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President Trump is Wrong on Bitcoin

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posted on Jul, 12 2019 @ 12:55 AM
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Point 3.

The process of verifying bit coin transactions is deliberately inefficient so from an economic point of view that is downside.

I am not sure if what you are suggesting that the value is csomehow reated by the cost or energy expended but i have seen that suggestion seriously made and is completely wrong.

The estimated 2140 date is significant as at that point the 'mining ' part no longer creates new bit coin which almost certainly will have significant impact on fees.




posted on Jul, 12 2019 @ 01:16 AM
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As a business owner I do not and would not accept crypto currency - bitcoin or whatever new trending code thingy.

I purchase my materials, supplies, services in USD. I pay wages, taxes in USD. If a person cannot pay in the methods of payment I accept and work for my stable accounting system, then they can find someone else to purchase from.

I haven't, and won't bother, trying to figure out how to work crypto currency into accounting and tax compliance. My business, my risk. And I say no thank you.



posted on Jul, 12 2019 @ 02:07 AM
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originally posted by: Strate8
As a business owner I do not and would not accept crypto currency - bitcoin or whatever new trending code thingy.

I purchase my materials, supplies, services in USD. I pay wages, taxes in USD. If a person cannot pay in the methods of payment I accept and work for my stable accounting system, then they can find someone else to purchase from.

I haven't, and won't bother, trying to figure out how to work crypto currency into accounting and tax compliance. My business, my risk. And I say no thank you.


The taxes is the critical point to me. While the U.S. government wants it's payments in dollars the any other ' currency' used inevitability gets converted back into dollars.

For the majority of transactions it just become more efficient and less risky just use dollar Fir both businesses and consumers.

Crypto may have a place but I suspect that will place will remain relatively niche.



posted on Jul, 12 2019 @ 07:42 AM
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a reply to: ScepticScot

The mining process is an important metric to measure with regard to bitcoin buying power which is more significant than any other currency on the market.

There are other forces involved which I did not cover in detail. But I have covered it in other posts and threads.

That why I said that the same forces that drive gold drive bitcoin. It's a digital asset class similar to gold and driving in much the same way.

Difference is I can buy stuff with bitcoin.

edit on 12 7 19 by projectvxn because: (no reason given)


Edit:

My real point on mining is that it isn't derived from "thin air" as the president says. There is skin in the game. We all know that bitcoin is a speculative store of value like gold. But unlike gold I can spend it in any domain the US dollar is spent.

It's censorship resistance and security are also points of value people put in real work to maintain the network.
edit on 12 7 19 by projectvxn because: (no reason given)



posted on Jul, 12 2019 @ 08:09 AM
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a reply to: DanDanDat

Bitpay and other credit cards out there can be loaded up with bitcoin and you can use that to buy what ever you want.

The days of saying that it can't buy things are long over.



posted on Jul, 12 2019 @ 08:20 AM
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a reply to: grey580

And with Bitwage I receive a portion of my wages in bitcoin.



posted on Jul, 12 2019 @ 08:30 AM
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The internet can be shut down at any time by those who control it. Without it you have no bitcoin, Cloud online storage etc.

edit on 12-7-2019 by gimcrackery because: add a coulpe of words



posted on Jul, 12 2019 @ 08:31 AM
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The Donald is someone we can consider old school especially when it comes to money. I also frown at digital currency as it is volatile at the moment. Lots of different versions and choices and a bunch of fraud.

Seems a bit dumb to me, in order to purchase digital currency, I give you a fiat currency with determined and a backed value and I get basically a promise tied to other purchases in order to make it go up or down, nothing else than a strong demand to keep it worth anything.

It is something that can be abused as in fraud, money laundering, drug trafficking, human trafficking, other criminal activity like ransoms as well as tax evasion. So is fiat money but there is suppose to be no tracing digital currency so makes it more attractive to those who misuse it and easy to get away.



posted on Jul, 12 2019 @ 10:06 AM
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a reply to: DJMSN

Bitcoin is not untraceable.

