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Do you think that the central banks will ruin crypto with their own currency and shut out others?

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Kid

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Central Banks Will Ruin Crypto With Their Own Currency And Shut Out Others?

That's the plan.


If you want to know what will happen to cryptos, read about government response to Libra , a failed facebook project to dominate currency worldwide.

P.S. Banks already have their own currency ;)
 

Kal-El1998

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That's the plan.


If you want to know what will happen to cryptos, read about government response to Libra , a failed facebook project to dominate currency worldwide.

P.S. Banks already have their own currency ;)
Yep, I have a feeling everything will circle back (pun intended) to fiat. There might be a temporary profit some people can make...but it will all come crashing down.

The only way that we could go fully crypto long term is if the CB's are abolished.
 

socaldude

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I think we are still very early in this whole cryptocurrency phenomenon. I own Bitcoin and I’m long but even then I have my doubts. All you need is 1 “variable” to be wrong for all this to crash and be worthless. One thing that everyone missed.

What happens if someone just buys all the Bitcoin? Will it ever be widely used for goods and services? You can’t even do business without asking the govt for permission.

At the end of the day the only thing that is “valuable” is the actual resources of this planet.
 

mon_fi

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Well, it depends.

Governments have interests in banning a currency they can't control (hence the killing of Libra).

The question being, is BTC really a "currency"?

Currencies lose value over time, BTC only gains it.
Currencies can be printed for as much as you need, BTC can't.
Currencies enable you to buy anything, BTC doesn't (yet)?

The main reason people buy BTC looks more like investing than anything else to me. If BTC reveals itself as being an inflation-hedging investment like gold is, I don't see why would central bank ban it (unless that's the gimmick they find to artificially decrease the volume of fiat currency that they have been printing).

They'd have more reasons to buy dogecoin than BTC, as it looks more like a proper currency than BTC does.

Honestly we should stop calling BTC a cryptocurrency, and call it "cryptoinvestment" instead.
 

Kal-El1998

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I think we are still very early in this whole cryptocurrency phenomenon. I own Bitcoin and I’m long but even then I have my doubts. All you need is 1 “variable” to be wrong for all this to crash and be worthless. One thing that everyone missed.

What happens if someone just buys all the Bitcoin? Will it ever be widely used for goods and services? You can’t even do business without asking the govt for permission.

At the end of the day the only thing that is “valuable” is the actual resources of this planet.
couldn't agree more! bitcoin isn't physical!
 

Empires

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The question being, is BTC really a "currency"?

Currencies lose value over time, BTC only gains it.
Currencies can be printed for as much as you need, BTC can't.
Currencies enable you to buy anything, BTC doesn't (yet)?

The main reason people buy BTC looks more like investing than anything else to me. If BTC reveals itself as being an inflation-hedging investment like gold is, I don't see why would central bank ban it (unless that's the gimmick they find to artificially decrease the volume of fiat currency that they have been printing).

They'd have more reasons to buy dogecoin than BTC, as it looks more like a proper currency than BTC does.

Honestly we should stop calling BTC a cryptocurrency, and call it "cryptoinvestment" instead.
Just because the current currencies do lose value over time does not mean that is a requirement for something to be a currency. And just because the current currencies can be printed as much as we need, doesn't mean it is a requirement.

Plus with bitcoin being divisible, the larger the market cap the more each percentage of the coin is worth, and therefore more spending power it has. The current market cap for Bitcoin is 1 trillion. The US currently has 2.05 trillion dollars in circulation.

If bitcoins market cap reaches that or more, then there is an equal or greater amount of currency in circulation.
 

mon_fi

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Just because the current currencies do lose value over time does not mean that is a requirement for something to be a currency
These are not requirements, but features making them interesting as currencies. I suggest you take a look at the Impossible Trinity theory, and how it can help state adjust the price of their currency in function of they intended purposes.
 

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Bekit

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Do You Think That The Central Banks Will Ruin Crypto With Their Own Currency And Shut Out Others?​

If they could do it with gold, why not bitcoin as well...?
After watching this video, I think that a digital SDR might be the biggest threat to cryptocurrencies.

