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re: Why are so many ppl still hung up on the “non-physicality” or “non-productivity” of BTC?
Posted on 3/7/24 at 9:10 am to SlidellCajun
Posted on 3/7/24 at 9:10 am to SlidellCajun
quote:As a percentage of circulation or by value? Because if the latter, the illicit activities done with USD is probably 1,000x the value of activities done by BTC (estimated at $6 billion in 2023)
Because the USD is not the favored form of currency for illicit activities.
LINK /
This is a recent report conducted by Chainalysis in January on "crypto" as a whole related to ilicit activities
1
Posted on 3/7/24 at 10:03 am to TigerTatorTots
quote:
As a percentage of circulation or by value? Because if the latter, the illicit activities done with USD is probably 1,000x the value of activities done by BTC (estimated at $6 billion in 2023)
Ok. This is getting ridiculous.
The usd is used for a lot more things than bitcoin. Of course! No duh!
There’s more of it in circulation.
Bitcoin though, is a favored currency for illegal activity for the very reason that you and others seem to like it. It’s untraceable (except for when it gets exchanged)
As long as it has value in an exchange, the scheme can work.
Ask yourself- why is there demand for people to trade bitcoin?
Posted on 3/7/24 at 10:08 am to SlidellCajun
It seems like you have an agenda and are just trying to push people to admitting something, what is your end game here?
Posted on 3/7/24 at 10:13 am to RATeamWannabe
quote:To ask the same questions over and over again while getting no where
what is your end game here?
Posted on 3/7/24 at 10:46 am to RATeamWannabe
quote:
seems like you have an agenda and are just trying to push people to admitting something, what is your end game here?
To open people’s eyes to the risks associated with bitcoin. It seems to me that a few folks around here are blindly spending their USD to buy something that is potentially very risky.
I want to open eyes by suggesting people ask questions-
Question the validity as a currency
Question why anyone would want an untraceable currency
Question the origin of bitcoin
As a trade, it’s fine imo because trades are inherently risky as I use them but as an investment, it’s foolish. I don’t want to see people naively spending their money on bitcoin as an investment.
Posted on 3/7/24 at 10:54 am to SlidellCajun
You think people dont realize bitcoin is risky? 
Posted on 3/7/24 at 11:03 am to SlidellCajun
I've lived through two 80% drawdown cycles. No one believes it isn't risky. However on a long enough horizon, it is less risky than many other equities/assets strictly due to the core principles of bitcoin and math. Then factor in the asymmetric upside potential and that smooths out the risk even more.
This post was edited on 3/7/24 at 11:07 am
Posted on 3/7/24 at 11:03 am to SlidellCajun
This guy is just trolling at this point.
This post was edited on 3/7/24 at 11:50 am
Posted on 3/7/24 at 11:13 am to BottomlandBrew
quote:
but it takes massive amounts of energy to support the military
are you saying that bitcoin adoption would lead to us getting rid of militaries and World peace?
Posted on 3/7/24 at 11:18 am to SlidellCajun
You are putting your trust into a currency that is basically backed by nothing. The dollar is just printed paper from a country that is 33 trillion dollars in debt. You do realize that the dollar will fail at some point? Every currency throughout history has failed. Now, will this be in our lifetime? Who knows, but you have to appreciate certain aspects of bitcoin as a limited, borderless, immutable digital currency that is immune to government manipulation. Unless you are blind, you can see why it has become so popular with the poorest countries of the world. The US is taking the same path as these countries. Politician's greed and arrogance will lead to the downfall of the dollar, just like it has played out before for thousands of years.
Posted on 3/7/24 at 12:28 pm to mach316
quote:
You are putting your trust into a currency that is basically backed by nothing.
And so do you!
How do you avoid using the USD?
And fwiw, the US is the largest economy on the planet.
I realize that we have massive debt. I realize that the federal reserve is a perverted financial construct. I realize that our political environment is obnoxious but guess what…? Capitalism works and we just might have the best form of capitalism in the world.
The USD is used as THE only currency to trade certain commodities. It’s the favored currency by every single business in this country- something bitcoin cannot even come close to.
And one other thing, unless and until we dismantle our nukes, ain’t no country willing to challenge us militarily unless they have a death wish.
So our currency is ultimately backed by - sadly- nukes.
Bitcoin is backed by what? Some traders that pump it up on an exchange and posters on a message board touting it as some sort of currency panacea?
Give us a break
Posted on 3/7/24 at 12:45 pm to The Baker
Governments can tax the profit from trading, but that’s as far as they go. They have absolutely no control over the buying and selling of bitcoin. That’s what makes it attractive.
And that, my friends, is a pretty tangible feature…
And that, my friends, is a pretty tangible feature…
Posted on 3/7/24 at 12:56 pm to tigerpawl
How long will governments allow transactions to occur that they don’t receive tax revenues? Or be able to determine if transactions are of less than legal nature?
Posted on 3/7/24 at 12:58 pm to kaaj24
What do you mean? The US government currently receive tax revenue on capital gains with Crypto/bitcoin
Posted on 3/7/24 at 1:09 pm to TigerTatorTots
Some exchanges do send out 1099s. Or individuals can self-report.
Posted on 3/7/24 at 1:26 pm to SlidellCajun
I do use USD. Nowhere in my statement did I say that I didn't. I do not want the dollar to fail, but I know it will eventually. Again, like i stated earlier, It may not be in our lifetime. It may last for hundreds of years, who knows, but it will fail. There have been thousands of different currencies throughout the years, and I'm sure at the time, the people thought that theirs would last. They were all 100% wrong. Just like you will be wrong.
All I am saying is, that you have to appreciate what bitcoin is, and what it is becoming. I did not say to go buy it. I didn't say it would be the last currency. I'm sure it will fail as well. I just hope that something good comes from it's creation. A currency that is free from government manipulation, that is accepted all around the world, and can be used freely. Who would not want a currency like that?
All I am saying is, that you have to appreciate what bitcoin is, and what it is becoming. I did not say to go buy it. I didn't say it would be the last currency. I'm sure it will fail as well. I just hope that something good comes from it's creation. A currency that is free from government manipulation, that is accepted all around the world, and can be used freely. Who would not want a currency like that?
Posted on 3/7/24 at 1:27 pm to kaaj24
it's amazing how many people will root for the gov
simply amazing
simply amazing
Posted on 3/7/24 at 2:24 pm to mach316
quote:
A currency that is free from government manipulation, that is accepted all around the world, and can be used freely. Who would not want a currency like that?
Rainbows and fairy dust.
I do not want a universal currency. That is globalist bs and part of why I stopped supporting certain politicians that called themselves conservative. They were globalist disguised as conservatives.
And fwiw, there is no more widely accepted currency than the USD.
Posted on 3/7/24 at 3:21 pm to SlidellCajun
quote:
To open people’s eyes to the risks associated with bitcoin
Why not just say this is your goal instead of being a disingenuous piece of shite?
Posted on 3/7/24 at 3:25 pm to DeathValley85
quote:
To open people’s eyes to the risks associated with bitcoin
Why not just say this is your goal instead of being a disingenuous piece of shite?
Is it obvious? He's Gary Gensler!
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