Blue Lagoon Massage
Ashley Madison

Dalio sees 'good probability' bitcoin gets outlawed.

Ceiling Cat

Well-known member
Feb 25, 2009
26,237
88
48
I never belived in bitcoin and I also think that bitcoin may one day be outlawed. Now that a prominent person has brought up the possibility, this may have started the snow ball rolling down the hill.

 
Last edited:

anonemouse

Active member
Aug 23, 2002
614
66
28
Toronto
I never belived in bitcoin and I also think that bitcoin may one day be outlawed. Now that a prominent person has brought up the possibility, this may have started the snow ball rolling down the hill.

There are issues with the underlying foundations of Bitcoin from a tech perspective. These have been changed in other forms of crypto like Monero. I wouldn't be surprised if people move away from Bitcoin eventually but I don't see it happening for a very long time.

I can't see it being outlawed as how do you control something with no central authority? You can't.
 

fall

Well-known member
Dec 9, 2010
1,557
224
63
I never belived in bitcoin and I also think that bitcoin may one day be outlawed. Now that a prominent person has brought up the possibility, this may have started the snow ball rolling down the hill.

They do not have to be outlawed, but introducing a "carbon tax" for all transactions (since mining and transactions required a great deal of electric power) and requirements for all transactions to go through regulated exchanges will kill the desire to buy or sell them legally.
 

luvyeah

🤡🌎
Oct 24, 2018
2,278
799
113
One problem with bitcoin is it has a public ledger, so it isn't even as good as cash concerning privacy. Transactions can be easily figured out by following the history of a wallet ID. One way around this is pooling it together with others and sending random amounts to newly generated bitcoin wallets. But this requires a great deal of trust and risk involved.

Monero fixes this issue among others, some form of crypto will take off, but unlikely it will be bitcoin. Its the one that is consistently reported on because its the first of its kind.
 
  • Like
Reactions: anonemouse

Insidious Von

My head is my home
Sep 12, 2007
27,300
1,243
113
I can't see it being outlawed as how do you control something with no central authority? You can't.
I get scoffed at when I say that Bitcoin is being anchored by the tax haven Bank of Luxembourg. If it had no backstop, it would have been squashed long ago, Blockchain is a different matter.
 

jalimon

Well-known member
Jan 10, 2016
1,473
848
113
The stock market is backed by companies buying and selling product and services. And regulated by federal agency.

What is backing Bitcoin? Who's responsible for the bitcoin I buy remains to me?
 

Carvher

Active member
Apr 13, 2010
373
60
28
I never believed in it either but there's a lot of things that are changing. The youngsters don't look at things the way we do and they are the ones who will be dictating the future. I'm not sure anymore. I'm not buying it but i sure as hell wouldn't bet against it. Look at virtual real estate, seems insane thru my eyes but thru a 25 year old eyes then maybe not that crazy
 

Butler1000

Well-known member
Oct 31, 2011
24,338
521
113
Well......

Considering Governments are now looking into buying it for pension funds, Numerous Wall St houses are buying it quietly, and it has steadily risen for 10 years you might want to think twice.
Right now all Crypto Currency at the AOL stage. As in "hey you got that email thing yet"

But the application for third world nations underserved by banking alone is going to send some off. Not all will make it. Bitcoin probably will.
 

Ceiling Cat

Well-known member
Feb 25, 2009
26,237
88
48
There is talk that some governments or regional country affiliations may in the future issue their own crypto currency. China and the European Union may put out their own crypto currency and the both may be linked and valued similarly. What if NAFTA issues crypto as well. Organize crime can use crypto to transfer money illegally. Individuals can use crypto to avoid taxes. Governments do not like independent currency exchanged in their country. There may be a day when crypto is outlawed.
 

Butler1000

Well-known member
Oct 31, 2011
24,338
521
113
There is talk that some governments or regional country affiliations may in the future issue their own crypto currency. China and the European Union may put out their own crypto currency and the both may be linked and valued similarly. What if NAFTA issues crypto as well. Organize crime can use crypto to transfer money illegally. Individuals can use crypto to avoid taxes. Governments do not like independent currency exchanged in their country. There may be a day when crypto is outlawed.
CC you need to look at Africa as an example where its going to become commonplace. There are many nations without a proper banking system and decent currency. You are only looking at it from a Western point of view. Its gojng to move forward despite what any govt may think.

Illegal money transfers have existed long before this, and tax evasion. Coinbase has started giving info to the IRS. Others are following suite. Musk just invested 1.5 billion in it. Other Crypto are announcing partnerships.

Feel free to lag behind. But its coming.
 

Ceiling Cat

Well-known member
Feb 25, 2009
26,237
88
48
If the Euro zone, China or both issues crypto currency and outlaws non go government backed crypto in their jurisdiction. You will see massive dumping of non gov. backed crypto.
 

Butler1000

Well-known member
Oct 31, 2011
24,338
521
113
If the Euro zone, China or both issues crypto currency and outlaws non go government backed crypto in their jurisdiction. You will see massive dumping of non gov. backed crypto.
China is partnering with them. Look up VeChain. There won't be a ban. Multinationals are already buying in.
 

Butler1000

Well-known member
Oct 31, 2011
24,338
521
113
Oh, no!!!!!!!
The rumor is proven false. And the market is already recovering. What really caused it as well was a long position dump of 1.4 billion by speculators and a power outage in China that affected mining.

Works out for me. Im buying.
 
  • Like
Reactions: tombstoned23

passingthru

Member
Feb 15, 2017
70
44
18
The rumor is proven false. And the market is already recovering. What really caused it as well was a long position dump of 1.4 billion by speculators and a power outage in China that affected mining.

Works out for me. Im buying.
do a bit more research on it.. there’s talk of a significant capital gains being implemented by the Biden administration, which also includes crypto holdings. The move has already started to flush equity out of the market, and once it’s read into law you can expect a total collapse (if the numbers floating around are true).
 

Butler1000

Well-known member
Oct 31, 2011
24,338
521
113
do a bit more research on it.. there’s talk of a significant capital gains being implemented by the Biden administration, which also includes crypto holdings. The move has already started to flush equity out of the market, and once it’s read into law you can expect a total collapse (if the numbers floating around are true).
Do you think that America will decide the fate of Crypto? It may send out some Wall Streeters but it won't affect Europe, Asia, Africa(highest per capita for wallets btw) south/central America.

VeChain just announced a Five Year partnership with the Chinese Govt to resolve and improve supply chain. And this Thursday ADA Cardano should be announcing a partnership with Ethiopia to use it to pay utility and Govt bills(high probability rumor). New Zealand just added Bitcoin to its pension retirement fund. Just a few examples.

The Capital gains will be on earners over 1 million. They don't run the crypto show. The only just started this year to stuck a toe in. Last year they hated it.

I'm not the one in need of research time. You however need to get out of the America is the only place on earth mentality. Wall St isn't driving this one. Their participation means less than you think.
 

Phil C. McNasty

Go Jays go
Dec 27, 2010
21,195
671
113
Outlawing it will work as well as making drugs or prostitution illegal
 

fall

Well-known member
Dec 9, 2010
1,557
224
63
Outlawing it will work as well as making drugs or prostitution illegal
Which works fine since it greatly reduce public participation in both. Making weed legal makes people who did not try it before to try it. Having legal brothers would make many people who do not use escorts (or use them rarely) to use them. Making bitcoin illegal or hard top use will make ordinal people and financial institutions to go away from it and, thus, leading to sharp price decline since it will be used only by three groups: enthusiasts, organised crime, and people in countries with unstable financial system and high crime rate (that prevent storing paper dollars)