Bitcoin / Cryptocurrency Discussion (And Predictions)

[Guest-5ty5s4]

I think I didn't make my point well because this isn't Gold vs. BTC.

This is Gold vs. everything.

Gold is a dud vs. everything.

And I haven't heard gold's bull case aside from "intrinsic value" (myth) and that it doesn't need the internet (irrelevant).

If someone has another bull case for gold, I'm all ears.

I don't identify as a "Bitcoiner". I go where the evidence leads me. If it pointed to Gold, I'd be all in. If it pointed to BTC going to zero, I'd be all out.

I had a high % in gold + silver. I sold a few months ago. The evidence points to its days being numbered, IMO.

@nitrousflame you store a portion of your net worth in gold, so it's definitely something worth considering.

That's the only reason I am banging on this drum at all – to help other people who may not have sat down and thought about it from that perspective.

If you come to a different conclusion after that, that's great. Let's discuss.

Gold doesn’t need to appreciate. The best reason to own gold is because it is worth more than nothing (more than some paper clips and belly button lint), is small and lightweight, and can be kept secret.

The fact you can buy $2000 worth of gold and hide it, carry it around discretely, makes it extremely valuable. Even if 1 oz fell -50% that’s still $1000 you can keep on your person secretly and transfer pretty much anonymously when SHTF.

Basically if we experience huge political collapse and become refugees from our own country, if we make it alive, at least we won’t start with nothing if we carry a little gold.

Silver would require a lot more weight and bags to carry.

Bullets would be valuable but again, more weight and bags.

Food and water? Yes, but you’re going to need truckloads for it to be worth much.

I know people say “nobody’s going to buy your gold,” but this would be an event where let’s say you leave a disaster zone and head somewhere that’s still first world. You could at least pawn the gold for something.

It’s a high value to volume/weight ratio.

And if you pay cash, nobody knows you have it.

If you were fleeing Germany during the Holocaust, wouldn’t it be nice to have a little gold (and maybe some jewelery) in your pockets so you aren’t destitute when you reach a safe country?

 

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[Timmy C]

We're at the point in the crypto bull market where every new project sounds amazing.

And we no longer need whitepapers to go all in.

 

[csalvato]

I now own more gold than crypto...

Thanks @JScott

Curious to hear your rationale: what's your reason for owning gold at all?

(If you say "intrinsic value" I might jump off a roof)

 

[Timmy C]

I think I'm one of the few crypto bulls that has become a lot more bearish after the recent run-up...

I've probably bought more crypto than most over the past 5 yea

I think I'm one of the few crypto bulls that has become a lot more bearish after the recent run-up...

I've probably bought more crypto than most over the past 5 years, and have been bullish on it for much of that time (and have taken a lot of crap from a few people on this forum because of my bullishness). I've advised a few crypto companies, I've been part of more ICOs than I can count and I've even taken an equity stake in two companies that have developed tokens. (And as I pointed out last year, the BTC run-up we've seen the past couple months was pretty inevitable given Covid and the amount of cash floating around out there.)

But, as of a few hours ago, I've sold the bulk of the crypto I own -- much of it that I've been holding for several years.

Don't get me wrong... I'm still tremendously bullish on blockchain, and there are a few existing use-cases for crypto that I believe will break out over the next couple years (asset fractionalization being the biggie), but I believe we're in an asset bubble that will impact crypto more than most other asset classes in the near future.

I could be wrong (I often am), but I'm confident enough in this prediction that I sold most of it (and will pay a ridiculous tax bill in 2021 for that decision).

I now own more gold than crypto...

rs, and have been bullish on it for much of that time (and have taken a lot of crap from a few people on this forum because of my bullishness). I've advised a few crypto companies, I've been part of more ICOs than I can count and I've even taken an equity stake in two companies that have developed tokens. (And as I pointed out last year, the BTC run-up we've seen the past couple months was pretty inevitable given Covid and the amount of cash floating around out there.)

