US gov't vs Bitcoin

Let's cut the bullshit, the government can screw cryptos in 5 minutes, if they wanted to. Simply outlaw it so no retailers can't accept it as currency, there you go money of the future.

But they decided that at the current form cryptos are NOT a competition to the US dollar, since nobody is using them as money. So it simply became another asset class, like beanie babies and baseball cards.

Not to mention since most cryptos (specially bitcoin) are NOT anonymous, it is rather easy to follow the "money" and catch criminals, if they wish to do so.

TL;DR: don't invest in Santiago Capital, they are idiots.
 
Pekelo said:
Let's cut the bullshit, the government can screw cryptos in 5 minutes, if they wanted to. Simply outlaw it so no retailers can't accept it as currency, there you go money of the future.

But they decided that at the current form cryptos are NOT a competition to the US dollar, since nobody is using them as money. So it simply became another asset class, like beanie babies and baseball cards.

Not to mention since most cryptos (specially bitcoin) are NOT anonymous, it is rather easy to follow the "money" and catch criminals, if they wish to do so.

TL;DR: don't invest in Santiago Capital, they are idiots.
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People don't have to buy with cryptos, they can just convert them into dollars using BTC as crypto cash.
 
Pekelo said:
Let's cut the bullshit, the government can screw cryptos in 5 minutes, if they wanted to. Simply outlaw it so no retailers can't accept it as currency, there you go money of the future.
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I assume you're talking about the US government?

Let's assume it did ban BTC outright.

But Europe and the Far Eastern countries didn't. They elected to work with it. Assume also that Bitcoin doesn't go away, it's decade of growth and acceptability continues. The US is going to look pretty stupid and I know politicians aren't that clever but they're not that stupid.

Governments must learn to live and work with Bitcoin. It's the only way forward.
 
Went through Santiago's tweets. Can't understand who da hell he is.
US Gov could if it wanted to :

timestamped

For those who can't understand of how this would effect the untouchable BTC -
that garbage would be dropped so fast & in such amounts, that it would become as negative as that saudi oil.

Even the most loyal of the fans would be - ,,oh crap, time to go''

So why don't they do it :
Watch the whole video.
The enemy of my enemy is my friend :

Screenshot (48).png


(bit contradicting tho, since the C.Munger is 1/3 of his net in China and R.Dalio is basically, butlicking that regime. As open minded as i am, sorry Ray, can't support you, if you support the regime, which keeps 1.3M people in modern concentration camps & there isn't much to say about the Tibet neither)
 
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AbbotAle said:
I assume you're talking about the US government?
The US is going to look pretty stupid...
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Yes, because that was in the title.

Like that ever stopped them...

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Now just a mental exercise, let's say, I am put in charge by the government to screw with cryptos. I wouldn't even ban it outright, but:

1. I would crack down on exchanges, like tether would be gone. The effect of tether gone is possible a crypto value collapse.

2. Using the government's infinite money resources, I would just pump and dump cryptos until everyone is dizzy of the roller coaster ride. Up to 20K, down to 3K, rinse and repeat. A volatile currency is a bad currency, mind you pretty much nobody is using them as currency anymore.

3. I could introduce government backed cryptos, even with better features than bitcoin. Yes, bitcoin sucks as a crypto, there are way better ones out there.

4. etc.etc.

TL;DR: The government can fuck with you in so many ways....stop daydreaming about your obsolete beenie baby.
 
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Pekelo said:
Not to mention since most cryptos (specially bitcoin) are NOT anonymous, it is rather easy to follow the "money" and catch criminals, if they wish to do so.
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Most Bitcoin holders aren't that interested in
Pekelo said:
Now just a mental exercise, let's say, I am put in charge by the government to screw with cryptos. I wouldn't even ban it outright, but:

1. I would crack down on exchanges, like tether would be gone. The effect of tether gone is possible a crypto value collapse.

Hard to stop Tether but let's assume you can. No doubt BTC and all the others wouldn't like it. In the case of BTC I can see it dropping by 80% within 24 hours. But then what? What about the US Exchanges which are all heavily regulated. You can hardly throw terrorism or the mob at them because their due diligence into their client base is rock solid. The US Exchanges are probably THE most heavily regulated financial firms out there so hard to crack down on them.

So Bitcojn down 80%, looking sorry but not dead because it cannot be killed. It will be badly wounded and then it will start to come back. That's amost certain to happen. And remember, the whole world is now watching the US government go to war with Bitcoin. You better not fail because it would be highly embarassing if 2-5 years later Bitcoin is back with a vengence. Which it almost certainly will be. How I and much of the rest of the world would laugh at yet another war the mighty US didn't win. So the chance of success of what you propose is less than 5% which means it isn't going to happen.


2. Using the government's infinite money resources, I would just pump and dump cryptos until everyone is dizzy of the roller coaster ride. Up to 20K, down to 3K, rinse and repeat. A volatile currency is a bad currency, mind you pretty much nobody is using them as currency anymore.

Again, the whole world is watching and many of them are saying 'why'. Why is the US trying to fuck and meddle with what looks like excellent technology, technology with a great future for pretty much everyone involved. As a PR exercise what you suggest can only be a total disaster. And no, you wouldn't be able to do it on the quiet. Also, the US being the US you just know there will yet again be unintended conseuquences and blowback, none of it will be good for the US.

3. I could introduce government backed cryptos, even with better features than bitcoin. Yes, bitcoin sucks as a crypto, there are way better ones out there.

Yes you could and almost certainly will.

But it will be a centralised Fed coin rather than a decentralised one. Many will like both so will own and use both. Just like people who have £,$ and Euro in their bank accounts and use all three. But you will never be able to have better features than Bitcoin because your Fed coin won't be digitally scare and it won't be decentralised.


stop daydreaming about your obsolete beenie baby.

I'm not daydreaming. And Bitcoin if you haven't noticed has never been stronger in almost all of the metrics. I'm fine with sensible arguments into the pros and cons of a Bitcoin future but you show a lack of maturity when you call it an obsolete beenie baby. People used to say that 2-3 years ago. Time and Bitcoin have moved on considerably.
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owning or buying bitcoin means supporting the chinese communist party regime.

understand how mining works first, why would you rather not bet on elon? $10k eoy
 
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