He quotes Klaus Schwab as saying that going to SDRs is the intended plan.

What do you guys think about this? Is this a credible threat?

View: https://youtu.be/WEiqxqlZ_QA
 

Lyinx

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At the end of the day the only thing that is “valuable” is the actual resources of this planet.
Yup, everything else is just "fancy stuff", but sometimes people pay more for Ferraris than they do for food. they forget the basics (air, water, food, shelter)
Well, it depends.

Governments have interests in banning a currency they can't control (hence the killing of Libra).

The question being, is BTC really a "currency"?

Currencies lose value over time, BTC only gains it.
Currencies can be printed for as much as you need, BTC can't.
Currencies enable you to buy anything, BTC doesn't (yet)?

The main reason people buy BTC looks more like investing than anything else to me. If BTC reveals itself as being an inflation-hedging investment like gold is, I don't see why would central bank ban it (unless that's the gimmick they find to artificially decrease the volume of fiat currency that they have been printing).

They'd have more reasons to buy dogecoin than BTC, as it looks more like a proper currency than BTC does.

Honestly we should stop calling BTC a cryptocurrency, and call it "cryptoinvestment" instead.
anything can lose value, even gold, or paper currency... if you need some eye opening info on the possibilities of a crash read the book: the creature from Jekyll Island - it talks about the multiple federal level banks that the US has had (yes, we have had more than one) and about each crash and the lessons learned from them. at one point, you could drive to town with a load of cash, and come back with a load of food, that's how little value was put on cash at the time...
 

Kal-El1998

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Yup, everything else is just "fancy stuff", but sometimes people pay more for Ferraris than they do for food. they forget the basics (air, water, food, shelter)

anything can lose value, even gold, or paper currency... if you need some eye opening info on the possibilities of a crash read the book: the creature from Jekyll Island - it talks about the multiple federal level banks that the US has had (yes, we have had more than one) and about each crash and the lessons learned from them. at one point, you could drive to town with a load of cash, and come back with a load of food, that's how little value was put on cash at the time...
reminds of those pics we've seen with zimbabwe lol. People are just kidding themselves if they don't think it'd happen here.
 

BizyDad

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Currencies lose value over time, BTC only gains it.
Wow.

Real Estate only goes up.
The stock market only goes up.

This is the kind of thing scammers say.

Apparently somebody isn't a student of history.

Honestly we should stop calling BTC a cryptocurrency, and call it "cryptoinvestment" instead.

How about "crypto collectible"? Collectibles could be investments, or they could be fads.
 

Raoul Duke

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After watching this video, I think that a digital SDR might be the biggest threat to cryptocurrencies.

He quotes Klaus Schwab as saying that going to SDRs is the intended plan.

What do you guys think about this? Is this a credible threat?

View: https://youtu.be/WEiqxqlZ_QA













 

mon_fi

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Wow.

Real Estate only goes up.
The stock market only goes up.

This is the kind of thing scammers say.

Apparently somebody isn't a student of history.

I am not closing the door to a crypto crash, anything can crash. Rather, what I meant was that so far, BTC has only been gaining value, despite my own bet on the opposite. I was a crypto bear for a very long time, and only switched to being a bull recently.
 

Kid

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I think this is my last post on crypto as i think its "done".

Basically:
1) Yes, untreated its a a threat to worlds currencies..
2) Yes, people who print money know about that threat.
3) No, bunch of currency anarchists won't take over
the world.
4) The reason that they won't take over is in points 1 and 2.

So what will happen?

Central banks will make it harder to use bit coin
to marginalize it and make a thing of the past.
They will do it in such way that it will look
reasonable to average Joe.
Joe will think "Yeah, they are right that each country
should have their government monopoly on cash printer...
lets go to movie theater."

Also why make it hard instead of banning it?

Because if you ban something you admit
that its threat and people don't like being
their options being banned.
So gov will make it hard to buy - like Know Your Customer
thing for banks.
They will make additional tax on crypto assets.
Probably something like additional paper work
if you want to buy or sell and report profit or loss to IRS.
Anything that is PITA for you to use it, enough
to make you give up on this,
but not enough to say that they banned it.

So, as i and few other people said, its not a currency.
And never will be one.

