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Except that I can touch a baseball card and a piece of gold. Even a gold fund has a corporation that needs to be audited to prove that it has legitimate rights to gold. Bitcoin has nothing more than a pen-name of a hypothetical guy.
Where money and inexperienced users go, organized crime is sure to follow. Personally, I'd setup an official exchange and the fake from there. Maybe I can have a hacking incident to blame on everyone losing their accounts and let insurance bail me out...then I can get the buyers and the insurance company. Or just make the price go crazy among a few buyers on light volumes before the trading is legitimized and then cash out once it does with peak interest...
I mean, with no corporation...in whose interests is it to watchdog this thing? It's in competition with the governments so I wouldn't expect help there.
I do like the idea of crypto-currencies. Have thought it would be a good solution to industrial use hedging that's more efficient, as well as in a few areas where controlled currency is needed, but I wouldn't expect governments to simply allow someone else to start controlling money supply any time soon.
I was referencing a different analogy than "being able to touch it."
Anyways, No risk, no reward. How much did gold go up this year? Exactly.
I was referencing a different analogy than "being able to touch it."
Anyways, No risk, no reward. How much did gold go up this year? Exactly.
Spoken like a true speculator.
Gold is a currency...not used throughout the world like the USD, but it is a currency all the same. It's called hard currency when it's in specie. It's value moves with inflation. My oldest coin is a 1917 20 dollar piece. In 1917, it was worth....$20. Now, it's worth $1400....or about $20 worth of spending power in 1917. Some countries require it to buy land. Others require it to get married. Central banks seem to hoard the stuff for some reason.
Of course, I could have made more by converting it into investments. Just the year before some fine companies were added to the .DJI. Companies like, The American Beet Sugar Company (Private today), The American Can Company (Later became part of Citicorp), American Locomotive Company (Kaput) or even Studebaker Company. Those are investments though...not currencies.
But that gold coin didn't evolve. It didn't change. It retains its value.
If you ever want Bitcoin to be a currency, it needs to stabilize. If everyone's a speculator, it won't. What interest rate could you possibly loan Bitcoin out at? If the set number is forever at x million, would it be a deflationary game? The answer is no, because it has no moat. Other ICOs are jumping in left or right.
If I wanted to buy your house on payments....would you rather have it be in dollars, gold coins or bitcoins? Because if you're selling homes for future payments of bitcoin, brother I am buying.
I do enjoy an occasional game of craps or roulette, but I really don't call that investing and certainly any deposits left at the casino are not currency. Sub-prime mortgages had some value in 08, .com stocks had some value in 01, Japanese stocks and real estate had some value in 91, Savings and Loans had some value in 87....this remix reminds me of ball cards, but to each their own. The story's still the same. Have fun, but keep your day job.
bitcoin as a currency is nuts . imagine paying for socks and later in the day see it cost you 1000 bucks ... lol . it can happen
The entire thing is nuts, not only do you have wild swings in the price, but you have a major threat of multiple governments swooping in and shutting this down, or at minimum, making it extremely difficult for bitcoin to exist.
The entire thing is nuts, not only do you have wild swings in the price, but you have a major threat of multiple governments swooping in and shutting this down, or at minimum, making it extremely difficult for bitcoin to exist.
Governments can't shut down Bitcoin, they can only regulate exchanges. That would negatively affect price, but you can't shut down Bitcoin
Governments can't shut down Bitcoin, they can only regulate exchanges. That would negatively affect price, but you can't shut down Bitcoin
First off, I'm not the government. I shut down Bitcoin when I simply don't accept it as payment.
The government isn't going to shut down Bitcoin. Why would they do that? If they shut it down while people are frothy about becoming a bajillionaire then people will be mad at them...and it's hard to figure out at the moment. They're just going to watch right now. Maybe make some noise on the hill for the TV crews and put out a warning. Try and figure out who's hacking the exchanges.
No, the government learned a long time ago that there's no upside in trying to overturn the old adage of a fool and his money are soon parted.