But, as of a few hours ago, I've sold the bulk of the crypto I own -- much of it that I've been holding for several years.

Don't get me wrong... I'm still tremendously bullish on blockchain, and there are a few existing use-cases for crypto that I believe will break out over the next couple years (asset fractionalization being the biggie), but I believe we're in an asset bubble that will impact crypto more than most other asset classes in the near future.

I could be wrong (I often am), but I'm confident enough in this prediction that I sold most of it (and will pay a ridiculous tax bill in 2021 for that decision).

I now own more gold than crypto...

I can see your rationale.
Crypto has shown us time and time again its cyclical nature, and no one with a brain doesn't realise that there will be a bear market after this.

No asset continues going full vertical for a sustainable period of time.

 

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[csalvato]

but I believe we're in an asset bubble that will impact crypto more than most other asset classes in the near future.

I agree we're in an asset bubble, and crypto has a high probability to take a huge hit. Like @Timmy C I believe we will see a 70% correction from the top, whenever that happens.

I believe that real estate will get hit hard by this as well, but you probably have a better feel for that than I do.

Re: Crypto: The difference between your position and my position is that you must think the top is relatively close-by. I believe the top is going to be more obvious with a massive irrational run-up + euphoria beforehand.

I don't think we have hit euphoria just yet.

My strategy is to average out when we see that euphoria hitting. I think that will be start at the 100k range or so.

But hey, I've been wrong before. Let's see what happens

 

[csalvato]

I find it interesting that some people here think there's a likelihood that gold will lose its store value in the near future. Again, I'm wrong about plenty of things, but that just sounds absurd to me. At least in the near term.

The bear case for gold is based on large institutions no longer looking to it as a hedge against inflation.

If the large institutions no longer drive demand for it as an inflation hedge, retail certainly won't.

Then the only institutions who will need large quantities of gold are those people using it in industrial/commercial application.

AFAIK, we haven't seen large institutions dumping billions into gold this year, so why would we expect that to suddenly change?

Time will tell. It's certainly an exciting time to be watching.

 

[Timmy C]

The bear case for gold is based on large institutions no longer looking to it as a hedge against inflation.

If the large institutions no longer drive demand for it as an inflation hedge, retail certainly won't.

Then the only institutions who will need large quantities of gold are those people using it in industrial/commercial application.

AFAIK, we haven't seen large institutions dumping billions into gold this year, so why would we expect that to suddenly change?

Time will tell. It's certainly an exciting time to be watching.

Yes, but many of these institutions are purely here for speculation.

They aren't like Michael Saylor, USD is real money to them and they will sell it into the ground like you wouldn't believe at some point.

 

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[csalvato]

Yes, but many of these institutions are purely here for speculation.

They aren't like Michael Saylor, USD is real money to them and they will sell it into the ground like you wouldn't believe at some point.

For the gold bear case to be invalidated, that money flowing out from BTC would need to flow into Gold.

I could see that happening, especially as BTC hits its bear market, which is almost inevitable unless there's something that we are all missing.

 

[Timmy C]

For the gold bear case to be invalidated, that money flowing out from BTC would need to flow into Gold.

I could see that happening, especially as BTC hits it's bear market, which is almost inevitable unless there's something that we are all missing.

I for one am extremely interested to see how gold performs over the next few years, that's for sure.

 

[csalvato]

I believe the current run-up is related to the recent and massive global stimulus, of which much is going to those who have nothing better to do with the money than gamble with it. Which is why I was suggesting last summer that people might want to gamble on Bitcoin. This was that pay off.

But, I believe the bulk of the stimulus is behind us, and I think the economy will start to regain focus over the next several months. I believe that will drive more rationality in the markets, which will likely be more impactful to esoteric asset classes like crypto then more traditional asset classes.

I agree that's a sound analysis.

