What's next for cryptocoin now that China lost control

China did the right thing. We need a return to the gild standard. Fiat currencies. Not unregulated transnational pyramid schemes

They could put a sales tax on it, and I fully expect that to happen so that every transaction has a tax tacked on. They could introduce significant documentation issues and appropriate penalties for failing that, to combat money laundering and I fully expect that to happen.

@gotoguy

I will play along and comment on your discussion.

This is the latest Ponzi scheme/Pyramid scam, this time involves made up “money”, like Monopoly money, but is “virtual money” that is claimed to be outside the control/manipulation of governments.

In the USA, because it has become a popular item; although cryptocurrency bills itself as a form of “money”, the Internal Review Service (IRS) considers it a financial asset or property.

That is why as with most investments the government will want to tax the “profits”.

What Bitcoin should be called is a “virtual” “bank note”, that instead of being printed is being coded in the virtual reality world of computer science. And should be regulated the same as a “bank note”.

Currency used to derive its value from the content of precious metal (gold standard), today's money is backed entirely by social agreement and faith in the “issuer”, in most cases a country’s government.

This scam like most others use greed to scam “investors” with the prospect of future wealth and promises of large returns on the “investment”

To answer your question:

Q: At this point isn't it too big to fail?

A: Nothing is too big to fail...

Btc regulation ends where the next border begins. It’s a shitload lighter than gold and I can spend it almost anywhere in the world. Police can’t seize it, judge can’t seize it, customs can’t seize it. Our legislators and regulators are so corrupt and ancient that they have no idea how to even begin to regulate it.

Im bullish on it big time and will enjoy watching the old rich with “Peter schiff” syndrome become the new poor. Just remember with crypto, if you can’t run a validation/node yourself, it’s just another bank

Cryptocurrencies have zero stability and their value is solely speculative.

WE last heard something as stupid as crypto in the 90's when stocks would keep going up forever, despite the fact that the companies made no money. Just another silly idea brought to you by Mr. Ponzi. Have at it suckers.

Buy or not I don’t care. I would not invest in something I don’t understand either

I got my answer to the Yellen question. She could add additional taxes like sales taxes beyond just income taxes (kind of like cigarettes and gasoline). My comment was really that China is trying to get rid of crypto, and even in a country with very autocratic rule, ability to make entire populations stay inside, they are failing.

I agree with most of the posts, that like paper money, it has almost no worth unless people believe it is backed. Also you are correct that government backing means something, but some governments are less solid than Bitcoin right now, and more volatile. Afghanistan and Venezuela for example. Some countries do not let their currency leave borders (china) without permissions. SanchoRG pointed out the reasons some people want crypto and why he doesn't.

I guess aside from the fact that most of the group thinks it a poor investment and even a Ponzi scheme, is there anything besides additional taxes that Yellen can implement that would outlaw it? Additional taxes just help the deficit and make it less profitable.

At this point at least the top 10 cryptos are accepted and verified to the point that they can no longer be prosecuted as a Ponzi.

To me the most devestating development to one or more cryptos is the ability to

... remove money from the account electronically and then be unable to follow the trail to get it back.

Um, our government programs are run like a Ponzi scheme as well. We've seen the hot guaranteed investment before and the long term results are ugly. Slow and steady wins the race, but as long as people are happy with what they do and do not expect me to think of them as smart, I do not care what others do. Not that it matters, but my view of wealth building is based on almost 40 years of pouring over family finances.

Back in the day my friend Mike was hired by MCI and got 2.8 million in stock options. At poker 2 years later he was raised $4.00, reached into his gym bag, pulled out a sheaf of papers and said I call with 55,000 shares of Mci, if you allow me: We didn't and he understood....

Real talk, the government can make it a royal pain in the ass if they want. They can shut down all fiat on-ramps, making purchase by ACH or cc/debit cards impossible. They can press Amazon hard to take down the crypto nodes hosted on AWS. Some coins have a huge amount of their validators hosted on AWS lol. Might as well just open an account with the bank of Amazon. The gov can even lean on ISPs to share info about customers.

