BITCOIN

Eco_Miser

Scottex99 said:

Nah. That's the whole point. You gonna tax a decentralised smart contract? 

A contract on a public ledger readable by everyone, including the taxman?

Linton

Scottex99 said:

tranquility1 said:

Scottex99 said:

Lol, I’ll come back and apologise when it happens in Feb.

Doesn’t matter when, long term it’s UpOnly. One of the best YouTube channels actually for those that are pro financial democracy 

Long term crypto will be regulated and taxed out of existence.

Nah. That's the whole point. You gonna tax a decentralised smart contract? 

My firm is already fully regulated as we're crypto/fiat, plenty of EU countries looking at how to do it too. If the regulators crack down super hard people/firms will just go full crypto and avoid them

How do you enforce a decentralised smart contract other than by the "hard" people sending their mates round for a little chat?  In a civilised economy both consumers and compabies need the protection of the law if they want to be paid for services or goods provided and not charged for work and services not provided.  If you want the protection of the law you have to operate in a way approved by goverments and be open to investigation by the authorities.  

Of course the "hard" people dont care.

Thrugelmir

adindas said:

tranquility1 said:

Tulips, dot.com bubble...  but crypto could be the Daddy of them all.

Do you know who Michael Saylor, Cathie Wood, Elon Musk, Jack Dorsey. Do you think they are stupid ???

Certainly not stupid. Though making them icons reflects the money driven culture that exists today. Rather than their contribution to wider society. 

Malthusian

Scottex99 said:

Nah. That's the whole point. You gonna tax a decentralised smart contract?

They already are. If I sell a decentralised smart contract for more than I paid for it CGT is payable.

tranquility1

It's endearing that crypto enthusiasts believe they are out of reach of the IMF, central bank and governments.  That they think they will be allowed to have their own money.

Section62

Scottex99 said:

Ask people from Venezuela, Argentina, Zimbabwe if it's nonsense when the local gov either stops you getting access to your bank and all your savings or hyperinflation erodes your savings so badly that they become worthless anyway.

Not a 1st world problem of course, but that's the need.
 

But is the answer to that 'need' going to be something relying on technology the (local) government can switch off, or stop you getting access to, just as easily as stopping you going to your bank?

Being immune to hyperinflation is great, but not much use if you can't buy food because the comms networks are 'down for essential maintenance' - e.g. at the insistence of the local army commander or other officials.

Not arguing that the need doesn't exist, just that something placing yourself at possibly greater risk of the whims of government doesn't sound like the right solution.

tranquility1

The right solution to all this is gold and silver.

DjangoUnchained

tranquility1 said:

The right solution to all this is gold and silver.

maybe the right solution is just food, water and land. anything else is a luxury.

bugbyte_2

adindas said:

Warren Buffet & Charlie Munger are too old to understand the AI, Block Chain, Genesis Technologies, Genomic Revolution and disruptive innovation and Technologies in order to appreciate them. But you should not be expecting your grandpas to understand or to have interest on this sort of things

I am sure WB et al. are very aware of what digital currency is and is not, and even if they don't understand it, they employ people who do.

What I find fascinating is the use of technical jargon  - Genomic Revolution - sounds important, would make me look foolish if I were to question what the hell mapping DNA has to do with me being able to hire a hitman without anyone noticing.

So cutting out all the 'disruptive innovation' (a new falafel wrap takeaway has disrupted the pizza market down my local high street by innovating a new food to these parts) what are we left with?

People use up enough electricity to power the Netherlands (that's bad btw) to create numbers which are mostly secure which other people will then pay money for.
Occasionally rich people called Elon manipulate the price of these numbers to make themselves even richer.
The whole system relies on people wanting to and being able to pay for these strings of numbers. People want to pay for these strings of numbers whilst the price is rising as they believe it will make them a lot of money. They can buy at the moment because the developed world governments let them, but this could of course change. Prices can also of course go down.

When stock markets crash they don't fall to zero because there are still companies making products and still paying dividends, so you still own something. Gold has 10,000 years of history behind it and you still get to walk around with a lot of bling when it crashes, and again, it isn't going to go to zero. If Bitcoin were to plummet - and there are lots of ways it could - what stops your Genesis Technologies (makers of outstanding home cinema apparently) being worth nothing?

Genuine question btw. Not trying to put anyone off Bitcoin.

TimSynths

Probably why Crypto makes up a third of my investments. I don't think BTC or ETH (my two largest holdings) will go to zero but its just my opinion and as they say I've put my money where my mouth is. Its all part of my strategy to clear the mortgage early, got 4 years and a week to get it done before current fix ends.