The only flaw I see with your first assertion is that, if the stimulus was the run up for a big payoff, I would expect the chart to look more like a "sell the news" event - where the stimulus is announced and then the price tanks down dramatically. Something like this:



As far as I can tell, we haven't see that happen yet, so I personally feel there's a bit more juice in this berry.

 

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[AceVentures]

The adoption of Bitcoin has brought about a more fundamental change than a decentralized store of value, it's inspired innovators around the world to build trustless, self-sovereign organizations with algorithms as the building block for value capture and transaction. In my opinion DeFi is the real catalyst during this next bull run. How much value is transacted across traditional finance on the daily basis? How much of that is inefficient?

Decentralized financial instruments are showcasing the power that a trustless financial industry can wield. Projects in the DeFi space like MakerDAO, Synthetix, AAVE, Compound, Curve, and others are producing yields for users that have none of the constraints and rent seeking of tradFi instruments by replacing bookkeepers, escrow and various overhead with algorithms, trustless oracles, and decentralized ledgers.

Different market driven yields can be found on numerous decentralized platforms, and there are new projects coming out there that service & pull together all of the different decentralized protocols & allow for a normalized risk curve and derivatives for risk mitigation.

 

[Timmy C]

The adoption of Bitcoin has brought about a more fundamental change than a decentralized store of value, it's inspired innovators around the world to build trustless, self-sovereign organizations with algorithms as the building block for value capture and transaction. In my opinion DeFi is the real catalyst during this next bull run. How much value is transacted across traditional finance on the daily basis? How much of that is inefficient?

Decentralized financial instruments are showcasing the power that a trustless financial industry can wield. Projects in the DeFi space like MakerDAO, Synthetix, AAVE, Compound, Curve, and others are producing yields for users that have none of the constraints and rent seeking of tradFi instruments by replacing bookkeepers, escrow and various overhead with algorithms, trustless oracles, and decentralized ledgers.

Different market driven yields can be found on numerous decentralized platforms, and there are new projects coming out there that service & pull together all of the different decentralized protocols & allow for a normalized risk curve and derivatives for risk mitigation.

What website did you copy and paste that from?

 

[Frinys]

The adoption of Bitcoin has brought about a more fundamental change than a decentralized store of value, it's inspired innovators around the world to build trustless, self-sovereign organizations with algorithms as the building block for value capture and transaction. In my opinion DeFi is the real catalyst during this next bull run. How much value is transacted across traditional finance on the daily basis? How much of that is inefficient?

Decentralized financial instruments are showcasing the power that a trustless financial industry can wield. Projects in the DeFi space like MakerDAO, Synthetix, AAVE, Compound, Curve, and others are producing yields for users that have none of the constraints and rent seeking of tradFi instruments by replacing bookkeepers, escrow and various overhead with algorithms, trustless oracles, and decentralized ledgers.

Different market driven yields can be found on numerous decentralized platforms, and there are new projects coming out there that service & pull together all of the different decentralized protocols & allow for a normalized risk curve and derivatives for risk mitigation.

This sounds exactly like people during the last months of the 2017 bull run, except that DeFi was replaced with some smart contract stuff.

While most of this probably is right in the (very) long term, it sounds to me like you are too invested in DeFi right now. Maybe it is time to take a step back and reevaluate your portfolio? The last thing you want is to have a portfolio consisting of only the most hyped DeFi stuff when the bear market arrives.

I still hold some of my Antshares Neo to remind me of this.

 

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[Timmy C]

I want bitcoin to go to $100,000 to get rid of these dam laser eyes already.

I have committed now. If we don't make it, it's going to be a long few years with this crap.

 

[TinyTim]

I've been in crypto since 2017, but I hardly ever see people discuss the tokenomics of these alt coins.

It's just "we are early in the DeFi space, so this coin will do 100x" OR "they just partnered with XYZ Logistics, so the price is bound to go 500%".

Why?

