I've always watched it but never delved into it. But that is the one thing I figured was always coming. Governments are going to get involved and regulate at some point. They're going to get theirs. That's just the nature of government. And as we recently saw with the ransomware stuff, the anonymity of crypto isn't very anonymous.Originally Posted by Ben Rhimene
Just a few additions and corrections
1. Bitcoin is not and was never made to be anonymous.
It's creation provides some very basic functions. 1.) Decentralizes currency 2.) increases the privacy and secuirty of the buyer in a buyer/seller transaction 3.) allows the owner more control over their funds.
This means instead of relying on a bank to retain responsibility over your funds you do.
It's also one of the main reasons the govt was able to recover the BTC from the Colonial Pipeline hackers. They already had the address, they simply needed the key.
It wasn't built for anonymizing purchases on the darkweb or anything close, period, that's flat out wrong. The fact that the ledger is distributed across the network means ANY transaction can be seen by ANYONE. It simple allows the buyer to share significantly less details about themselves for a purchase than with traditional means.
That is not to say it is not volatile, which is fairly obviously given the Elon Musk situation. However, writing it off as flimsy or bs might be a mistake as it is less so than so think.
Though most have started investing recently, due to it being popularized (similar to GME and AMC) BTC has exisited for over a decade, showing steady growth each year.
If BTC is to fail, it wont be because it was a scam or a bs concept. It will be due to centralized governments. Why? Because it cant be controlled and regulated in its current form, therefore they can't monetize it.
Its preciously why goverments are taking steps to ban current cryptocurrencies, while at the same time are actively using blockchain technologies to develop their own form of.
So just like ANY investment, do your research beforehand. I begin following BTC back in 2009 after reading the 08 whitepaper, but I didnt begin investing until years later (2012ish-13). I didnt make my first major purchase until 2017 (10k for 10 BTC coins, @ about $1000 per coin). I literally just did a transfer for a weekend trip and took out about half of my INITIAL investment for a weekend trip. Barely 0.15 coins for 4.5k.
So I'm not saying BTC is the answer, but just like any other investment. If you did your research properly, you're not here whining about a 5-10k drop.
Given the creator remains anonymous your claim rings hollow, even before pointing out you do not know what all the intentions were surrounding its creation (as only the creator(s) would). White papers are supposed to be objective, but that does not mean all intentions are disclosed.
Certainly, there are criminals who believe bitcoin is anonymous:
https://www.forbes.com/sites/roberth...h=490fc872bef0
Just another example of why governments will eventually konopolize domestic crypto.
Update for those of you who do not follow the Senate: in the new trillion dollar infrastructure bill winding its way to a vote, a taxation on crypto was added.
Good news is it legitimizes crypto a bit. Bad news is if it gets taxed and treated as infrastructure it is not long before Feds preempt the space.
$600 million stolen ...biggest crypto theft in history.
That's the bad news. The good news is the hacker has returned much of it already.
Which points out the issues...it is NOT secure. But, it is traceable so it will have to sit in a hidden wallet for a very long time, or be returned, or you get caught (unless you can launder crypto, which is interesting conceptually).
To me, all the more reason to think national governments end up controlling crypto/digital.
I did not see major market reaction to this news.
Wow.
All I was saying was that Tesla supposedly made $100 million off their sale of some of their Bitcoin. I wasn't talking about EV credits or the quality of their vehicles or revenue or lack thereof from sales.
