Bitcoin

Notepad_Phil

Thrugelmir said:

RichTips said:

HansOndabush said:

[Deleted User] said:

HansOndabush said:

The form they end up in will be the digital yuan and Fedcoin. Bitcoin will never be mainstream as the banks and governments can't control it and hence are likely to either ban it or impose much tougher restrictions on it's use such as KYC and tax reporting; that's if you can find any bank that will take the proceeds of non-government crypto.

Do you have any source of that information? You must be working in the government, or something? Or it's just wishful thinking, because it fits your beliefs that Bitcoin must fail?

There are sources in the sense of commentators opinions but its common sense really; why would any government and central banks give up their monopoly on controlling currency and hence the economy, be it digital or otherwise?

The global reserve currency is currently the US dollar, a currency controlled by only one of more than a handful of governments. Perhaps people might wake up one day and have an epiphany that Bitcoin is preferential to the currency of a country that elected Donald Trump.

To quote Gary Gensler, Biden's nominee to run the SEC. 

"The SEC must ensure that crypto markets are free of fraud and manipulation.  I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud."

John McAfee charged with fraud over cryptocurrency : maybe just the start of governments taking a closer look into cryptos?

HansOndabush

Jim Rickards demolishes Bitcoin; 1:23:20 in the following:

https://www.youtube.com/watch?v=N3C1DDk2W08

RichTips

More US money printing and now: https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html
You've got to have 2 million USD in assets though.

HansOndabush

RichTips said:

More US money printing and now: https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html
You've got to have 2 million USD in assets though.

That's because they know it's a ponzi scheme and they don't want an army of small investors issuing lawsuits when it all collapses. Bank of America agrees Bitcoin is just gambling (AKA for price appreciation) and serves no other purpose.

planteria

HansOndabush said: That's because they know it's a ponzi scheme..

30 minutes invested, perhaps 25 trying to understand the basics of Bitcoin and 5 understanding what a ponzi scheme is, and no one would truthfully suggest that Bitcoin is a ponzi scheme.

planteria

HansOndabush said: Jim Rickards demolishes Bitcoin; 1:23:20 in the following:..

 he doesn't even throw a punch, let alone lay a glove on Bitcoin.

[Deleted User]

Someone hasn't been honest. Oops...

whatstheplan

[Deleted User] said:

Someone hasn't been honest. Oops...

My first topic on this forum was about crypto as I was intending to use it as part of my 'retire earlier' strategy, and I still might, in part at least.  Given where crypto is (including the underlying blockchain) in 2021, I think it's a bit disingenuous to refer to it as a modern day tulip bulb bubble, ponzi scheme, an outright scam, something that's only utilised by criminals.  I think it's here to stay, although many of the altcoins will cease to be as the sector matures and settles down.  It's still got a bit of the wild west / early days of the Internet about it.  The very fact we're seeing fiat financial institutions starting to dabble in various ways is surely an indictor even they are starting to sit up and take notice?

However, specifically on Bitcoin, I reckon the ship has well and truly sailed for the average investor (gambler if you prefer.)  If you put $10k in today (as in today cause it fluctuates so much) you get 0.17 Bitcoin.  Here's what it needs to realise for the following returns (including original investment, only basic figures used, no fees are factored in, and some brokers now give crypto dividends etc):

$114k:  $20k return
$171k:  $30k return
$228k:  $40k return
$285k:  $50k return
$342K:  $60k return
$399k:  $70k return
$456K  $80k return
$513k:  $90k return
$570k:  $100k return

Now some will say 'well it rose from $1 to $57k, it can and will continue on that journey.  MMmmm, I'm not too sure.  And if it does, unless the average person invests a not insignificant sum now or in the very near future, Bitcoin will become the preserve of the wealthier investor as the returns become less and less attractive unless you can plough a lot of cash into it.