You like to refresh arguments debunked 5-8 years ago. All you need is the USA, EU, China and India to ban it for retailers (not mining, but actual usage) and the story of world currency is over. I mean you can still buy alpaca socks in Peru or exchange it between you and your cousin, but if those entities don't let retailers to use it (very easy to ban), 99% of use cases for crypto is out of the window...
Crypto Critic Charlie Munger Sides with China
- Thread starter Baron
- Start date
You like to refresh arguments debunked 5-8 years ago. All you need is the USA, EU, China and India to ban it for retailers (not mining, but actual usage) and the story of world currency is over. I mean you can still buy alpaca socks in Peru or exchange it between you and your cousin, but if those entities don't let retailers to use it (very easy to ban), 99% of use cases for crypto is out of the window...
Baron
ET Founder
You keep getting hung up on the whole currency replacement argument. That issue was settled by the IRS back in 2017 when they ruled that Bitcoin is not a currency, it's digital property that is taxed on capital gains like other forms of property such as real estate, securities, etc. So no, the USA isn't going to ban it from retailers because they never ruled it to be a currency in the first place. Stablecoins like USDC have a much better chance of becoming mass-accepted currencies since they are pegged to the dollar, which is why the regulators have their eyes on that sector.
You keep getting hung up on the legal definition of cryptos. It is irrelevant to the point. My points were (beside BTC being originally invented as a currency/payment vehicle) against your "you can't ban crypto" argument:
1. Banning is easy. You don't ban individual users (hard to enforce), you ban retailers and brokerages (easy) that takes away its use case. If Joe wants to send crypto to Jim, who cares? Since it is not recognized by the government, any claim won't be protected or fraud prosecuted.
2. World wide banning isn't necessary for killing cryptos, the 3-4 most important entities doing it would work. Thus the most populous countries and the most influential unions would do it. If Latin America or Africa still want to use cryptos, good luck, let them deal with the scams.
So yes, you can ban (and kill) crypto...
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Baron
ET Founder
Above is a quote from you in 2013 when you said BTC was in a bubble at $30. It's now at $20,916. I can come up with probably 100 more negative quotes from you along the decade-long meteoric rise. When are you just going to admit you've been dead wrong for nine years and just stop with all the wishful banning and killing of crypto commentary? Like how high does BTC have to go before you give in?
wish I knew about BTC this early. I would gotten 10-50 just for fun. Of course would I have hold on is entirely different question.
Reminds me of Peter Schiff... for years and years he went on a rant about how BTC will go to zero, the end is near. Unfortunately, if he had just purchased ONLY 1% of BTC in his portfolio when he first started those rants, he would have had a multi-bagger of a portfolio. You know, the type to impress even Fidelity with.
most people never anticipated fake money “USDT” being part of equation. Never in human history fake money was allowed to exits along with real money. It is understandable why many missed it, including me
https://www.elitetrader.com/et/thre...itcoin-believers-still-comfy-about-it.288985/
Tether was being printed in 2015 and it did not do anything to help the Bitcoin price which was in the middle of a 3 year bear market
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You would not have been able to hodl Bitcoin from $20 to $4 in 2011, from $1,200 to $150 in 2014-2016 and in 2017 you were already posting on the crypto assets forum so you know how brutal the bear market crash is for BTC, from $20,000 to low-mid $3,000
You need to understand what Bitcoin is made for and contrary to popular beliefs, it's not a get-rich-quick investment. You need low time preference to survive the ups and downs of Bitcoin
NoahA is able to articulate it much more than I can in his long posts
Wow, quite the honor to read this!
Its amazing how it just clicked for me. You and I have had exchanges in the past where I was very bearish on it. This is why I know that even if I got in around 2013 when I first heard of it, I would probably just taken a 2x and get out. Maybe I would have done that a few times, but oh well. Mind you tough, hardware wallets weren't around at the time, and so the network is much more mature now.
But for some reason, the more research I did last fall, the more sense it made. I think the critical part to getting people on the right path is to start with asking if they see problems with the current financial system. Maybe it can even be as simple as asking if they see housing prices as too high. Or maybe they can see the huge income inequality that will prevent them from ever reaching their financial goals. When you read stats on this for younger people, you see how far behind current 30 year olds are now than the same age group 20 years ago. The disparity is huge in terms of how far along they are to wealth accumulation.
Maybe it doesn't even have to be a financial problem that bothers you but a world stability problem or threat of war. When you do enough research on any of these subjects, you see there is an underlying theme that connects them all, and this is money. Most of the current macro problems facing the world today are solved simply by adopting a harder form of money. We literally need to make just one change to have a profound impact on everything around us.
When I see well intentioned journalists attacking the rich, claiming they need to pay more taxes, it makes sense. But then the counter argument is that even if they were taxed at 100%, it would still be a drop in the bucket of what the government spends, so the claim is that government spending in the true problem. Both sides are of course correct in some way. But we all know that asking for any major change to laws, especially tax laws, is a fruitless endeavor. If all we did was fix the money, it takes care of government spending while also popping all the crazy asset bubbles like equity markets and housing.
It is so clear to me that the only thing we need to do in order to fix the future is adopt bitcoin in some universal capacity. We wouldn't need central banks to try and one up each other on how much they can print, and then how quickly they can raise the rates, and then how much pain they are willing to put their country through before they are forced to re-inflate. All the pieces literally fall into place when we all agree on one standard, the bitcoin standard.
You and I see the value of Bitcoin is more than just numbers go up. Without Bitcoin as a life raft, we would be unable to escape the fiat titanic risk of collapse or the CBDC future that is coming for everyone
I don't know where I read it or maybe heard it on a youtube video, but it's something to the effect "since the USD is the world's reserve currency, our greatest export is inflation"
Now with the USD being so strong against other currencies, many countries are having problems, i.e. Sri Lanka, Lebanon, Turkey, Peru, and Argentina just hit a 90% inflation rate