One must only look at the tulip mania to see how fortunes can be made overnight and equally lost overnight.
Dalio - Bitcoin might get banned
- Thread starter Nobert
- Start date
You are investing in cryptos to protect your wealth? Are you aware how fucked up that is?
Governments can easily kill it anytime they want. They control the exchanges so all they would have to do is forbid the exchange of fiat and Bitcoin. They wouldn't even have to explicitly ban it. If you can't exchange fiat for it or buy products with it, institutions won't touch it and the value would simply collapse. Remember, it takes a lot of money to keep those energy hungry servers running.
Unless you mined the Bitcoin, government already knows about your Bitcoin purchases. The exchanges operating in the US have to report that to the IRS. And under Biden, you can be sure they will look for tax evasion. Also, members are the first to get out before any kind of ban would take place. Just like members of congress were able to dump their equity portfolios right before the latest pandemic. Funds would also see a ban coming before the retail crowd.
Yes then there would be more underground exchanging taking place and no taxes being paid on it. That's why they will never ban it
If it goes through an exchange, you'll pay taxes. Institutions will drop it (and sell all the crypto they can before the ban) and no merchant will be able to legally accept it for payment. So any claimed utility of bitcoin at that point is gone...oh, and someone will still have to pay the electric bill.
No, I meant from my previous post that people will find ways of trading without the use of an exchange. There is already a Peer to Peer Bitcoin trading platform through Tor Browser, not to mention decentralized exchanges. Not to mention VPNs. And don't worry, that electric bill will gladly get paid...
As I mentioned, I don't think they have to completely ban it in order for it to lose 99.9% of its current value. The point is if they ban exchanging crypto for fiat, demand for it will get killed. No institutions or big money will hold it.
O look, another thread where 98% of people have no idea what they are talking about.
BTC is not just a crypto it IS the cryptomarket - it aint going anywhere.
Not only is it impossible to ban BTC just based upon how the network operates (decentralized) all these Hedgies are starting to pump money into it and create ETFs for their investors to get involved through them.
Gov't doesnt go against wall st. Wall St. Runs the govt - its just that simple.
BTC is not just a crypto it IS the cryptomarket - it aint going anywhere.
Not only is it impossible to ban BTC just based upon how the network operates (decentralized) all these Hedgies are starting to pump money into it and create ETFs for their investors to get involved through them.
Gov't doesnt go against wall st. Wall St. Runs the govt - its just that simple.
Yup!
https://elitetrader.com/et/threads/bitcoins-information-insurgency.357104/
So what the institutions don’t understand is that the bitcoin community has already won. Bitcoiners have infiltrated their ranks. They are the trojan horse. Each bitcoiner is rising in the ranks. They’re gaining power and influence. The institution may not know it, but there are wolves in the hen house and the institutions let them in!
We have bitcoiners who have infiltrated the Senate. We have bitcoiners who have infiltrated Congress. We have bitcoiners everywhere.
Regardless of their role, they are participants in the information insurgency. For example, we have Senators and Congressmen who have laser eyes on their Twitter profile pictures. We have people reading the terminology “shitcoin” into the Congressional record.