It's the afterhours report where things get fun. So after all the crying's going on, then it's time to follow the money back and see who the real winners in this were/are. The government then finds a law that was broken, uses it to seize said assets and the "owner" needs to cough up information to prove they should get their assets back. More importantly, that then opens up the other information collected anyway by the governments to actually be used in a prosecutory manner. Otherwise I'd say it's somewhere around interstate commerce fraud, unlicensed securities fraud, the exchanges that aren't regulated likely get pinched etc. NSA may collect, but it doesn't share until it's given a reason too....TV drama buddies not withstanding. Ditto with the IRS.
bitcoin as a currency is nuts . imagine paying for socks and later in the day see it cost you 1000 bucks ... lol . it can happen
At the time you bought your Bitcoin it was worth what it was worth, it really shouldn't matter to you what its worth later in the day and if that's a concern just rebuy some Bitcoin to replenish what you putchased. I bought some hats a couple weeks back, cost me $40 in Bitcoin, later that week it was probably $150, who cares in reality that was probably $4 worth of Bitcoin for me. To the merchant they went to Dollars right away so they got their $40 they needed to get for the hats.
If it's not somethign you want to use cool, but plenty of us do use it
First off, I'm not the government. I shut down Bitcoin when I simply don't accept it as payment.
The government isn't going to shut down Bitcoin. Why would they do that? If they shut it down while people are frothy about becoming a bajillionaire then people will be mad at them...and it's hard to figure out at the moment. They're just going to watch right now. Maybe make some noise on the hill for the TV crews and put out a warning. Try and figure out who's hacking the exchanges.
No, the government learned a long time ago that there's no upside in trying to overturn the old adage of a fool and his money are soon parted.
It's the afterhours report where things get fun. So after all the crying's going on, then it's time to follow the money back and see who the real winners in this were/are. The government then finds a law that was broken, uses it to seize said assets and the "owner" needs to cough up information to prove they should get their assets back. More importantly, that then opens up the other information collected anyway by the governments to actually be used in a prosecutory manner. Otherwise I'd say it's somewhere around interstate commerce fraud, unlicensed securities fraud, the exchanges that aren't regulated likely get pinched etc. NSA may collect, but it doesn't share until it's given a reason too....TV drama buddies not withstanding. Ditto with the IRS.
You never get rich fighting city hall.
You don't shut Bitcoin down by not accepting it. I don't accept Amex for my business, chargebacks are too easy and fees are too high. That said I'm under no illusion that I'm "shutting down Amex."
Also, it's literally impossible for the government to shutdown Bitcoin or seize Bitcoin. All they can do is stop exchanges from dealing in fiat and doing bank transfers but you still have peer to peer cash transactions and people can still transact selling merchandise in Bitcoin. The NSA isn't going to get involved going after everyone who has a Bitcoin and if the government really could shutdown Bitcoin they would have shutdown Alphabay the darkweb site faster, they would have the guys behind the Bitconnect Ponzi Scheme, etc.
Funny, why would the Federal Marshals have so much Bitcoin??? You should buy it though, they seldom get top dollar for their large sell-offs like this. In their earlier years of selling gold coins there was quite an arbitrage to be had for the large lots. All you need to do is send them all your information with your deposit to bid of $200K.
Anyway, sorry for the interruption...where were we....something about the government not being able to shut things down if I recall correctly. That they can't trace these alt-currencies maybe??? I think I was saying something about waiting for the money to pool up somewhere before going in for a bust to seize assets.
Funny, why would the Federal Marshals have so much Bitcoin??? You should buy it though, they seldom get top dollar for their large sell-offs like this. In their earlier years of selling gold coins there was quite an arbitrage to be had for the large lots. All you need to do is send them all your information with your deposit to bid of $200K.
Anyway, sorry for the interruption...where were we....something about the government not being able to shut things down if I recall correctly. That they can't trace these alt-currencies maybe??? I think I was saying something about waiting for the money to pool up somewhere before going in for a bust to seize assets.
Not really familiar with this Russian hackers lot of Bitcoins but going back to the Silk Road they didn't catch Ross Ulbricht because of Bitcoins, they caught him because of human error, he used the same names on message boards on the regular internet that he used on the deepweb so it was easy for them to track him down, at that point they just followed him, staked out the library he went to and caught him with his computer open and unencrypted.
Most of these busts have to do with drugs, I guess message being the government will go after you and use the resources to go after you if your involved in crypto and drugs. Another example would be that young Canadian dude who was running Alphabay,kind of an interesting story if you want to check that one out.
It's not really a secret Bitcoin isnt anonymous, it can be with second and third layer protocols on top of Bitcoin same way they are working on speeding Bitcoin up with Segwit and LIghtening network.
Also in the case of Ross Ulbright, the government never was able to seize his Bitcoins, he gave them up willingly at the end, although it doesn't seem it really helped his case much.
These Bitcoin auctions can be a great way of getting Bitcoins at a discount but the government sells them off in large lots not single Bitcoins so unless you have big money probably not an option for you
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