Could bitcoin become the next Swiss bank account?

Sig said:
There's a couple of holes in that line of thinking. First, the easy one. If quantum computers make it trivial to mine cryptocurrency then we get flooded by an infinite amount of it and it becomes worthless. The entire point of the increasing difficulty to mine coin was to prevent this. So "solving" the mining problem with faster computers is self-defeating.

Second, governments can do exactly the same thing with cryptocoin as they did with Swiss banks. They can easily eliminate the ability to easily switch between other currency and crypto by shutting down all the "exchanges" or limiting the ability of people in their country to access exchanges in other countries. Ever tried to fund or take money out of an online poker company as a U.S. domiciled U.S. citizen? "Oh, but I can use my cryptocurrency directly to buy a cup of coffee in Vienna" you say? Sure you can, because the coffee shop can turn that into Euro's to buy coffee and pay their rent and their employees. At the point they can't do that easily and inexpensively, they stop accepting cryptocurrency. Sure, you'll have a few wild-eyed enthusiasts drop off the grid and transact entirely in cryptocoin with other enthusiasts, but that does not a tipping point make. All a government has to do is make it difficult to use cryptocurrency and it's never going to take over the world. And it's trivial for any government to make it difficult to use.
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We'll see about that...:D
Time will tell...:)
Opinions simply don't matter...;)
 
schweiz said:
He is speachless and probably in shock. When reality hits the brain...
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Actually I'm going to give him the benefit of the doubt and say it's actually a cleverly designed social experiment. You post something at a sophomoric level of intellect, and when someone points out the holes in the logic you randomly pick from a list of meaningless aphorisms as a reply to see what the response is. Could be interesting.
 
Sig said:
Actually I'm going to give him the benefit of the doubt and say it's actually a cleverly designed social experiment. You post something at a sophomoric level of intellect, and when someone points out the holes in the logic you randomly pick from a list of meaningless aphorisms as a reply to see what the response is. Could be interesting.
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I think that for those who bought above 15K it is another kind of experiment. :D
 
DaveP648 said:
Looks like the replacement for private Swiss bank accounts will come in the form of being able put cryptos directly into stocks, with no dollar conversion, in anonymous accounts. ChainBLX already doing it, but if anyone knows of other platforms to do this please let me know because I’d like to compare. Here’s an article in the Enterprise Times: https://www.enterprisetimes.co.uk/2018/02/05/chain-blx-debuts-decentralized-blockchain-project/
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So again regardless of where you stick a thing, if you can never convert it back to something that you can use to purchase something of value it has no value. So you can use cybercoin to buy 100 shares of AAPL. Now an anonymous string of numbers owns 100 shares of AAPL. It appreciates by 100% and you want to sell it to buy a real apple to eat. Well the anonymous string of numbers owns AAPL, sells it for cybercoin, and then you do what with your cybercoin? You've hit exactly the chokepoint I mentioned, the exact same chokepoint as it happens that the real Swiss bank accounts it. Or you decide that the anonymous string of numbers is going to give the AAPL shares to you, then you can sell it for cash. Again, simple choke point of anyone who was gifted shares of stock from the ChainBLX street name, easy to shut down. In order to repatriate your funds to use for anything, you have to go through this chokepoint which is easy for any government to police. And with about .0004% of the world's population owning cryptocoin, we're a long way away from an entire supply chain that works on cryptocoin, for anything.
 
NeoTrader said:
Right back at ya...:finger:

;)
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and right back at you:rolleyes:

A bird in the hand is worth two in the bush;)

A penny saved is a penny earned:sneaky:

Better to remain silent and be thought a fool than to speak and to remove all doubt.:D
 
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