will be replaced as the world reserve currency - thereby lifting bitcoin to either an equivalent reserve asset recognized by world governments worldwide or simply a parallel economy with those holding the coin having close to every ability to operate without needing the traditional US Dollar rails
quote:
To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?
think I hit that one with the above
quote:
Can Bitcoin be hacked?
technically anything can, however, the decentralization of bitcoin makes it one of the most secure assets ever developed by humankind as we know it. the ledger is public, distributed, and encrypted - which means there is no one central point, program, line of code or otherwise that could be exploited a la what we know as "hacking"
it is hard to understand, but by having thousands of computers all over the world running the network which confirms transactions on a public and distributed blockchain basically makes bitcoin immutable - and that is my basic version as a non-programmer/tech expert
Posted on 12/23/21 at 6:55 pm to KCRoyalBlue
quote:Unlikely. I foresee Bitcoin replacing gold and also becoming the final settlement layer for institutional transactions.
Does the crypto community envision a day where Bitcoin replaces the dollar?
quote:Definitely possible for both to exist.
To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?
quote:As of now, every transaction is taxed so I have zero intention of ever spending my bitcoin unless that changes. I'd take out a loan against my bitcoin if I wanted to utilize it for some purchase.
Does the crypto community expect to trade Bitcoin for goods and services rendered tax-free? Or is there an expectation of paying taxes on transactions?
quote:Doubtful
Is anyone on here currently paying for all of their food, shelter, and basic living expenses solely thru crypto?
quote:No
Can Bitcoin be hacked?
Posted on 12/23/21 at 6:57 pm to KCRoyalBlue
I think the narrative is shifting far away from Bitcoin replacing the dollar and towards Bitcoin replacing gold, real estate, and bonds as stores of value. People envision digital wallets using crypto rails replacing the exiting ACH rails of the banking sector where USD stablecoins exist as the currency layer, like your checking account, and Bitcoin exists as the savings account
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