I hope they have done the maths on what will drive the price of that token.

For example, VeChain could be used by hundreds of top companies, but with hardly any VTHO (the gas) used, the demand for the token by those who want to use it is low.

A crypto/technology can be in the early phase at the same time of being too overvalued.

 

[AceVentures]

This sounds exactly like people during the last months of the 2017 bull run, except that DeFi was replaced with some smart contract stuff.

While most of this probably is right in the (very) long term, it sounds to me like you are too invested in DeFi right now. Maybe it is time to take a step back and reevaluate your portfolio? The last thing you want is to have a portfolio consisting of only the most hyped DeFi stuff when the bear market arrives.

I still hold some of my Antshares Neo to remind me of this.

I agree that there is a lot of hype and speculation.

With that said, I believe that DeFi is enabled by value-accretive algorithms that benefit the entire ecosystem. And my bet is that interoperability will compound the value-add to the user-experience exponentially.

Why would you sell your BTC if you can borrow against it? Why would you take $1T of value, and try to switch it back into traditional financial instruments to play with it? I don't think people will... BTC is now interoperable with ETH and a growing number of other platforms. Bitcoin still represents ~60% of the crypto market share. It's sitting at roughly $1T market cap. I believe it's value will begin to tilt over into the ecosystems that enable BTC holders more utility as a financial instrument.

Equities have a certain value proposition, but ultimately you're buying a share of the company, and you hope to see the value-add of the organization reflected into the price of the equity. Coins can now algorithmically provide returns back to the token holders based on the value-add of the protocol. The protocols that provide true value to the ecosystem are rewarded, and the holders of these computational instruments are rewarded by the protocol.

This entire decentralized ecosystem has infinitely more potential than anything else I've ever seen. Some will say I drank too much crypto koolaid and I'm buying the hype. "Just look at 2017" Every argument I hear on this thread points back to one historic event. I agree that there is a lot to learn by looking back, but I don't hear many people with contrarian perspectives on the topic. Almost everyone unanimously is predicting this cycle to perform JUST like the previous one. But if everyone has that same perspective, how could it possibly play out that way?

 

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[nitrousflame]

I believe the current run-up is related to the recent and massive global stimulus, of which much is going to those who have nothing better to do with the money than gamble with it. Which is why I was suggesting last summer that people might want to gamble on Bitcoin. This was that pay off.

If you had to guess, how much of this bitcoin runup do you attribute to external events such as global fiat debasement vs. the internal mechanics such as the block reward halving?

 

[Frinys]

I agree that there is a lot of hype and speculation.

With that said, I believe that DeFi is enabled by value-accretive algorithms that benefit the entire ecosystem. And my bet is that interoperability will compound the value-add to the user-experience exponentially.

Why would you sell your BTC if you can borrow against it? Why would you take $1T of value, and try to switch it back into traditional financial instruments to play with it? I don't think people will... BTC is now interoperable with ETH and a growing number of other platforms. Bitcoin still represents ~60% of the crypto market share. It's sitting at roughly $1T market cap. I believe it's value will begin to tilt over into the ecosystems that enable BTC holders more utility as a financial instrument.

Equities have a certain value proposition, but ultimately you're buying a share of the company, and you hope to see the value-add of the organization reflected into the price of the equity. Coins can now algorithmically provide returns back to the token holders based on the value-add of the protocol. The protocols that provide true value to the ecosystem are rewarded, and the holders of these computational instruments are rewarded by the protocol.

This entire decentralized ecosystem has infinitely more potential than anything else I've ever seen. Some will say I drank too much crypto koolaid and I'm buying the hype. "Just look at 2017" Every argument I hear on this thread points back to one historic event. I agree that there is a lot to learn by looking back, but I don't hear many people with contrarian perspectives on the topic. Almost everyone unanimously is predicting this cycle to perform JUST like the previous one. But if everyone has that same perspective, how could it possibly play out that way?

