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Old 09-05-2021, 07:42 AM
 
475 posts, read 408,050 times
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Most of the rational anti-bitcoin arguments center around adoption and regulation. Crypto is regulated in the U.S, and criminal hackers of have been identified by the US Government. That is bad for crypto? As for adoption, why is this even being discussed any more? As of last fall, that question mark has been answered clearly.
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Old 09-05-2021, 07:55 AM
 
5,907 posts, read 4,437,936 times
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Quote:
Originally Posted by Rocko20 View Post
Not when you can print it endlessly with a horrible inflation rate. Fiat is backed by faith, hopes, and fairy dust. No rational person would believe in the future of something backed by the US government which can be defeated by the Taliban. Something you have to put into an investment otherwise it rots in your bank account.

And there’s plenty of developing countries who have yet to succeed at making stable fiat.

Crypto has already established itself as a reserve digital asset class, and your stock portfolio that owns shares of Tesla, which owns billions in bitcoins, is the cherry on top.
More nonsense.

The U.S ousted the taliban and took over the country for 20 years. The only reason for loss is bumbling around with mission creep without a clear criteria for what winning is.

You think there’s any actor out there that doesn’t think the threat of the u.s military is credible to be able to choke off the sea lanes or defeat a target with unrestricted warfare?

If the u.s military so chose, they could fire bomb Kabul in broad day light today, and there’s not a damn thing the taliban could do to stop it.
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Old 09-05-2021, 07:59 AM
 
Location: Honolulu, HI
24,664 posts, read 9,482,550 times
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Quote:
Originally Posted by lpc123 View Post
Most of the rational anti-bitcoin arguments center around adoption and regulation. Crypto is regulated in the U.S, and criminal hackers of have been identified by the US Government. That is bad for crypto? As for adoption, why is this even being discussed any more? As of last fall, that question mark has been answered clearly.
Agreed. The infrastructure bill already recognizes crypto as legal taxable digital assets, that will be used to build roads and bridges.

While each state continues to legally recognize crypto as a digital asset class that will create jobs and wealth.
Quote:
Texas becomes the latest US state to adopt crypto and blockchain technology under its commercial law.

Texas House Bills 1576 and 4474, passed in May by the state’s Congress and in June by Governor Greg Abbott, officially make crypto legal in Texas effective September 2021.
https://dailyhodl.com/2021/09/04/cry...s-take-effect/

Even as America and China try to build their own “crypto,” the clueless continue to call it a pump and dump Ponzi scheme.
Quote:
Central banks around the world are weighing introducing a new kind of money, known as digital currency.

China has been at the forefront of such efforts. In April, Beijing said it would expand its pilot program for a homegrown electronic-payment system, which shares some features with bitcoin and other private cryptocurrencies, to a number of large cities.

Even the Federal Reserve, which has long said it doesn’t have plans to launch a digital currency, plans to build and test a hypothetical design. Fed Chairman Jerome Powell cautioned Monday that a “great deal of work” needs to be done before the central bank would decide to launch a digital dollar.
https://www.wsj.com/articles/why-cen...in-11603291131
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Old 09-05-2021, 08:19 AM
 
5,907 posts, read 4,437,936 times
Reputation: 13447
Quote:
Originally Posted by Rocko20 View Post
Agreed. The infrastructure bill already recognizes crypto as legal taxable digital assets, that will be used to build roads and bridges.

While each state continues to legally recognize crypto as a digital asset class that will create jobs and wealth.

https://dailyhodl.com/2021/09/04/cry...s-take-effect/

Even as America and China try to build their own “crypto,” the clueless continue to call it a pump and dump Ponzi scheme.

https://www.wsj.com/articles/why-cen...in-11603291131
Only in the crypto space is additional tax regulation and competition from the 2 largest economies on Earth with the power to make non government issued cryptos unattractive compared to their own…is that considered further cause for celebration.
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Old 09-05-2021, 08:30 AM
 
18,823 posts, read 8,486,845 times
Reputation: 4132
Quote:
Originally Posted by Rocko20 View Post
Not when you can print it endlessly with a horrible inflation rate. Fiat is backed by faith, hopes, and fairy dust. No rational person would believe in the future of something backed by the US government which can be defeated by the Taliban. Something you have to put into an investment otherwise it rots in your bank account.

And there’s plenty of developing countries who have yet to succeed at making stable fiat.