Personal advice: Don't waste your time on this, that's what i do.
 

tommyz7

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I think this is my last post on crypto as i think its "done".

Basically:
1) Yes, untreated its a a threat to worlds currencies..
2) Yes, people who print money know about that threat.
3) No, bunch of currency anarchists won't take over
the world.
4) The reason that they won't take over is in points 1 and 2.

So what will happen?

Central banks will make it harder to use bit coin
to marginalize it and make a thing of the past.
They will do it in such way that it will look
reasonable to average Joe.
Joe will think "Yeah, they are right that each country
should have their government monopoly on cash printer...
lets go to movie theater."

Also why make it hard instead of banning it?

Because if you ban something you admit
that its threat and people don't like being
their options being banned.
So gov will make it hard to buy - like Know Your Customer
thing for banks.
They will make additional tax on crypto assets.
Probably something like additional paper work
if you want to buy or sell and report profit or loss to IRS.
Anything that is PITA for you to use it, enough
to make you give up on this,
but not enough to say that they banned it.

So, as i and few other people said, its not a currency.
And never will be one.

Personal advice: Don't waste your time on this, that's what i do.
That seems like a possible scenario to me. Today, most crypto conversations are about Bitcoin being a currency and "number go up". It's only seen as a get-rich-quick scheme and that would be super easy to crush by central banks in a second. However, there's hope. It all depends if people who came to crypto for quick money, will actually experience the real value and understand it.

I remember the reaction of one of my clinets in 2018, he's a traditional finance guy. He went through a very painful process of buying $250k of crypto. At the time it was crazy difficult to do and all approvals, checks, and documents took weeks to process. He was really demotivated at the end. Then, when he was finally on the other side of the bridge, he sent $100k on Ethereum to the other person paying a $0.20 fee for it. The transaction cleared within 30 seconds and was irreversible. No selfies, no KYC, no phone calls from the bank, no chargeback, no SMS codes, no f2a. It was as simple and easy as sending $10 to a friend for lunch on cash app. He was amazed and hooked forever.

Everyone has a different "aha" moment with crypto because everyone has different values. I think the challenge is to reproduce these moments with people by truly using crypto. If that happens, no central bank will be able to stop it because the network effect is too powerful and when you're in, as long as you're inside the network, no regulation can catch you. All that is happening now around COVID, fiat printing, war on encryption and GameStop show that the system is rigged or at very best highly inefficient and the need for change has never been greater.

I'm not sure how many of you heard about DeFi (Decentralized Finance) but just out of curiosity, I recommend googling it or watching some video on youtube because it's a very good showcase of what crypto could really do for the average Joe. It's basically an infrastructure for future financial systems. I don't know if crypto values can survive the future but technology always wins.

If you invest in technology, you should be good. If you are in crypto for money then you should be scared of central banks 100%.
 

BizyDad

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I am not closing the door to a crypto crash, anything can crash. Rather, what I meant was that so far, BTC has only been gaining value, despite my own bet on the opposite. I was a crypto bear for a very long time, and only switched to being a bull recently.
Gosh, you can't catch a break...

 

ShepardHumphries

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If they could do it with gold, why not bitcoin as well...?
They will try. The percentage of folks who think face diapers are smart will also think centralized digital currency is safer than decentralized. Those percentages scare me.

At some point, the central banks (and the governments they run) will make decentralized crypto illegal. Owning it at that point would be like owning cocaine. Still valuable, but who wants to risk buying and selling the stuff? lol

If ya'll haven't read G. Edward Griffin's The Creature From Jekyll Island, it is an awesome eye-opener.
 

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Omnius web

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1614184969062.png

35% of all US dollars in existence were printed in 2020. Central banks certainly don't like cryptocurrency but they've done their part to ruin USD.

I see no logical argument for why central banks should be the arbiters of currency, and it's only been that way in the past for the sake of convenience. I'm not saying BTC is the main currency that's going to be used in the year 2100, but as humans colonize the solar system and make unimaginable advances in technology, do you really see USD or any government-"printed" coin being a global currency?