I agree. DeFi is benefiting the whole crypto ecosystem, and DeFi will be huge in the future. The question is when. Right now, people talk about DeFi as if it is the ecosystem. What will happen when people remember that crypto is more than DeFi?

That said, it wouldn't be the first time I'm wrong.

 

[Kevin88660]

I agree that there is a lot of hype and speculation.

With that said, I believe that DeFi is enabled by value-accretive algorithms that benefit the entire ecosystem. And my bet is that interoperability will compound the value-add to the user-experience exponentially.

Why would you sell your BTC if you can borrow against it? Why would you take $1T of value, and try to switch it back into traditional financial instruments to play with it? I don't think people will... BTC is now interoperable with ETH and a growing number of other platforms. Bitcoin still represents ~60% of the crypto market share. It's sitting at roughly $1T market cap. I believe it's value will begin to tilt over into the ecosystems that enable BTC holders more utility as a financial instrument.

Equities have a certain value proposition, but ultimately you're buying a share of the company, and you hope to see the value-add of the organization reflected into the price of the equity. Coins can now algorithmically provide returns back to the token holders based on the value-add of the protocol. The protocols that provide true value to the ecosystem are rewarded, and the holders of these computational instruments are rewarded by the protocol.

This entire decentralized ecosystem has infinitely more potential than anything else I've ever seen. Some will say I drank too much crypto koolaid and I'm buying the hype. "Just look at 2017" Every argument I hear on this thread points back to one historic event. I agree that there is a lot to learn by looking back, but I don't hear many people with contrarian perspectives on the topic. Almost everyone unanimously is predicting this cycle to perform JUST like the previous one. But if everyone has that same perspective, how could it possibly play out that way?

The genius of defi is that they engineered the best “pumpamental” or tokenomic seen so far.

To have price appreciation you need to do marketing to have more money and people coming in, and also to have early holders not selling too much on the first small rise. Simple supply and demand.

The old way is “buy and shout.” All in your wealth to show your conviction. Ask fellow community members to have “faith” and not sell. “Traders are traitors”. Under the old game you need a lot of preaching. Microstrategy is still playing the old play book.

Defi totally changed the game. The offer real incentives such as huge staking rewards for governance tokens to be locked up. You cannot sell your locked up coins. Hence supply is restricted. You are well compensated for not taking profit. They provide a good answer to the old problem in the coordination game “how to prevent early adopters selling too fast and and as a result sabotaging each other, because you always worry that if you dont sell others will sell before you.”

Because defi does a such good job in supply control and price (governance token) goes steadily upwards it becomes the best marketing tool. Price is the best marketing that draws people into defi and that solves the question on the demand side of the equation. You never see defi founders and community members going around shouting “buy my bag because it is going 20x soon”. Quite the opposite is true because they are scared of too many people crowding out the farming yield.

The real challenges is investing defi today is there are too many competing projects and eth scalability issues. I am exploring on bsc chains for yield and new investment opportunities.

Because everything is open source there is nothing stopping a rich player with a deep pocket coming to steal the show. Open source platform is like facebook showing his competitor all its secret source in UI. A big corporation can just come and say “Arh...Uniswap is legit. Let me copy them 100 percent and give huge subsidy and rewards to steal the customers over and boost my TLV in 2 weeks.” That is the biggest risk faced by existing top performing defi projects.

 

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[AceVentures]

Because defi does a such good job in supply control and price (governance token) goes steadily upwards it becomes the best marketing tool. Price is the best marketing that draws people into defi and that solves the question on the demand side of the equation

Thanks for your reply, you describe it well. I really appreciate your perspective.

The offer real incentives such as huge staking rewards for governance tokens to be locked up. You cannot sell your locked up coins. Hence supply is restricted. You are well compensated for not taking profit.

If you think about Ethereum 2.0 from this standpoint - does staking for governance of the system work the same way? With stakeholders benefiting from all of the transaction costs across the network?