The USD is by far used in nefarious transactions more than any digital asset.

edit on 12 7 19 by projectvxn because: (no reason given)



posted on Jul, 12 2019 @ 11:15 AM
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a reply to: projectvxn

I said as much but digital coin makes criminal activity much much easier. And I am old school myself. Don't mean to dump on the parade, just pointing to what many see as truths, may actually be ignorance on my part.

I do see a cashless future since it would save hundreds of billions in printing cost of all the various currencies out there but I think we still have a lot of work to do, both in educating about digital currency and in security.



posted on Jul, 12 2019 @ 11:26 AM
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a reply to: DJMSN

I'm OK with a cashless society so long as the digital currency is decentralized and non-fiat.

Cash is reasonably anonymous. But not impossible to trace. Same applies to bitcoin and any legitimate decentralized currency.



posted on Jul, 12 2019 @ 01:33 PM
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a reply to: gimcrackery

Sure let's lose billions of dollars and get sued by every major company in the world.
Said no business ever.



posted on Jul, 12 2019 @ 02:48 PM
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I just don't like the idea of an old guy dying, or "dying" with millions of dollars worth of bitcoins following him to his grave, or "grave".



posted on Jul, 12 2019 @ 02:56 PM
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originally posted by: grey580
a reply to: DanDanDat

Bitpay and other credit cards out there can be loaded up with bitcoin and you can use that to buy what ever you want.

The days of saying that it can't buy things are long over.


So what your saying is that by employing a middle man between you and your bitcoin money you can use it to buy things?

And somehow that's different and more efficient than just using a normal bank as your middle man.?

Kinda defeats the perpous of the blockchain doesn't it?

Makes it sound like a fad if you have to load it onto another platform just to use it.



posted on Jul, 12 2019 @ 03:04 PM
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originally posted by: DanDanDat

originally posted by: grey580
a reply to: DanDanDat

Bitpay and other credit cards out there can be loaded up with bitcoin and you can use that to buy what ever you want.

The days of saying that it can't buy things are long over.


So what your saying is that by employing a middle man between you and your bitcoin money you can use it to buy things?

And somehow that's different and more efficient than just using a normal bank as your middle man.?

Kinda defeats the perpous of the blockchain doesn't it?

Makes it sound like a fad if you have to load it onto another platform just to use it.


Might be a good idea if you like having to pay fees and calculate an exchange rate to buy things....



posted on Jul, 12 2019 @ 03:08 PM
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a reply to: DanDanDat

For now yes.

Until acceptance if bitcoin is more widespread.



posted on Jul, 12 2019 @ 03:15 PM
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a reply to: grey580

And by that point, when digital currency use is more widespread, bitcoin will be a dinosaur replaced by something better and more efficient. Bitcoin is a fad.



posted on Jul, 12 2019 @ 04:03 PM
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a reply to: DanDanDat

A decade old fad?

The time for it being a fad has passed. It's not going anywhere.



posted on Jul, 12 2019 @ 04:06 PM
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originally posted by: visitedbythem
I bought Bit coin at $1000, and was nervous it would fall. I also bought lots of Litecoin and Etherum. Im glad I did too.

I came within a hairs breadth of buying $1,000 worth of BC way back...

If I had, I'd be a hundred millions aire.

Needless to say, I still kick myself now and then...



posted on Jul, 12 2019 @ 04:13 PM
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I think the issue is that the vast majority of people dont really understand currency in general.

Add in a seemingly innate dislike for new things as many age, a truly complex (and promising) concept like blockchain, a massive propaganda machine, a propagandaphilia-stricken public screaming their body is ready for more, and youve got a generations old recipe for stuff like this.

I do think there are issues, but they tend to be with currency in general. I notice many are similar, but seem to think its somehow specific to "bitcoin."



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