The moment USD was no longer tied to gold was I think the beginning of the end for fiat. At the moment, the vast majority of M1 is digital, so printing money is as simple as manipulating some 1's and 0's. Why do central banks get first dibs at purchasing power? Millions of people believe in cryptocurrency for this reason, and I believe that as we get more technologically advanced (removing the convenience aspect), and central banks continue to destroy people's purchasing power, there will come a day in the not-so-distant future where those millions will become billions.

P.S. That's not to say cryptocurrency isn't risky. It's still early enough that any project, including BTC, can go to 0. Ethereum had an attack that split the community some years ago. And with so much hashing power being in China perhaps there's potential for a serious double-spend attack done by the government - although there's a several key reasons why that wouldn't work out.
 

Kal-El1998

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They will try. The percentage of folks who think face diapers are smart will also think centralized digital currency is safer than decentralized. Those percentages scare me.

At some point, the central banks (and the governments they run) will make decentralized crypto illegal. Owning it at that point would be like owning cocaine. Still valuable, but who wants to risk buying and selling the stuff? lol

If ya'll haven't read G. Edward Griffin's The Creature From Jekyll Island, it is an awesome eye-opener.
Pretty much my thoughts exactly. Especially with the face diapers too haha. And I've heard of that book a few times now...guess that means its time to take a loot at it haha.
 

Kevin88660

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That seems like a possible scenario to me. Today, most crypto conversations are about Bitcoin being a currency and "number go up". It's only seen as a get-rich-quick scheme and that would be super easy to crush by central banks in a second. However, there's hope. It all depends if people who came to crypto for quick money, will actually experience the real value and understand it.

I remember the reaction of one of my clinets in 2018, he's a traditional finance guy. He went through a very painful process of buying $250k of crypto. At the time it was crazy difficult to do and all approvals, checks, and documents took weeks to process. He was really demotivated at the end. Then, when he was finally on the other side of the bridge, he sent $100k on Ethereum to the other person paying a $0.20 fee for it. The transaction cleared within 30 seconds and was irreversible. No selfies, no KYC, no phone calls from the bank, no chargeback, no SMS codes, no f2a. It was as simple and easy as sending $10 to a friend for lunch on cash app. He was amazed and hooked forever.

Everyone has a different "aha" moment with crypto because everyone has different values. I think the challenge is to reproduce these moments with people by truly using crypto. If that happens, no central bank will be able to stop it because the network effect is too powerful and when you're in, as long as you're inside the network, no regulation can catch you. All that is happening now around COVID, fiat printing, war on encryption and GameStop show that the system is rigged or at very best highly inefficient and the need for change has never been greater.

I'm not sure how many of you heard about DeFi (Decentralized Finance) but just out of curiosity, I recommend googling it or watching some video on youtube because it's a very good showcase of what crypto could really do for the average Joe. It's basically an infrastructure for future financial systems. I don't know if crypto values can survive the future but technology always wins.

If you invest in technology, you should be good. If you are in crypto for money then you should be scared of central banks 100%.
The banks are catching up with it on the competition. Digital payment has already been instant and free for years and now they are launching free cross border payment (In Singapore). Of course cross boarder payment still take days to clear.

It really depends on how good the “traditional finance” system is and whether crypto is a viable competitor.

At the moment the biggest real use case other than speculation is cross border payment, compared to banks.

Decentralisation is double edge sword. No kyc and no one shutting your account down also means no means of remedy if you forgot your private key and made a wrong transaction or get hacked..Ah...it is all your fault. It is estimated at least a few million of the 20 million btc supply is lost. This is going to be major hurdle against mass adoption. Most of the boomers holding most of the money and assets are not tech savy to handle all these.

There is always an ideological narrative but 90 percent of the move is for the money. Defi is booming because they give insane yield. Binance smart chain has now proved that cdefi (centralised defi) is booming as there are insane yield with low fee compared yo ethereum based projects. So the key is not about centralization vs decentralization, more about yield vs fee.

I think the same is true for bitcoin. People who care a lot about the libertarian use case is less than 5 percent in the community. If Federal Reserve comes with a centralized coin with kyc, regulation and all other gov control but with a potential narrative to go 50x in price many crypto speculators will go there also.
 

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