Crypto has already established itself as a reserve digital asset class, and your stock portfolio that owns shares of Tesla, which owns billions in bitcoins, is the cherry on top.

This whole of idea of the USA going down the drain because the Fed has recently created tons of new money to support our country and its people is nonsense. This has happened because of the drastic economic down slide in 2008, and then the most serious and urgent global crisis since WW2 with the Pandemic. There was no other way. Of course IMO, not yours.

And then the Taliban. Just like in Viet Nam we went in there for reasons, some right, some wrong. Stayed too long and in both cases the idea of nation building wouldn't work without the native people wanting that enough. They were both tragedies and emotional defeats, but not in any sense of losing a war and losing your country to the adversary.

In neither case are we next leading our country down the drain to hyperinflation. It takes more than useful money printing by any nation to hyperinflate. It takes some other serious and concomitant factor, like loss of national productivity, loss of a War on its own soil, or as asteroid hit. Providing money to help care for the physical and economic health of its people, which in many people's opinion seems to be the most Commie of notions, is not going to lead us down the drain to hyperinflation.

Musk represents one important hallmark of the weakness of Bitcoin. When one person can significantly affect the value of Bitcoin, that has to stand out as a very clear and worrisome signal.

As a diversification strategy Bitcoin can certainly make some sense. What worries me is that many of our younger male gamblers are either day trading crypto to their eventual financial demise, or they have all their eggs in such a risky basket.

I read yesterday that Bitcoin in the USA will be regulated like a commodity, but I cannot find the reference. I'm still looking.
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Old 09-05-2021, 08:33 AM
 
18,823 posts, read 8,486,845 times
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Quote:
Originally Posted by Rocko20 View Post
Uncle Sam already taxes it. You better shutdown Tesla and arrest Elon Musk since they own billions worth of Bitcoin and they're "avoiding taxes."


https://www.cnbc.com/2021/08/03/sena...eporting-.html
I don't worry about the taxing issues myself. I worry about those naive investors and holders of crypto for many reasons. And any uncertainty related to its taxation is one important one.
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Old 09-05-2021, 09:42 AM
 
2,749 posts, read 1,786,653 times
Reputation: 4453
Quote:
Originally Posted by Rocko20 View Post
Uncle Sam already taxes it. You better shutdown Tesla and arrest Elon Musk since they own billions worth of Bitcoin and they're "avoiding taxes."


https://www.cnbc.com/2021/08/03/sena...eporting-.html
First of all, avoiding taxes is perfectly legal so why would anyone have to shut down Tesla or arrest Elon Musk?

Second, if Uncle Sam already taxes it and everyone is complying 100%, how would an enhanced reporting requirement be projected to bring in an additional $28 billion? Could it be that not everyone is reporting all of their gains on crypto assets?
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Old 09-05-2021, 10:03 AM
 
475 posts, read 408,050 times
Reputation: 1561
Quote:
Originally Posted by Thatsright19 View Post
Only in the crypto space is additional tax regulation and competition from the 2 largest economies on Earth with the power to make non government issued cryptos unattractive compared to their own…is that considered further cause for celebration.
What makes Bitcoin attractive versus fiat money? Its limited supply. A rising distrust of fiat money. The replacement? A decentralized, non-government-controlled currency system.

If you trust the Government to stop devaluing its currency as it has done consistently since at least 1933, then by all means avoid Bitcoin.
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Old 09-05-2021, 03:12 PM
 
5,527 posts, read 3,260,471 times
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Bitcoin was designed after the financial crisis as a way to make a currency that could not be debased. It does have value, however only when the fiat it competes with is being debased. BTC has been a lifesaver for people in places like Venezuela where the monetary system is broken. It functions like dollars except there are more avenues for the import and export of BTC compared to $. However for someone who can use a stable fiat currency as legal tender I'd say BTC is worthless.
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Old 09-05-2021, 04:35 PM
 
475 posts, read 408,050 times
Reputation: 1561
Quote:
Originally Posted by Avondalist View Post
It does have value, however only when the fiat it competes with is being debased.
One can easily argue all fiat currencies are being debased, just at varying degrees. Bitcoin is unique in that it is the only one that cannot be debased to any degree. In fact, since a portion of issued Bitcoins were stored in wallets that were subsequently lost by their owners, the maximum number of Bitcoins that can be mined will always be more than the total actually available for transactions, thus increasing their rarity.
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