President Trump is Wrong on Bitcoin

a reply to: IrisMoonie

I was trying to ask you how bitcoin becomes money, not how it fluctuates relative to other currencies.

You are literally asking me how other currencies affect Bitcoin.

Does bitcoin become money when you buy it with other monies (like dollars)?

The act of buying bitcoin is not what makes it money. What makes it money is whether you are willing to use it as a means of communicating value.

If there was nobody to buy bitcoin, could bitcoin have become money?

No one originally bought bitcoin. It was digitally mined in a genesis block by Satoshi Nakamoto.

I would like to know what Peter Thiel has said to Donald Trump about bitcoin.


I would also like to know if this is some sort of new style secret handshake.

And get a load of that look on Thiel's face!

a reply to: projectvxn

I am curious, to what influence, trading bitcoin for other currencies, affects its acceptance as a communication of value, and determines how many units are in circulation.

I want to get a sense...

How much transaction value is trading bitcoin with other monies? The abstract...

How much transaction value is using bitcoin to buy and sell products and services? The actual...

originally posted by: booyakasha
you always make this argument. It makes no sense.

Probably since you don't understand the terms. Go educate yourself.

Meanwhile....Bitcoin the secure digital currency of the future is being stolen right out of the digital wallets of high profile owners like Beyonce. The price has nose dived over the last week and then rebounded....pump and dump...and again taking a nose dive. Buyer beware....currently a proposed bill to make Bitcoin illegal...the writing is on the wall...only a matter of time before in the immortal words of Ross Perot...we hear a giant sucking sound...soon followed by the Tears of a Clown

Fact of the matter is many governments will never allow it to become useful.

originally posted by: mikell
Fact of the matter is many governments will never allow it to become useful.

Governments are about to find out how little control they have over bitcoin.

They can do something about Libra. But BTC is beyond their reach.

originally posted by: projectvxn

originally posted by: mikell
Fact of the matter is many governments will never allow it to become useful.

Governments are about to find out how little control they have over bitcoin.

They can do something about Libra. But BTC is beyond their reach.

While government can't easily regulate Bitcoin directly it can regulate the use of it in financial services.

a reply to: projectvxn

I hope you're right, be nice for a currency to exist that the government cannot control other than powder-based.

Thing is the bankers are apt to get their sticky little mitts all over BTC if they have not already done so.

Might be able to retard government's influences, but not "there's".

a reply to: ScepticScot

How? No BTC transaction can be stopped.

originally posted by: projectvxn
a reply to: ScepticScot

How? No BTC transaction can be stopped.

They set excessively tight regulations on trading even just ban it outright.

If big financial companies won't/can't trade it or process it bitcoin is going to die a slow death.

a reply to: ScepticScot

But that's not how it works.

Banks don't need to process anything. It's a decentralized ledger. No one can stop it from existing or even being used.

Secondly, unregulated exchanges can't be stopped either. The exchange space has moved into a DApp system that can't be censored.

Nothing can stop bitcoin short of destroying every computer on Earth.

originally posted by: projectvxn
a reply to: ScepticScot

But that's not how it works.

Banks don't need to process anything. It's a decentralized ledger. No one can stop it from existing or even being used.

Secondly, unregulated exchanges can't be stopped either. The exchange space has moved into a DApp system that can't be censored.

Nothing can stop bitcoin short of destroying every computer on Earth.

People not using it will stop it.

If the major financial players aren't willing or able to be involved it's going nowhere.

a reply to: DJMSN

Meanwhile....Bitcoin the secure digital currency of the future is being stolen right out of the digital wallets of high profile owners like Beyonce.

Wallets may not always be secure. Everyone who knows something about bitcoin knows the adage, coined by Andreas Antonopolous, "Not your keys, not your bitcoin".

a reply to: ScepticScot

People not using it will stop it.

True, but that cat is put of the bag now. The US isn't the only country to use bitcoin.

If the major financial players aren't willing or able to be involved it's going nowhere.

The major financial players aren't important.

originally posted by: projectvxn
a reply to: ScepticScot

People not using it will stop it.

True, but that cat is put of the bag now. The US isn't the only country to use bitcoin.

If the major financial players aren't willing or able to be involved it's going nowhere.

The major financial players aren't important.

US, EU and even Chinese regulators tend take a dim view of unregulated financial instruments.

If we are alking about bitcoin being anything other than a niche for enthusiasts then major finance companies are very important.

a reply to: ScepticScot

US, EU and even Chinese regulators tend take a dim view of unregulated financial instruments.

This is true.

But there isn't anything they can do about Bitcoin. Bitcoin isn't even untraceable. The Bitcoin blockchain is public and there is still nothing anyone can do to stop a bitcoin transaction from takin place. This is the one feature of Bitcoin and other cryptocurrencies that most people just can't wrap their heads around.

They could ban all crypto transactions tomorrow and it wouldn't do much to slow the transaction volume.

If we are alking about bitcoin being anything other than a niche for enthusiasts then major finance companies are very important.

Generally speaking, I agree. But they aren't necessary to the success of Bitcoin. Bitcoin has been operating for 11 years with the vast majority of that time lacking any institutional investment whatsoever.

The price of BTC today is due to institutional investment. Retail investment hasn't even started this year.

a reply to: projectvxn

The government could easily kill off bitcoin. All it requires is simply forbidding banks to service crypto exchanges. money cannot be exchanged into US currency its useless to retailors. On the plus side would also stop drug trafficking

originally posted by: projectvxn
a reply to: ScepticScot

US, EU and even Chinese regulators tend take a dim view of unregulated financial instruments.

This is true.

But there isn't anything they can do about Bitcoin. Bitcoin isn't even untraceable. The Bitcoin blockchain is public and there is still nothing anyone can do to stop a bitcoin transaction from takin place. This is the one feature of Bitcoin and other cryptocurrencies that most people just can't wrap their heads around.

They could ban all crypto transactions tomorrow and it wouldn't do much to slow the transaction volume.

If we are alking about bitcoin being anything other than a niche for enthusiasts then major finance companies are very important.

Generally speaking, I agree. But they aren't necessary to the success of Bitcoin. Bitcoin has been operating for 11 years with the vast majority of that time lacking any institutional investment whatsoever.

The price of BTC today is due to institutional investment. Retail investment hasn't even started this year.

Regulators would probably find it impossible to completely stop bitcoin however they could regulate it into insignificance.

If funds can't won't hold it, exchanges are all off grid, shops and online retailers won't accept it and tax man shows an unhealthy interest on any income from it.

Even most private individuals traders and users will back of as most people like to stay within the law.

I am not even convinced it would remain a useful tool for black market trade as it then becomes more not less risky than using other methods.

What a left is real crypto enthusiasts and while it might remain significant for them it won't be to the wider economy.

a reply to: dragonridr

No it wouldn't.