They bought and sold some Bitcoin and made $100 million. Good for them.
ben heres the thing crypto cannot be federally regulated unless the united states treasury opts in to acknowledge it as U.S currency. Which isn't on their agenda it can be put in any plan or bill but republicans will never acknowledge it as equal to the u.s dollar therefore it wont make it in the final draft of the bill. The U.s attempted to make a year or so ago its own form of crypto which you can still find on crypto.com app last i checked in it was lower then the cost of a shib coin (which at present is selling for0.00008666 so its a fail …If it does get regulated by some miracle bitcoin will absolutely PLUMMET.. you must remember what bitcoin and crypto was originally made for. the anonymous use of buying goods and no taxation. now if you have to start reporting to the federal government your bitcoin ..well its no longer untraceable and therefore losses it appeal to millions. but honestly i love the bad taste in the mouth for officials who swore this was just a "passing fad" as they said all those years ago. and as bad as they want to attempt with people such as Bernie sanders and that chick from the Bronx it'll never make it through.As well as last i checked the head of the treasury thinks crypto is a joke. but well see i will say if sanders allows them to push this crypto through or even Nancy you can be sure they will demand a 15,00 minimum wage being added in this antistructure bill.. as crypto has nothing to do with infrastructure its a pointless push for a idea that doesn't even meet the guidelines of infrastructure
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If Bitcoin gets regulated, it goes up. It means it's recognized and gained (more) legitimacy.
The money launderers, felons cash out and the Googles, Amazon's buy in. I take that swap everyday of the week.
Bitcoin is already taxed and (rightfully) viewed as (digital) property under the IRS. Not sure what you're talking about.
Ethereum is the one being overlooked, as well as ADA and XLM. Invest what you can afford to piss away in all 4(35/35 & 15/15). Don't panic sell, sit back and hodl. Nothing on the market will provide a higher yield over time.
The Feds can regulate almost anything that has not been reserved to the states, so I do not think your claim is valid. I would love to see something to support that statement.
This I agree with. The underlying issue remains: if the Feds continue to let market participants remain subject to regulation value increases. If the Fed enters the digital space it will displace private participants, and value decreases. As the developed nations are all evaluating digital currency options there will be less options for private sector, leaving EM as the only option. In that scenario, which I believe is the likeliest, Bitcoin is greatly overvalued.
Private participants would not be displaced necessarily. But it's a certainty that institution's and giant corps would then partake. It's now too far from a reach to scale back. And for that, it's extremely undervalued.
It'll remain highly volatile, cause of world interference. But it'll remain material. And for that, I don't see it dying down too much and think the opposite. It's only going to go up in the long term. I don't think you'll find a single asset class that'll appreciate as much.
https://www.cnbc.com/2021/05/20/us-t...-with-irs.html
Soo as long as you dont buy in 10k incriments or more i guess the only way the irs would really know is if you decide to report it..
Remember, the effort has to go into the art, not the wave
Everybody talking 'bout they own their masters
But if your "art" don't age well, it don't matter
It's like you own a hundred percent of nothing
Know your value
☆☆☆☆☆Hosting in upscale private incall in West Houston ☆☆☆☆☆
Does not entertain/accomodate:bbfs,ff,dt,greek,disrespectful or aggressive gentlemen. ANY ATTEMPT TO DISREGARD WILL RESULT IN FULL FEE DUE AND FORFEITING REMAINING TIME.YOU HAVE BEEN WARNED..
A caveat to that is don't try to skim it with amounts slightly less than 10k, as that could be considered a crime, intent to avoid or something like that
El salvadore IS THE FIRST COUNTRY IN THE WORLD to reconize and make bitcoin legal tender check abc news for more details.. Congrats yall..
Remember, the effort has to go into the art, not the wave
Everybody talking 'bout they own their masters
But if your "art" don't age well, it don't matter
It's like you own a hundred percent of nothing
Know your value
☆☆☆☆☆Hosting in upscale private incall in West Houston ☆☆☆☆☆
Does not entertain/accomodate:bbfs,ff,dt,greek,disrespectful or aggressive gentlemen. ANY ATTEMPT TO DISREGARD WILL RESULT IN FULL FEE DUE AND FORFEITING REMAINING TIME.YOU HAVE BEEN WARNED..
Hope you bought the big dip.
Maybe the hedgies are liquidating crypto to survive the moass
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Bukele, the president of El Salvador said he was going to buy more Bitcoin and increase his nation's holdings of it
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