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There are plenty of things the U.S. government and/or large banks can do to disrupt Bitcoin if they really want to, but they cannot kill it. The U.S. only accounts for 20% of all Bitcoin trading. Japan and other Asian countries dominate the market.
Bitcoin is an asset. So are baseball cards, Beanie Babies, Tulip Bulbs, gold, and diamonds. An asset is worth what people are willing to pay for it. Price is a function of supply and demand. There are only 27 million Bitcoins that can ever be mined. As long as buyers outweigh sellers, the price will continue to rise. If Bitcoin suddenly falls out of favor, and more people sell than buy, the price could crash 99% very quickly. But the same can be said about the other assets mentioned.
What is the real intrinsic value of gold? Probably not much. No more than any other rock or pebble found in the ground. But people have assigned great value to a pebble because they see what they want in it.
It's all mental perception. It's easier for many people in these countries to buy bitcoin than to acquire gold, and in China gold, silver, platinum, and palladium are heavily counterfeited as well. You might be able to create new forks of coins, or new coins, but there is only one BTC, and no BTC can ever be counterfeit. It's impossible.
It's a great way to create the perception of value so you can store assets in a way they can't be confiscated through civil asset forfeiture or by corrupt governments. It was a great way for the little guy to get rich, but the easy money has been made.. but hey I was saying that back in June.. the easy money has been made. For all I know the global market cap will hit 1, 2, or even 3 trillion dollars which is why I'd rather hold what I have for now that cash out and take a bit tax hit. I don't need the money bad enough.. I'll certainly wait until Jan 1 to sell anything else.
Nobody in the media ever talks about any investment until it's already gone through the roof. Personally I think Platinum is dirt cheap here given the above ground supply. It wouldn't take but 5% of people investing in bitcoin to buy physical platinum off a reputable exchange to cause a huge price move.
There are plenty of things the U.S. government and/or large banks can do to disrupt Bitcoin if they really want to, but they cannot kill it. The U.S. only accounts for 20% of all Bitcoin trading. Japan and other Asian countries dominate the market.
Yes, I read somewhere that the feds are trying to sell their stash of confiscated Bitcoins since price was all time high last week. Also, speaking to some crypto whales in Asia last week, I got the perception that the market trends start in China then go to Korea, Japan and end in China again.. I was surprised to hear that since there was no mention of Indian subcontinent or even Europe let alone North America...
Yes, I read somewhere that the feds are trying to sell their stash of confiscated Bitcoins since price was all time high last week. Also, speaking to some crypto whales in Asia last week, I got the perception that the market trends start in China then go to Korea, Japan and end in China again.. I was surprised to hear that since there was no mention of Indian subcontinent or even Europe let alone North America...
A bit off topic but I found the whole SilkRoad Ross Ulbright thing disgusting. They give him life in prison for running a website, yet the FBI agent who we should hold to a higher standard stole the Bitcoins, then was sentenced, then stole some more Bitcoins, created a fake identity and tried to escape the country and he gets like 6 years.
A bit off topic but I found the whole SilkRoad Ross Ulbright thing disgusting. They give him life in prison for running a website, yet the FBI agent who we should hold to a higher standard stole the Bitcoins, then was sentenced, then stole some more Bitcoins, created a fake identity and tried to escape the country and he gets like 6 years.
Same with wall street. They get away with a lighter term and paying fines where as normal person spends rest of life behind bars..
Andreas Antonopolus has a great speech on his channel within the past week or two I can't find it and don't recall the title but all about how KYC and AML is complete nonsense. We had money for thousands of years and in the 1970's all the sudden we have to invade everyone's privacy and know what everyone does at all times. There has to be an identity behind every transactions, etc, etc, etc. This has gotten even more extreme since 911. He talks about what nonsense it is, how it protects nobody and how the banks are the biggest money launderers, this is a fact HSBC, and many other banks get caught money laundering for the cartels all the time, nobody goes to jail, maybe a slap on the wrist and a fine which is miniscule compared to how much they made. He talks about how in Mexico they even redesigned the bank tellers windows to fit samsonite suitcases through so the drug dealers wouldn't be inconvenienced having to remove the money from them. If you want to launder money get a banking license and your all good, without one you'll go to prison for a very long time.
Andreas Antonopolus has a great speech on his channel within the past week or two I can't find it and don't recall the title but all about how KYC and AML is complete nonsense. We had money for thousands of years and in the 1970's all the sudden we have to invade everyone's privacy and know what everyone does at all times. There has to be an identity behind every transactions, etc, etc, etc. This has gotten even more extreme since 911. He talks about what nonsense it is, how it protects nobody and how the banks are the biggest money launderers, this is a fact HSBC, and many other banks get caught money laundering for the cartels all the time, nobody goes to jail, maybe a slap on the wrist and a fine which is miniscule compared to how much they made. He talks about how in Mexico they even redesigned the bank tellers windows to fit samsonite suitcases through so the drug dealers wouldn't be inconvenienced having to remove the money from them. If you want to launder money get a banking license and your all good, without one you'll go to prison for a very long time.
Hmm thats interesting. If you find the link please post it here. I am a big fan of Andreas
A bit off topic but I found the whole SilkRoad Ross Ulbright thing disgusting. They give him life in prison for running a website, yet the FBI agent who we should hold to a higher standard stole the Bitcoins, then was sentenced, then stole some more Bitcoins, created a fake identity and tried to escape the country and he gets like 6 years.
i wanted to reduce the accumulated debt of the US government but i sure as hell will never oppose reduction in taxes. if they want to reduce the debt, they should stop spending so much money.
i really dont care if the US government defaults on its accumulated debt.
Anyone who said 10K was almost right, we got pretty close. Bloody last 12 hours in the crypto world. In all reality if you look at past 30 or 60 days your still up money but anyone who got in at highs I feel your pain and anyone who didn't sell off some at highs the same.
This is a bit more extreme than a normal pullback because A. all the new users ie weak hands sell off and trigger others stop limits which drives the price lower. Also we have the recently mess Coinbase did with BCash, leading up to the holidays and end of year where some people will be taking profits for tax purposes, its like a perfect storm. If you were sitting on the sidelines like Bitcoin is too high at $18,000 this may be your last chance to buy in at these prices.
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