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2
Posted on 2/19/21 at 5:45 pm to AndyJ
lol how are they going to go after my bitcoins...turn off the internet or something?
Posted on 2/19/21 at 5:45 pm to AndyJ
Yes, my 2 biggest fears are
1.Some type of hack, although the way it works, this seems highly highly unlikely and would require an unrealistic amount of computing power, maybe something that could happen down the line if quantum computing became a thing, bitcoin still could fork around it, but it would be a catastrophe
2. The governments play, they could just institute a huge capital gains tax on crypto specifically and then we would really need to use btc to buy coffee, which doesn't work...yet
However the higher the market cap, the more influence there will be against this. Also Janet just said this week that "investors should be careful speculating on things like btc"..doesnt sound like fighting words to me. They have also put in place some crypto supporters.
1.Some type of hack, although the way it works, this seems highly highly unlikely and would require an unrealistic amount of computing power, maybe something that could happen down the line if quantum computing became a thing, bitcoin still could fork around it, but it would be a catastrophe
2. The governments play, they could just institute a huge capital gains tax on crypto specifically and then we would really need to use btc to buy coffee, which doesn't work...yet
However the higher the market cap, the more influence there will be against this. Also Janet just said this week that "investors should be careful speculating on things like btc"..doesnt sound like fighting words to me. They have also put in place some crypto supporters.
This post was edited on 2/19/21 at 5:51 pm
Posted on 2/19/21 at 5:49 pm to AndyJ
quote:
I own about 1.5 bitcoin so I really really want it to do well. However, if the major institutional investors decide not to put in (and the smaller institutional investors that have put in now decide to pull out), I think that is the end of btc to the moon.
What are your thoughts?
I worry about BTC prices when the volatility comes down. I believe most people, anecdotally, own it for price appreciation. When that price starts to underperform, I believe it will put selling pressure on BTC. Your guess is as good as mine as to when, if ever, that happens.
Posted on 2/19/21 at 5:54 pm to rocket31
quote:
how are they going to go after my bitcoins...turn off the internet or something?
I agree it won’t be seized, but they can make life difficult for trading platforms. I don’t think they’ll do that either, though.
Imo, the US government doesn’t have anything to worry about with BTC as long as it’s still being quoted in USD. No different than gold. Until people start talking about things in terms of BTC units, the USD is probably fine, and the government will stay away.
It’s no different than the government not doing shite about gold, diamonds, or any other alternative medium for exchange.
Posted on 2/19/21 at 5:56 pm to Pendulum
quote:
2. The governments play, they could just institute a huge capital gains tax on crypto specifically and then we would really need to use btc to buy coffee, which doesn't work...yet
However the higher the market cap, the more influence there will be against this. Also Janet just said this week that "investors should be careful speculating on things like btc"..doesnt sound like fighting words to me. They have also put in place some crypto supporters.
yeah, if anything the US wants its citizens to buy bitcoin. we have current US senators with Bitcoin laser eyes in their profile pictures.
read between the lies, having the majority of your citizenry own the hardest money that's ever been created is what they would prefer. they also wouldnt mind taxing the hell out of us when the price increases. the US treasury also own 70,000 bitcoins themselves.
Posted on 2/19/21 at 5:59 pm to slackster
quote:
No different than gold. Until people start talking about things in terms of BTC units, the USD is probably fine, and the government will stay away.
yea BTC becoming the world reserve currency just seems like some cyperpunk dream fantasy with not much backing in reality.
like i said, there are zero reasons to transact in sats when i can do so in fiat. they both will have a place
Posted on 2/19/21 at 6:02 pm to slackster
I mean as long as we are are in the US, it will be denoted in our currency obviously.
It will be hard to tell when btc becomes a better indicator of the current usd value than the other way around. It will still be denominated in usd even after that point.
It will be hard to tell when btc becomes a better indicator of the current usd value than the other way around. It will still be denominated in usd even after that point.
Posted on 2/19/21 at 6:29 pm to rocket31
quote:
the US treasury also own 70,000 bitcoins themselves.
Are those the ones they "appropriated" from the Silk Road?
Posted on 2/19/21 at 6:37 pm to EarlyCuyler3
Posted on 2/19/21 at 6:41 pm to rocket31
quote:
yea BTC becoming the world reserve currency just seems like some cyperpunk dream fantasy with not much backing in reality.
like i said, there are zero reasons to transact in sats when i can do so in fiat. they both will have a place
It’s why I don’t believe the government will care about it outside of money laundering, which they already do.
Posted on 2/19/21 at 6:49 pm to slackster
you think they aren't using it for that now?
Posted on 2/19/21 at 6:50 pm to DVinBR
Just admit you want to stay poor.
Posted on 2/19/21 at 6:52 pm to down time
quote:
you think they aren't using it for that now?
I know they are. My point is that is the extent of the government caring IMO.
Posted on 2/20/21 at 5:33 pm to wizard1183
quote:
I hold 25 full bitcoins but didn’t write down my code in 2011
Then how do you hold them? No code, no BTC
Officially, they’re still mine and in my wallet. Maybe someday - I keep up hope.
Posted on 2/20/21 at 5:49 pm to lsutigermall
Your code to what? Your hard drive?
anyway.... i'm fully on board with the one world currency BTC potential.
Think LONG term... a borderless world, no countries, no tariffs, no embargoes. Everyone with a cell phone like device with a BTC wallet for contactless transactions for everything.
It's an idea that people think will never happen. Like phasing out the combustion engine for EVs. It's happening. Much like cryptocurrency will phase out centralized regulated banks with a currency by each individual country with their flag on a piece of paper traded only by citizens in their country.
anyway.... i'm fully on board with the one world currency BTC potential.
Think LONG term... a borderless world, no countries, no tariffs, no embargoes. Everyone with a cell phone like device with a BTC wallet for contactless transactions for everything.
It's an idea that people think will never happen. Like phasing out the combustion engine for EVs. It's happening. Much like cryptocurrency will phase out centralized regulated banks with a currency by each individual country with their flag on a piece of paper traded only by citizens in their country.
Posted on 2/20/21 at 6:21 pm to Delacroix22
quote:
Think LONG term... a borderless world, no countries, no tariffs, no embargoes. Everyone with a cell phone like device with a BTC wallet for contactless transactions for everything
geez, i dont see that happening in the next 20 years and i dont think bitcoin would be the coin for that
you would want an inflationary coin in that scenario imo
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