Fed considering digital currency: official

Yep let the fun begin.....why would they even need to get into cryptocurrency don't they already print all the free money the world needs....I mean they already printed trillions and trillions...now they have to enter the cryptocurrency place and show their hand at that.... I thought this was supposed to be some kind of decentralized system where only bitcoin existed now everyone is taking away all the fun.
 
S2007S said:
Yep let the fun begin.....why would they even need to get into cryptocurrency don't they already print all the free money the world needs....I mean they already printed trillions and trillions...now they have to enter the cryptocurrency place and show their hand at that.... I thought this was supposed to be some kind of decentralized system where only bitcoin existed now everyone is taking away all the fun.
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The electricity cost for bitcoin is quite high...not exactly free money.
 
noddyboy said:
The electricity cost for bitcoin is quite high...not exactly free money.
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At one point it took only a regular computer to grab a few coins on a daily basis back in 2009/2010 when they were worth maybe 20 cents....
Today you need tons of computing power, so people just go out and buy them for $10000 a pop ...
 
speedo said:
Simple, they want to control the capital....all of it.
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Russia will start their own cryptocurrency too. In the end all money will disappear and become virtual. An additional advantage is that the FED will sell virtual money (thin air) and receive hard cash for it. It is like taxing people. They receive for usd dollars a virtual amount of coins which for the FED will cost nothing and can be sold with huge profit margins.
Those who had the first bitcoins paid almost nothing for them, started the hype and make now about $10,000 for each coin. No faster way to become very rich. Greed of the ignorant mass will do all the work.
Governments can create trust, but they can also destroy trust. Or create trust in their own cryptocurrency and destroy trust in all the other cryptocurrencies.

Bitcoin is transferring money from the mass to the happy few. The mass apparently does not understand that, or will when it will be too late.
 
Nothing new here - the digital currency has been on the table for years now as a means with having a broader reach with tax collection. That may be why they are letting Bitcon run wild - that way they can say the public wants an electronic currency.
 
Let's think how many people who have actually bought bitcoin have used it to purchase a dinner....a new pair of shoes or a haircut .....the answer is probably nobody......people are more into turning a profit on it than using it to purchase goods and services....plus in the end you are using taxed dollars to buy a decentralized cryptocurrency and then paying taxes on any profit you make when you decide to sell and turn the bitcoin back to cash....
 
S2007S said:
Let's think how many people who have actually bought bitcoin have used it to purchase a dinner....a new pair of shoes or a haircut .....the answer is probably nobody......people are more into turning a profit on it than using it to purchase goods and services....plus in the end you are using taxed dollars to buy a decentralized cryptocurrency and then paying taxes on any profit you make when you decide to sell and turn the bitcoin back to cash....
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BS there are bitcoin transaction to purchase things. And your a fool or stupid if you can not figure out how to avoid paying tax on BTC profits. For some its a store of wealth, for others speculation tool, so what?
 
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