BITCOIN

Type_45

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

bugbyte_2

HCIMbtw said:

.....But BTC has already won the position of digital cash/gold, incorruptible fixed asset... which is its MO 

I think what you mean is 'I hope one day that BTC has already won the position of digital cash/gold, incorruptible fixed asset' 

My debit card is digital cash and has 99.99999% more functionality and real world use than BTC. 

Gold has '000's of years of being accepted as a store of value, and is hedging my stocks, shares and cash reserves right now. In contrast, BTC has crashed, and done the exact opposite of what its supporters thought it would do in an inflationary environment. 

Incorruptible? With no government regulation or oversight? Clicky. and that's not taking into account human nature's ability to forget  / loose your seed phrase.

Fixed asset? Fixed against what?

IMO BTC is an asset in the same way as fine wine / race horses that only exist on a computer are assets. If someone is willing to trade, then they have a value. When people stop trading, they have no value. This is not a bad thing btw as you can clearly make money from crypto, but pretending it is something it is not is just desperately trying to justify its existence - when in reality you don't need to do. 

 

Type_45

bugbyte_2 said:

HCIMbtw said:

.....But BTC has already won the position of digital cash/gold, incorruptible fixed asset... which is its MO 

I think what you mean is 'I hope one day that BTC has already won the position of digital cash/gold, incorruptible fixed asset' 

My debit card is digital cash and has 99.99999% more functionality and real world use than BTC. 

Gold has '000's of years of being accepted as a store of value, and is hedging my stocks, shares and cash reserves right now. In contrast, BTC has crashed, and done the exact opposite of what its supporters thought it would do in an inflationary environment. 

Incorruptible? With no government regulation or oversight? Clicky. and that's not taking into account human nature's ability to forget  / loose your seed phrase.

Fixed asset? Fixed against what?

IMO BTC is an asset in the same way as fine wine / race horses that only exist on a computer are assets. If someone is willing to trade, then they have a value. When people stop trading, they have no value. This is not a bad thing btw as you can clearly make money from crypto, but pretending it is something it is not is just desperately trying to justify its existence - when in reality you don't need to do. 

 

Agreed with most of this with the caveat of "you can clearly make money from crypto".

You can clearly lose money from crypto too. All of it. 

You do not lose money with gold or silver.

DannyCarey

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

Malthusian

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

Type_45

Malthusian said:

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

If that were true then why are they only regulating certain coins?

In the regulating provinces people can still buy as much Bitcoin, Bitcoin Cash, Ethereum and Litecoin as they like. Unlimited. But other coins have annual caps on the amount citizens can purchase.

How do you explain that? 

bugbyte_2

DannyCarey said:

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

Sorry to pop bubbles but 25 years after this was written people buy stuff on the internet with a debit card. That's the reality. Crypto used widely as money never happened. 

DannyCarey

Sorry to pop bubbles, but it looks like you didn't read it properly. It is not talking about simply paying with a debit card here...

bugbyte_2

OK.

Has the Odds been reset? (what does this even mean?) Have Nation States had their capacity to determine who becomes a sovereign citizen reduced? Has Crypto liberated us from inflation? Do we all use Cyber cash?  



err no. 

Type_45

DannyCarey said:

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

If you have crypto shades on then yes, they're talking about crypto.

But if you don't have crypto shades on then the piece could be talking about simply spending money online (as we all do every week).  The one difference is where it talks about breaking money down as is the case with SATS.  But that still isn't necessarily a reference to crypto.