What the gov can't do it take it from me, or keep me from sending/receiving it to another wallet anywhere in the world, any time of the day, within minutes.

lol

businessinsider.com

^^ he’s right that the crypto space will thrive because no government can take away the property rights of a digital currency, therefore it can remain. There’s basically a whole community backed by Musk and Cuban called doge coin which so far as I can see is it’s main purpose is to build a niche community.

The technology is here to stay, so will the platforms remain. I’d pick ether, lite coin, and some btc if you need diversification. Other than that probably ni more than yiu can handle to lose(obviously).

It is undeniable that Cryptocurrency is one more of the Ponzi Schemes and Pyramid Scams (like he stock market, Insurance, religion, social security etc etc etc ) for Elites to take others people money, Capitalism at its worst...

^ dopey motherfucker

There are two faces of crypto. One treats it like a hot stock sector aiming to make big profit soon. The other is the true believers. Anything might happen to the first kind of investor. Government owns many guns and virtual guns (aka lawyers). They might come up with new regulations to tax you for profiting on it or ever just for using it. The other kind know that this is going to be a long, long revolution. They don't hoard crypto looking for the ideal moment to unload it; they use it to conduct commerce with whoever is willing to accept it. They believe that money is too important to leave in the control of the Federal Reserve (which isn't very "federal" in fact) and government. Really anything has as much value as the public agrees that it has. They say use crypto or use gold or use the barter system if you like, just get out of government's clutches to the extent that you can.

Which cryptos are worthwhile? You can still get into Bitcoin, if you don't need immediate profit. The price in USD will go up, but I can't tell you whether that will be this month or two years from now, you have to have the ability to hold on - or just use it. Ethereum has some specialized use cases, and is hot right now, so maybe you can make some profit on it but it's not something you're going to be using to conduct commerce, i.e. pay for coffee. For actual commerce, Dash is actually best (dashpay.io) - you can spend it at 155k places in the US alone via the DashDirect app; however it's not great for day traders since people haven't caught on to it just yet and the price isn't "mooning". Dogecoin is fundamentally useless - it's the current "tulip" - nothing at all going for it besides two celebrities. Ideally you should look into the code and features of each coin; if you want my opinion, no other coins are even worth discussing.

Always remember the credo "Not your keys, not your coins". This means "custodial" wallets where some web site handles everything for you do not truly give you ownership. The provider might steal them, government might require them to be taken from you, they could get hacked. You need to have a hardware wallet (google it if you don't know) and secure your own computer so you don't get hacked (step 1 of which is never run Windows).

“There are recurring themes and bits of rhetoric in the pro-crypto “propaganda”

It’s about freedom. It’s about getting the government off your back. It’s about getting middlemen and third parties out of your transactions. It’s about control, autonomy, empowerment.”

All these claims are just that, claims, that are undeniable false claims and misinformation.

All these types of claims are used to steal money and have always come from snake-oil salesmen, door-to-door hucksters, con-artists, TV shopping channels, paid “celebrities”, news agencies, crooked politicians, false prophets etc etc etc.

Eh 99% of crypto is a scam, which is really sad. Even things like ETH, supposedly super safe, has 67% of their nodes hosted on Amazon. They had a chain-wide bug the other month and were able to unilaterally boot validators running old code to avoid a blockchain fork. Was it good for ETH? Yeah, fixed a bug. It sure as fuck wasn't decentralized tho, missing the whole fucking point.

I'm mostly betting on BTC. BTC is a permission-less, trust-less system. I don't need anyone's permission to use it and I don't need to trust the parties involved to deliver. The current "trustees" of the financial system in the USA have squandered that trust to an extreme degree. There is little to no confidence in the administration, the SEC, the IRS, the CFTC, the DTCC/Citadel/Apex etc. Those are the true hucksters, crooked politicians, and snake-oil salesmen. Banks have been getting rich for decades from scams and money laundering. Physical dollars are used in crime 6x more than crypto.

The Cryptocurrency fraud/scam is being used to “solve” one of the Undeniable Insane Contradictions of Capitalism in the USA... and its imperialism in the world....

tuscl.net

Remember:

“Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”

~ Proverbs 13:11

Supposedly however Evergrande doesn't have a crypto investment. What I didn't think of is that China might let Evergrande fail so that many people and companies would have to cash their crypto into Chinese currency to pay the interest.