The US Gov can shut down the exchanges as soon as it would challenge the dollar as a reserve. China did that exactly for that reason.
My concern about cryptos
- Thread starter TimtheEnchanter
- Start date
except people will just trade on foreign exchanges as they have, for years now. Or they'll go DeFi
Yes individuals have other avenues for trading, but big institutions won't trade that way.
Why would taxable revenue be shutdown?
At some point, nation states will embrace BTC as the reserve currency, or not.
Just like the ineffectual war on drugs, legalizing cannabis demonstrates the power of bottom-up vs top-down change.
And give up their ability to manipulate the currency up or down, or to print as much as needed to battle the next pandemic shutdown?
During WW1 when gold was decoupled from fiat this very dynamic perpetrated extending the war beyond a nation state’s reserves.
As a reserve currency only the USD stands to lose the cherished dominance. All other nations could consider it an upside to decouple from the US’s monetary policy.
They could also desire to distance themselves from US’s internal issue with disinformation especially in light of the former guy perpetuating election lies. These lies weaken the fabric of democracy’s social contract with those that attempt to preserve their hold of power - costs be damned.
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Didn' t the geniuses tell us that Crypto currency like Bitcoin is beyond the reach of the Federal Government and will replace fiat currencies like the dollar? I know drug dealers and other criminals got into Bitcoin thinking they are safe, until their asses got busted, all their Bitcoin taken from them by the Federal Government by force. I guess the hackers thought, they were safe as well? Good luck with that chumps.
https://www.yahoo.com/gma/doj-seizes-millions-ransom-paid-190900933.html
https://www.yahoo.com/gma/doj-seizes-millions-ransom-paid-190900933.html
The more I learn about crypto, the more I realize that it's a dead end.
Why on earth would any sane government allow a crypto to challenge their own currency? They would create their own digital currency.
Why on earth would the US allow criminals to keep getting paid in cryptos and harm national security? I'm pretty sure its gonna do something.
China, India, Turkey, and others have effectively banned cryptos.
It's only a matter of time until others follow suit.
As of right now, the technicals look horrible and BTC could hit 10k.
I dare anyone to buy BTC right now if they think it's a bargain. Go ahead.
The idea that BTC is "digital gold" is laughable. BTC is in no way comparable to gold as a store of value. BTC does not have tangible value. It's simply lines of computer code in cyberspace.
Why on earth would any sane government allow a crypto to challenge their own currency? They would create their own digital currency.
Why on earth would the US allow criminals to keep getting paid in cryptos and harm national security? I'm pretty sure its gonna do something.
China, India, Turkey, and others have effectively banned cryptos.
It's only a matter of time until others follow suit.
As of right now, the technicals look horrible and BTC could hit 10k.
I dare anyone to buy BTC right now if they think it's a bargain. Go ahead.
The idea that BTC is "digital gold" is laughable. BTC is in no way comparable to gold as a store of value. BTC does not have tangible value. It's simply lines of computer code in cyberspace.
Some truth here. I agree BTC is dogshit. Completely archaic compared to what developers are doing now. Serves absolutely no purpose other than “being the first”.
However from a long time crypto doubter I think there are some very useful cryptos that will survive.
VECHAIN (VET) has endless real world uses and can revolutionize the supply chain for almost any company/product.
There are others but point being 90% of crypto is crap however there are some that could be around and thriving decades from now