The real challenges is investing defi today is there are too many competing projects and eth scalability issues. I am exploring on bsc chains for yield and new investment opportunities.

Do you see cross-chain liquidity aggregators as being able to adequately address issues around liquidity shortage/scatter?

 

[Timmy C]

To hard to pick a winner for Defi.

NFT seems like throwing my money down the drain.

 

[Kevin88660]

The genius of defi is that they engineered the best “pumpamental” or tokenomic seen so far.

To have price appreciation you need to do marketing to have more money and people coming in, and also to have early holders not selling too much on the first small rise. Simple supply and demand.

The old way is “buy and shout.” All in your wealth to show your conviction. Ask fellow community members to have “faith” and not sell. “Traders are traitors”. Under the old game you need a lot of preaching. Microstrategy is still playing the old play book.

Defi totally changed the game. The offer real incentives such as huge staking rewards for governance tokens to be locked up. You cannot sell your locked up coins. Hence supply is restricted. You are well compensated for not taking profit. They provide a good answer to the old problem in the coordination game “how to prevent early adopters selling too fast and and as a result sabotaging each other, because you always worry that if you dont sell others will sell before you.”

Because defi does a such good job in supply control and price (governance token) goes steadily upwards it becomes the best marketing tool. Price is the best marketing that draws people into defi and that solves the question on the demand side of the equation. You never see defi founders and community members going around shouting “buy my bag because it is going 20x soon”.

Thanks for your reply, you describe it well. I really appreciate your perspective.



If you think about Ethereum 2.0 from this standpoint - does staking for governance of the system work the same way? With stakeholders benefiting from all of the transaction costs across the network?



Do you see cross-chain liquidity aggregators as being able to adequately address issues around liquidity shortage/scatter?

Well. I think eth already achieved the status as a top player almost on par with bitcoin there will be strong hands to form a support price even without the staking rewards.

I think the real impact of moving to pos for eth is solve the issue congestion and handle much more transactions. At the present the miners have became the mini oligarchs. It is like traditional offline commerce in a city area where every small business is actually working for the real estate owners paying huge rental.

I don’t know enough about cross chain liquidity aggregator. At the moment I only have experience in quite big cex like binance or dex like pancake swap so I have never encountered the liquidity issue.

 

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[nitrousflame]

To hard to pick a winner for Defi.

Have you looked into the DeFi Pulse Index, DPI?

 

[Leo Hendrix]

The genius of defi is that they engineered the best “pumpamental” or tokenomic seen so far.

To have price appreciation you need to do marketing to have more money and people coming in, and also to have early holders not selling too much on the first small rise. Simple supply and demand.

The old way is “buy and shout.” All in your wealth to show your conviction. Ask fellow community members to have “faith” and not sell. “Traders are traitors”. Under the old game you need a lot of preaching. Microstrategy is still playing the old play book.

Defi totally changed the game. The offer real incentives such as huge staking rewards for governance tokens to be locked up. You cannot sell your locked up coins. Hence supply is restricted. You are well compensated for not taking profit. They provide a good answer to the old problem in the coordination game “how to prevent early adopters selling too fast and and as a result sabotaging each other, because you always worry that if you dont sell others will sell before you.”

Because defi does a such good job in supply control and price (governance token) goes steadily upwards it becomes the best marketing tool. Price is the best marketing that draws people into defi and that solves the question on the demand side of the equation. You never see defi founders and community members going around shouting “buy my bag because it is going 20x soon”. Quite the opposite is true because they are scared of too many people crowding out the farming yield.

The real challenges is investing defi today is there are too many competing projects and eth scalability issues. I am exploring on bsc chains for yield and new investment opportunities.

