Bitcoin and Crypto Talk (Merged)(includes NFT) (1 Viewer)

[DaveXA]

Bail out what industry? Contracts also used to be payable in gold, and FDR made that illegal.

Bail out people who are relying on this as a means of income. If people are getting paid in Bitcoin, do we just bankrupt them by instantly making their earnings and savings worth zero? Seems like an untenable proposition to me. The more invested people become in it, the more difficult it will be to make it illegal.

 

[Tapxe]

I have decided to only check on my BTC once every five years, so as to not be tempted to do anything with it, and keep it long term.. That said, curiosity has the better of me- what is the price of a Bitcoin this morning?

57.4k when I looked a few mins ago.

 

[superchuck500]

Bail out what industry? Contracts also used to be payable in gold, and FDR made that illegal.

He didn't make gold illegal, gold still has value as a precious metal and trades as a commodity - he just moved to end gold's use as currency and associated banking and transactional activities that had to do with transitioning from the gold standard. I think those dynamics were largely peculiar to the move away from the gold standard and not a terribly persuasive analog to the possible federal interest in regulating bitcoin.

Bitcoin's perceived value comes from its asset value based largely on its programmed limit past which new bitcoin cannot be created, not so much in its transactional value as currency. Yes, if the US prohibited the transacting of any business in the United States with bitcoin, it would harm its value but less than half of bitcoin trading in 2020 occurred on US exchanges. The US can't outlaw bitcoin worldwide and I'm not really sure why it would ever want to try absent a truly monumental change in how business is conducted in the US. Asset trading and some novelty consumer use as a currency don't seem to raise any of those concerns.

 

[xaeniac]

If Bitcoin was ever to even remotely appear to be a threat to the dollar hegemony, the state would make it illegal and cite something stupid like terrorism or organized crime. They already hint at such things with Bitcoin.

Also China is currently 5th in wine production and growing.

List of wine-producing regions - Wikipedia

en.wikipedia.org

So will we ban the US dollar if utilized to fund terrorism or drug deals? It's a weak argument and Yellen has made grumblings of this already. I agree that it is a risk. However, not sure they can stop the train and the price may go even higher if they tried to make it illegal. Due to the decentralization and number of locations they could make it illegal, but it would not stop the technology. Tesla is invested in it and the U.S. will want a slice of the pie. Too much money in the technologies to ignore it. If we don't capitalize, China will.

Wonder if that wine is laced with lead?

 

[Tapxe]

This is not the action of a nation set on banning crypto. All that negative press is just like when Dimon claimed he'd fire anyone who invested in BTC and then JPM bought on the dip. Not only that, they are set to be the first bank to intro their own coin JPMcoin.

Bitcoin Meets Banking As U.S. Bank Regulator Permits Cryptocurrency Custody

Today’s OCC letter clarifies that national banks have the authority to provide fiat bank accounts and cryptocurrency custodial services to cryptocurrency businesses.

www.forbes.com

 

[tomwaits]

He didn't make gold illegal, gold still has value as a precious metal and trades as a commodity - he just moved to end gold's use as currency and associated banking and transactional activities that had to do with transitioning from the gold standard. I think those dynamics were largely peculiar to the move away from the gold standard and not a terribly persuasive analog to the possible federal interest in regulating bitcoin.

Bitcoin's perceived value comes from its asset value based largely on its programmed limit past which new bitcoin cannot be created, not so much in its transactional value as currency. Yes, if the US prohibited the transacting of any business in the United States with bitcoin, it would harm its value but less than half of bitcoin trading in 2020 occurred on US exchanges. The US can't outlaw bitcoin worldwide and I'm not really sure why it would ever want to try absent a truly monumental change in how business is conducted in the US. Asset trading and some novelty consumer use as a currency don't seem to raise any of those concerns.

Executive Order 6102

en.wikipedia.org

.

 

[Tapxe]

Executive Order 6102

en.wikipedia.org

.

So the analogy then goes to what I posted above about banks being the holder of the crypto for clients. It's a means to regulate not eliminate the crypto currency. It may be that at some point they do outlaw individually held crypto wallets thereby forcing holders to turn over personal wallets to government regulated exchanges. This would not outlaw and drive it to zero and in fact would actually encourage institutional adoption.

 

[Tapxe]

It would encourage evasion of regulation by coin holders

We already have that

 

[Tapxe]

If there is a push to "outlaw individually held crypto wallets [...] forcing holders to turn over personal wallets to government regulated exchanges", then I imagine it would intensify

So would enforcement and it's all pretty trackable. There's no way to spend it without leaving a trail and no way to convert it to fiat either. Gold you could just melt and reform or hand over. Tracing a public blockchain would be infinitely easier since the info is in fact right there in the open. It'll get a bit dicey with international wallets, but that'll be addressed as well.

Bottom line, crypto is not like cash or gold. It's publicly trackable.

 

[tomwaits]

So will we ban the US dollar if utilized to fund terrorism or drug deals? It's a weak argument and Yellen has made grumblings of this already. I agree that it is a risk. However, not sure they can stop the train and the price may go even higher if they tried to make it illegal. Due to the decentralization and number of locations they could make it illegal, but it would not stop the technology. Tesla is invested in it and the U.S. will want a slice of the pie. Too much money in the technologies to ignore it. If we don't capitalize, China will.

Wonder if that wine is laced with lead?

Terrorism, crime, or as Bill Gates has been hinting at, global warming, would just be their reasons to make it illegal. The dollar is controlled by government. They don't want a competitor. They want it to remain the world reserve currency. I could see the government forcing a crypto currency they control and fully track but they for sure would want a mechanism to do QE and print more. If they were to make Bitcoin illegal, I'm sure they would let the connected folks know so they can dump it before they did.

 

[Kegger]

BTC has a market cap over $1 Trillion, and a lot of that is American interest. The US government has missed their chance to outright ban crypto, but I can see them imposing stricter policies around exchanges that operate in the US.

 

[DaveXA]

BTC has a market cap over $1 Trillion, and a lot of that is American interest. The US government has missed their chance to outright ban crypto, but I can see them imposing stricter policies around exchanges that operate in the US.

Yeah, I don't see a ban at all. But yeah, regulation is probably inevitable at some point.

 

[tomwaits]

Also, almost 20 percent of all dollars in circulation were printed in 2020. With another stimulus bill, here comes more printing. It makes sense that competing currency would rise in value compared to printed dollars.

 

[tomwaits]

I bet Marty Byrd could figure out how to launder Bitcoin

 

[jasonl55]

Has anyone jumped on the HOGE bandwagon this week? It is seeing massive gains but is still only 0.00056 so you can get a lot of it for a little. I bought a few today (maybe too late). A friend put in $3000 last Wednesday and this morning it topped $121k