How to earn 21% risk free on USD

[AbbotAle]

BTC was born illegal

What law did it break to make it illegal?

And why after 12 years has nobody in power taken any action against it?

The bear comments regarding Bitcoin are getting more and more ridiculous. By all means disparage it, but try not to make fools of yourselves.

 

[MrMuppet]

From newscientist.com in December 2018: "What began as an interesting experiment has morphed into an environmental disaster. It is estimated that running the bitcoin network now consumes 45.5 terawatt-hours per year of electricity – enough to power more than 4 million homes in the US".

When Bitcoin becomes illegal, its price will be close to 0 and the future price should follow in theory.

Buying bitcoins means burning a lot of energy for greed: no way.

Hey Muppet!
How much energy do you think is necessary to run the USD currency system? The FED is spending ~900M USD in 2020 (https://www.federalreserve.gov/faqs/currency_12771.htm) just to print currency and coins. Not counting all the office rooms, the 6.3m people working in this industry and transport that waste a huge amount of electricity and gas.
How many million homes do you think can you power with all this effort.

Jesus...people don't have any perspective

 

[AbbotAle]

Hey Muppet!
How much energy do you think is necessary to run the USD currency system? The FED is spending ~900M USD in 2020 (https://www.federalreserve.gov/faqs/currency_12771.htm) just to print currency and coins. Not counting all the office rooms, the 6.3m people working in this industry and transport that waste a huge amount of electricity and gas.
How many million homes do you think can you power with all this effort.

Jesus...people don't have any perspective

US military (THE largest user/waster of energy on the planet)
Global selfies
Online porn
Online gaming
500+ TV channels
Useless Twitter posts - hey gang, this is what I'm eating for breakfast!
Celebrity news (10,001 articles/news clips about Britney and her new tattoo/hairstyle, discuss....)

Nobody ever says anything about those often wastes of energy. So why pick on Bitcoin? It's almost as if they have no thoughts for themselves and get all their talking points from the corporate media...

Here's the correct thing to say. If I buy energy and that energy is not being deprived from someone else, nobody has a right to say how and what I use that energy for.

 

[ScroogeMcDuck]

Re power consumption, most bitcoin mining occurs in places where hydro power is abundant relative to population so the prices are under a 5 cents per kwh. Most traditional banking activity occurs in big cities during peak hours so they have to use fossil fuels or nuclear. And most of those bank employees are commuting by car from McMansions in the suburbs.

 

[cesfx]

What law did it break to make it illegal?

And why after 12 years has nobody in power taken any action against it?

The bear comments regarding Bitcoin are getting more and more ridiculous. By all means disparage it, but try not to make fools of yourselves.

I am long Riot now, not a BTC bear, and hold a tiny diversified alt crypto portfolio since 2017.
I was ironic, implying that it wasn't created to follow regulation and even if governments made it illegal, it wouldn't die.

 

[AbbotAle]

Re power consumption, most bitcoin mining occurs in places where hydro power is abundant relative to population so the prices are under a 5 cents per kwh. Most traditional banking activity occurs in big cities during peak hours so they have to use fossil fuels or nuclear. And most of those bank employees are commuting by car from McMansions in the suburbs.

Exactly, but why let the facts get in the way of a good old scare story -

BITCOIN WILL BOIL THE OCEANS AND YOU'LL ALL DIE....

 

[AbbotAle]

I am long Riot now, not a BTC bear, and hold a tiny diversified alt crypto portfolio since 2017.
I was ironic, implying that it wasn't created to follow regulation and even if governments made it illegal, it wouldn't die.

Yep, point accepted ces, good luck with your RIOT (not sure what it is though).

 

[cesfx]

Thanks, blockchain stock. Miners.

 

[Pekelo]

What law did it break to make it illegal?

And why after 12 years has nobody in power taken any action against it?

Issuing a US security without registration and SEC approval. At least that is what they charge with the new crypto ICOs. Also originally they didn't classify bitcoin as a security:

"“We did not regulate bitcoin as a security,” the SEC chairman affirmed. " its legal status is still murky though: "For tax purposes, bitcoins are usually treated as property rather than currency. "

If you ask me, they let it run for too long and now it is kind of late to try to put the genie back into the bottle.

But with brand new cryptos, specially when the ICO is advertised and promises are made, they can charge the issuer.

Here is an example:

"September 30, 2020 - The Securities and Exchange Commission today announced settled charges against Salt Blockchain Inc. for conducting an unregistered initial coin offering (ICO) of digital tokens. ... The company also agreed to register its tokens as securities and file required periodic reports with the SEC. Sep 30, 2020"

 

[Sig]

Re power consumption, most bitcoin mining occurs in places where hydro power is abundant relative to population so the prices are under a 5 cents per kwh. Most traditional banking activity occurs in big cities during peak hours so they have to use fossil fuels or nuclear. And most of those bank employees are commuting by car from McMansions in the suburbs.

So I'm not getting how bitcoin and banks are inverse/substitutions of one another? If the world switches entirely to bitcoin then no-one will need loans or to earn interest on their money which is primarily what retail banks do? No one will need to do corporate bond offerings or structured finance or any of the other things investment banks do? Bitcoin isn't some utopian panacea that replaces the entire financial industry in any universe, we could switch entirely to bitcoin and "traditional banking activity" would still occur at much the same rate it does today and those employees would commute much the same way they do today. So not sure what bringing them up has to do with anything?