BITCOIN

HHarry

Scottex99 said:

eskbanker said:

Scottex99 said:

There is no KYC or AML for BTC. It's decentralised. I could have moved that 0.35 BTC to any of millions of wallets in the world and nobody can stop me. There is however checks, regs, tax etc to consider if/when you off ramp those coins into fiat and try to credit the money to your bank

The decentralisation and lack of control are obviously often cited as advantages of the technology and its implementation, but in the specific context of adoption as an actual currency, the prospect of recipients inadvertently being on the wrong end of the proceeds of crime surely has to be a negative factor?  Maybe that isn't a significant issue in El Salvador, but I'd have thought it would hinder acceptability in more developed economies....

Could be yeah, but random coins are very unlikely to land in your wallet given how specific the addresses are.

There’s a much higher chance that you interact with some coins tainted from the dark web historically but really that’s no different to the £20 note in your wallet that’s covered in coke and was in a strippers handbag yesterday 

Well I’m only going to tuck it back into her g-string the next time I’m in there.

Scottex99

Exactly. More efficient that way.

Forgot to say I think you'll find that most people with some good BTC bags, dont really care about the currency narrative. i.e. I've not been buying it for years expecting that one day I'll buy my shopping with it or that it will replace the $ or the £.

That narrative tends to come from people who are less involved and a potential reason why it could never "work".

The digital gold, store of value ideas are enough for me to stay bullish on it.

Merry Xmas all

Adyinvestment

Scottex99 said:

Exactly. More efficient that way.

Forgot to say I think you'll find that most people with some good BTC bags, dont really care about the currency narrative. i.e. I've not been buying it for years expecting that one day I'll buy my shopping with it or that it will replace the $ or the £.

That narrative tends to come from people who are less involved and a potential reason why it could never "work".

The digital gold, store of value ideas are enough for me to stay bullish on it.

Merry Xmas all

Same

The whole currency thing is just another bullish adoption narrative, for me it is a digital asset first and foremost.

spnego

Yes one good reason to own some btc is that the trajectory of all fiat currencies is going to zero.
Governments unfortunately have to continually print more money to keep the current debt based system from collapsing but this also means they are stealing our money by debasing it like a stealth tax.
This is one reason why assets look expensive because they are priced in denominations of fiat which have been devalued.

Global debt is currently about 4 times higher than global gdp so printing money is the only way to pay the debts and inflation is only going to continue. We can see the negative affects of high inflation on Agentina and more recently Turkey.

Zola.

spnego said:

Yes one good reason to own some btc is that the trajectory of all fiat currencies is going to zero.
Governments unfortunately have to continually print more money to keep the current debt based system from collapsing but this also means they are stealing our money by debasing it like a stealth tax.
This is one reason why assets look expensive because they are priced in denominations of fiat which have been devalued.

Global debt is currently about 4 times higher than global gdp so printing money is the only way to pay the debts and inflation is only going to continue. We can see the negative affects of high inflation on Agentina and more recently Turkey.

This is something that makes me question how can everyone not see that this system is bound to have a major tipping point at some stage? Surely this can not continue indefinitely, forever?
 

IvanOpinion

A non sequitor argument.  I wonder how governments would have 'afforded' to cover this crisis using cryptocurrency?  Maybe tell everyone that the NHS was bust and therefore you would have to pay for your own treatment, vaccinations and tests or maybe they would have put taxation through the roof from day 1.

There is a very strong case for electronic currencies but nothing about today fulfills the need!

Notepad_Phil

IvanOpinion said:

A non sequitor argument.  I wonder how governments would have 'afforded' to cover this crisis using cryptocurrency?  ...

Obviously they would just buy a few btc and then wait for them to go to the moon 

Zola.

IvanOpinion said:

A non sequitor argument.  I wonder how governments would have 'afforded' to cover this crisis using cryptocurrency?  Maybe tell everyone that the NHS was bust and therefore you would have to pay for your own treatment, vaccinations and tests or maybe they would have put taxation through the roof from day 1.

There is a very strong case for electronic currencies but nothing about today fulfills the need!

The point isn't about this crisis, at all.... the incomprehensibly large global debt hasn't been suddenly created in this crisis, it's been there for a long time. What the crisis has done, though, is make those unpayable debt levels exponentially higher. 

IvanOpinion

The point still stands - how would bitcoin handle things any better?  The answer is it wouldn't and quite probably would make things much worse.  As I said we need e-currencies, but the current offerings are little more than monopoly money changing hands.

spnego

IvanOpinion said:

The point still stands - how would bitcoin handle things any better?  The answer is it wouldn't and quite probably would make things much worse.  As I said we need e-currencies, but the current offerings are little more than monopoly money changing hands.

If we were in a bitcoin based system, a bitcoin standard if you will then governments wouldn't be able to magic up money out of thin air to pay for things they would have to borrow real bitcoin.
The main advantage in this system is that the citizens of that country do not get poorer when the government does this, prices of things do not continually go up forever and an end to the hunt for ever higher paying jobs to counter the inflation.