BITCOIN

Scottex99

[Deleted User] said:

Scottex99 said:

Happy to hear any decent suggestions, I'll do some googling when BTC is at $95k

There's a good list here: http://pineapplefund.org/

Actually very cool.
I'd never dream of spending my BTC though haha, I'll use the sh1tty fiat in my bank account

[Deleted User]

IanManc said:

[Deleted User] said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

That comment might just come back to bite you.  🤨

 Why? I am not that dumb, I've invested in Bitcoin long time ago. Cashed out profits thousand times over already and I still have active position in Bitcoin.

HansOndabush is a sucker because he is crying here on forums for months now, had he invested then he would've been in profit hundreds of percent already. But for him it's somehow more rewarding to cry on forums.

[Deleted User]

HansOndabush said:

[Deleted User] said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

You're so brainwashed you can no longer think for yourself but only parrot the crypto mantra HFSP; sad really.

If I am so brainwashed why I literally retired in 2017 and I am self sufficient since then? Not so dumb after all. And I am not the one crying in this thread for months. I very rarely visit this, and similar topics. But you are daily visitor here, despite have nothing useful to say. You don't even understand how crypto works. I once or twice told you about Lightning you couldn't even grasp the idea how your so much hated Bitcoin can be actually used as currency.

HFSP applies to you very nicely, I can't help but notice.

TheMightySwordfish

Can't think of a use for any Crypto 🤔

Scottex99

Scottex99 said:

lardellion said:

Scottex99 said:

Happy to hear any decent suggestions, I'll do some googling when BTC is at $95k

There's a good list here: http://pineapplefund.org/

Actually very cool.
I'd never dream of spending my BTC though haha, I'll use the sh1tty fiat in my bank account

This might be one of the most crypto things i've ever seen in my life:

https://www.pineapplefund.me/

Not sure exactly why he needs 25 BTC now but I assume that was when the price was a lot lower than what it is now

Notepad_Phil

darren232002 said:

Notepad_Phil said:

I'd be interested to know why you think this is impossible.

The US Government can lever a lot (and I mean a lot) of power over non-US companies so could essentially ban any financial company from allowing access to it - so without those banks etc how do you put your money into crypto or get it out again?

Theoretically you could keep it in crypto and e.g. buy a tesla, but what happens when tesla's bank says sorry but you can't accept crypto anymore or the stock market regulator says we'll have to delist you if you continue to accept crypto.

And yes there might be a very small percentage of trade that continues, but I'd say that this is going to be much closer to a real ban than what happened with the ban on alcholhol during Prohibition.

Whether the US government would ever want to do this I've no idea, but the idea that it would be impervious to a concerted US government action does not tally with the facts.

They could try, but it would never succeed over a long term timeframe.

Sure, you can target fiat on and off ramps, but you cant stop Bitcoin unless you're willing to turn off the internet. I was around in 2006 when the US attempted to ban payments to gambling sites via the UIGEA. These transactions move through banks and payment intermediaries like Neteller and Paypal. It was a colossal failure; people have been able to gamble online from the US throughout the whole time period. If they can't regulate payments made within a system that they have full control of and sight within - how on earth are they going to stop a global network that they have no authority over?

Firstly, who says you would want to take your money out of crypto if there was a ban? If the US government made an attempt to ban bitcoin, its basically a tacit admission that its a direct competitor to the dollar and that the dollar is losing (too quickly). This is an advertising campaign for Bitcoin being hard money the likes of which would have never been seen before, which is exactly why Bitcoin trades at a higher price (compared to spot) in every country that has 'banned' it so far. Reducing or restricting trade (as you've described) doesn't make anyone better off. Trade is a tide that raises all boats and is a positive sum game. The optics of this also would not sit well when your entire countries narrative is built on the strength of a free market. The success of Bitcoin is really a story about the loss of trust in fiat currencies, and a government trying to enforce their currency by force tends to be the nail in the coffin to that story, not the reversal of fortune.

Secondly, innovation doesn't happen in large institutions. Banks aren't innovators due to their size, which is exactly why they have all been crushed for the last decade. Financial innovation is happening in the crypto world. Its faster, cheaper, more egalitarian and the elimination of rent seeking intermediaries means network users can accumulate that value instead. If a country wants to ban itself from that then they can go right ahead, but banning yourself from technological innovation is a strategy that will undoubtedly leave you poorer, especially relatively so when other countries embrace it instead. Imagine how well off the UK, or any country, would be right now if we decided to ban ourselves from the internet in 2000.

