re: Why bitcoin is worse than a Madoff-style Ponzi scheme

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quote: Huh? They could make it illegal How?

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You think the govt can make certain words illegal, can regulate how much water you use to flush the toilet, but can’t make crypto illegal?

You severely underestimate the ability of govts to impose their will on you

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You think the govt can make certain words illegal, can regulate how much water you use to flush the toilet, but can’t make crypto illegal?

You severely underestimate the ability of govts to impose their will on you

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They can make life really hard for those wishing to exchange it for cash. They can make it less hard but still difficult for those wishing to exchange it for tangible goods. They cannot make it impossible because crypto rails cannot be shut down and you can send assets peer to peer. They would be reliant on fear and fear alone. Taking this thread of thought to an extreme: if it were ever the case that the USD underwent rapid devaluation people would almost assuredly shirk the risk and use it anyway because they want to buy things (e.g. people in Venezuela hoarding and using Runescape gold as currency because the bolivar endlessly tanks).

It's kind of a moot point anyway, crypto rails are being viewed as the next leg of innovation in the tech space and Web3 will soon be the next big tech buzzword that gets investors moving.

I understand what you're saying, I'm not openly disagreeing with you just fostering a dialogue on what the government can and what they cannot do. What they will do is an entirely different discussion and I think at this point arguing that a western nation is going to ban the usage of crypto rails full stop is nonsense.

But in regards to the efficacy of a ban: plenty of nations tried banning Bitcoin and yet saw adoption increase after the ban because the network is resilient and trustworthy and users trusted the digital assets more than their native currencies and the crypto rails more than their native banking rails. It's all about supply/demand and risk tolerance and if a third world nation squeezes too hard by inflating their sovereign currency the demand will be there for an alternative to avoid stone age barter. Crypto rails afford these people the chance to be their own bank and not rely on corrupt governments or institutions to retain their value.

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This is true of lots of illegal things and transactions.

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eh, not to the level of digital assets where I have to click like three buttons and copy/paste an address to send them across the world in a second.

wait. your answer does not really make sense to me ....

how could we compare bitcoin to anything if we are not allowed to use currency?

I can name A LOT of things that I would exchange to you for bitcoin. A LOT - because Bitcoin is a thing/store of value to me. It is a medium of account. And, if needed, it is a currency.

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make crypto stand on its own as an exchangeable currency for goods or services rendered

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FTR it already is ... I know people being paid in Bitcoin for all sorts of things including personal services and labor

While YOU may not value it, the market does. Same with most things right? Art, gold, guns, sports equipment, clothes, etc. etc. etc.

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somebody always spouts off about social security with no simple knowledge. Social security would have been fine if not stolen from by warmonger presidents. Social security is not the scam you think it is. It is and was always really intended to be a slush fund.

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How was SS never not going to be a Ponzi scheme. A declining working age population would always lead to it failing. Was the country and the world supposed to have a growing population for all eternity?

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My conversation with crypto owners ends when I ask them how much their coin/crypto is worth.....and they answer in X dollars.

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What an asinine point. What are your stocks and real estate worth?

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My conversation with crypto owners ends when I ask them how much their coin/crypto is worth.....and they answer in X dollars.

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Wow

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Then I'd almost assuredly turn both down, as I'm not going to give up my hard earned dollar to exchange for a wildly fluctuating meme coin that someone developed in their basement.

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I thought this thread was about Bitcoin. You keep saying Memecoin in your posts. Bitcoin and meme coins are not the same.

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.

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Does the crypto community envision a day where Bitcoin replaces the dollar?

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Unlikely. I foresee Bitcoin replacing gold and also becoming the final settlement layer for institutional transactions.

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To the above question, is it possible for both currencies to legally coexist for generations? Or is it only one or the other?

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Definitely possible for both to exist.

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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?

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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.

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Is anyone on here currently paying for all of their food, shelter, and basic living expenses solely thru crypto?

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Doubtful

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Can Bitcoin be hacked?

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No