Because everything is open source there is nothing stopping a rich player with a deep pocket coming to steal the show. Open source platform is like facebook showing his competitor all its secret source in UI. A big corporation can just come and say “Arh...Uniswap is legit. Let me copy them 100 percent and give huge subsidy and rewards to steal the customers over and boost my TLV in 2 weeks.” That is the biggest risk faced by existing top performing defi projects.

A little late to this party...

Defi is or seems to be doing a lot of cool stuff.

The problem is the cost to get in and stay in or benefit. ie High Gas fees and APY only being worthwhile when you have a good amount of capital to put in...in saying that I did see Clayton (Token Architect) from UMA post about farming with yam finance.

Only a couple thousand USD to get in with huge APY for those who can get in early. ( NOT shilling.)

Anyone here into building out anything?

I think there's still room for simplified (easy to use) consumer type of products to make things easier for the retail user, investor and trader/

 

[Kevin88660]

A little late to this party...

Defi is or seems to be doing a lot of cool stuff.

The problem is the cost to get in and stay in or benefit. ie High Gas fees and APY only being worthwhile when you have a good amount of capital to put in...in saying that I did see Clayton (Token Architect) from UMA post about farming with yam finance.

Only a couple thousand USD to get in with huge APY for those who can get in early. ( NOT shilling.)

Anyone here into building out anything?

I think there's still room for simplified (easy to use) consumer type of products to make things easier for the retail user, investor and trader/

Binance smart chain projects have very low gas fee. Just need to spend time to verify the risk level of the projects who are not as famous as the early erc20 projects.

For those people who are lazy to explore individual farming options there is always the option of bnb vault at binance exchange.

 

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[EvanOkanagan]

Seems like a fair amount of volatility this week. What are your guys thoughts on this:

Bitcoin Is Braced For A Huge $6 Billion Price Earthquake This Week

With bitcoin traders and investors looking for signs of what might move the market, a record $6.1 billion worth of bitcoin options are set to expire this Friday, March 26...

www.forbes.com

By reading this it would seem we could have quite a jump in value on Friday, but I'm a rookie so wondering how this would play out.

 

[Deleted78083]

Ray Dalio: "BTC could be outlawed like gold was outlawed in 1934".

Dalio sees 'good probability' bitcoin gets outlawed

'Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing,' Dalio tells Yahoo Finance's Andy Serwer.

finance.yahoo.com

Thoughts?

I don't think it will happen because BTC helps the US government by being some sort of emergency air chamber where the trillions printed can take refuge instead of flowing towards an over-priced stock market or worst, consumer goods and services.

We'd be more likely to see a special tax on crypto assets appreciation than a total ban.

 

[Kevin88660]

Ray Dalio: "BTC could be outlawed like gold was outlawed in 1934".

Dalio sees 'good probability' bitcoin gets outlawed

'Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing,' Dalio tells Yahoo Finance's Andy Serwer.

finance.yahoo.com

Thoughts?

I don't think it will happen because BTC helps the US government by being some sort of emergency air chamber where the trillions printed can take refuge instead of flowing towards an over-priced stock market or worst, consumer goods and services.

We'd be more likely to see a special tax on crypto assets appreciation than a total ban.

They can ban btc but more likely they would choose not to so so in my opinion, because it is not to the benefit of the government/people in power.

Governments in the world are like business competing with one another. Uncle Sam would be very happy if foreign billionaires are selling out their real estates and stocks in their country, cashing out in btc and moving to U.S.

They would be very fed up if the reverse is happening. Americans leaving the country and cashing out in BTC.

Many countries are sitting on the fence now because they are not sure what is the likely trend. In short they hate capital outflow and love capital inflow.

I think there are still many rich foreigners who want to flee to U.S. for personal safety than Rich Americans leaving the country for tax reason at current stage.

 

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[James Fake]

$50-51k Bitcoin..

"BTFDF" - Warren Buffett

#IBoughtMoreDidYou? #ThankMeLater

 

[Kak]

"BTFDF" - Warren Buffett

I applaud whoever came up with that meme. It is satire gold.