Thirdly, the US government has, as previously mentioned, shown itself to be anti market crashes since 2008. Whatever you want to say about Bitcoin, there is a considerable amount of US wealth locked up in it right now. Attempting to wipe out that level of wealth is going to cause some consequences for you politically (at a time when the US political scales are very finely balanced no less). I'm not just talking about the amount of wealth that is actually held in digital assets either; Coinbase is currently valued at $60B and would essentially be nuked by such regulation. Then there are the multiple mining companies and early adopters like Silvergate. More pertinently, there has been a shift over the last 6 months towards large institutions suggest to make Bitcoin 1-5% of your portfolio. The people who use these institutions are high net worth individuals, like politicians & lobbyists. Nobody votes to make themselves poorer.

Fourthly, how do you think people are going to react to this? You're a young idealistic Comp Sci graduate with significant crypto assets and currently working for a Defi startup in the US and the government moves to ban it - whats your play? You're probably under 30 and have no wife or kids. My play would be to take my assets and skills to a more crypto-friendly country. So now in order to ban it, you really need a large cabal of countries to come along with you. This comes with two problems; (i) the worlds governments have not shown themselves to be able to co-operate well historically, (ii) as soon as you build a large cohort of countries that aim to ban it, the 'prize' for those that choose not to becomes bigger and harder to resist, therefore any alliance is inherently an unstable solution to the problem. This is probably best expressed with China and Russia, who do not seek to be the reserve currencies of the world, but they definitely don't want the US to continue to enjoy this 'exorbitant privilege' either. 

Look, I think the fed is a cumbersome dinosaur but Yellen, Powell et al aren't stupid. They know all this and they know that any attempt to ban it wouldn't work. They also know about the Triffin dilemma and that reserve currency status is both a privilege and a burden that can not last forever. The people who continue to believe banning it is a thing tend to be people who overestimate the governments power, ability and willingness. Even though I might agree with it from a moral POV, the war on drugs has been going on for 50 years now and is nothing more than a colossal failure economically.

In the post I was replying to you said that banning bitcoin was impossible due to technical considerations. All I can see in your post are observations that you believe make it difficult to do but nothing which would make it definitively impossible. So are there technical considerations that would make it impossible or is it just a case of it being difficult to do?

HansOndabush

A simple ban on banks accepting payments from crypto exchanges would be enough to put most people off. That would only leave the die hards and crims using it.

Thrugelmir

[Deleted User] said:

IanManc said:

patient_investor said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

That comment might just come back to bite you.  🤨

 Cashed out profits thousand times over already and I still have active position in Bitcoin.

How do you cash out Bitcoin other than to sell it to another dumb speculator. When there's no one to sell it to what happens then? Takes two to trade. 

Scottex99

Thrugelmir said:

patient_investor said:

IanManc said:

patient_investor said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

That comment might just come back to bite you.  🤨

 Cashed out profits thousand times over already and I still have active position in Bitcoin.

How do you cash out Bitcoin other than to sell it to another dumb speculator. When there's no one to sell it to what happens then? Takes two to trade. 

Why does this get raised again and again like it's relevant? It's not some illiquid fantasy asset with 3 orders in each order book. $65bn of BTC traded in the last 24 hours according to Gecko. My team put 2 x $1m BTC limit sell orders through an exchange fairly recently and they filled in about 4 mins.

HansOndabush

Scottex99 said:

Thrugelmir said:

[Deleted User] said:

IanManc said:

[Deleted User] said:

HansOndabush said:

Bitcoin could go to any price $100K, $1m, anything which still would not prove it isn't just a bubble and might go to $0

Have fun staying poor then, while we enjoy our millions. There’s a sucker born every minute. 😄

That comment might just come back to bite you.  🤨

 Cashed out profits thousand times over already and I still have active position in Bitcoin.

How do you cash out Bitcoin other than to sell it to another dumb speculator. When there's no one to sell it to what happens then? Takes two to trade. 

Why does this get raised again and again like it's relevant? It's not some illiquid fantasy asset with 3 orders in each order book. $65bn of BTC traded in the last 24 hours according to Gecko. My team put 2 x $1m BTC limit sell orders through an exchange fairly recently and they filled in about 4 mins.

Of course it is relevant. Just quoting volumes does not explain how you have cashed out profits thousands of times without someone else being on the losing side of those trades.