The Fall of the Bitcoin - The Perfect Crime

a reply to: StallionDuck

Well, you can't ban cryptocurrency, and you certainly can't change it or create more of it from thin air.

There will only ever be 21 million bitcoin. The ledger can't be changed or deleted. It's immutable digital property, and that is the very basis of the computer science problem Bitcoin solved. How do you turn digital information into an immutable property? Blockchain answered that question.

The smart governments who actually understand this technology know that this would be like fighting against the existence of gold.

Cryptocurrencies will be the precursor to virtual civilizations. Virtual markets and properties are already being bought and sold using cryptocurrencies. The very nature of these systems makes them natural artifacts of digital environments, creating a real permanence in a world where most data can be deleted or fundamentally altered.

a reply to: projectvxn
you can ban all legitimate companies from accepting any private digital notes as legal tender by penalty of prosecution, rendering them an underworld currency only. With only the underworld trading with them, the value would simply be back down in the under 100$ range again, like it was for years before the banks started buying it up for pump and dump schemes to con out the savvy amateur investor.

Just remember that the private notes have a time limit. Again, nobody said the ledger/blockchain technology is going to disappear. Only the acceptance of private notes by any entity involved with the international banking system.

It will probably show up in those laws designed to combat the funding of terrorism and other criminal activity type stuff. The same kind of laws that require disclosures when you make cash purchases at a business over a certain amount or that require the Banks to disclose when a person withdraws so many thousands of cash from their bank accounts.

originally posted by: howtonhawky
a reply to: StallionDuck

You seem to be worried much about the irs getting their cut.

Never fear cause people still have to pay taxes.

When you spend monies they tax you and when you transfer cash into non coin accounts you have to claim it.

Really they are not missing out on much.

Not true.

If I make 100K this year, the IRS gets their cut. THEN I pay taxes on everything I buy.

Crypto leaves a lot of room for money laundering and tax evasion. You might pay taxes on what you buy but you're not paying taxes on the 1 million dollars you made when prices hit near 20k per coin. If that had happened via the stock market, you can bet the IRS would have gotten their share.

To be honest, I'm not worried at all as I stepped out of crypto a long time ago. It's just a topic that interests me because I was waist deep in it and I know a good bit about it. I'm just offering my point of view to those who are interested. That's all. Personally, I could care less whether it hits 1million per coin tomorrow or less than zero. It wont matter or bother me one bit since I no longer get involved. Though, I do keep up with it because I want to know where it goes but I most definitely don't want to see someone loose their life over investing everything they have in it in hopes of getting rich while the the opposite happens. It could go the other way but still, I'm just sharing the knowledge.

a reply to: howtonhawky

...deeply invested at large...

Thats subjective. Its still unregulated. If it was it would'nt be wildly fluctuating, like markets are supposed to.

a reply to: StallionDuck

No they still get their monies in the end. if i have 1000000 in coins then when i move that money by law i have to pay the taxes just as any other investment.

Eh, bitcoin is fine. Those rich in it should have hired security just like any other insanely rich persons. It would have to drop below 700$ for investors just over a year ago to even be in the red. Good luck with that. I hope for it actually, let the FUD continue.

originally posted by: intrptr
a reply to: howtonhawky

...deeply invested at large...

Thats subjective. Its still unregulated. If it was it would'nt be wildly fluctuating, like markets are supposed to.

unregulated by the feds to a point but there are folks behind the scenes regulating the code and changing certain aspects of coins and mining as we go along.

I was listening to a book (audiobook) that included a bit about Bitcoin. I cannot help thinking the whole affair has been designed to flush out a load of criminals and pushers. You know, the one's who have suddenly got very rich with real-world money.

Bitcoin isn't saving the world because it is just another currency. Has nothing to do with technological advancement or clean technology. It will just be another one of those controlled currencies. Government will never fall unless everyone fights for communism/Imperialism. That is a fact. Corporations will just replace Governments and therefore be a new Government of the people that is the problem with Capitalism. Same structure. Same system, but different leaders.

Inb4 Communism ideal will never fall as long as Capitalism ideal still stands, those who are against it and call everyone communists are asking for the same exact NWO structure. Complete brainwashed morons. When the system breaks we all have to go communist one way or other unless you want to live like one of those mad max warfare with mad warlords. The Government is suppose to be for the people and by the people. When the people don't trust one or the other, the same system will be enforced by the corrupt.

originally posted by: makemap
Bitcoin isn't saving the world because it is just another currency. Has nothing to do with technological advancement or clean technology. It will just be another one of those controlled currencies.

You obviously know very little about cryptocurrencies if you think Bitcoin is "just another one of those controlled currencies". Sure - while their is still some uncertainty regarding cryptocurrencies (as to be expected with something so revolutionary) and as such it can be manipulated by those with enough liquidity (or via MSM scare tactics) - the entire point of Bitcoin (and most cryptocurrencies) is that they're decentralized and CANNOT be controlled.

originally posted by: howtonhawky
a reply to: StallionDuck

No they still get their monies in the end. if i have 1000000 in coins then when i move that money by law i have to pay the taxes just as any other investment.

That's only IF you move 10K or more and IF you move it at all. You can buy until your funds run dry from you wallet. You don't have to move any of that into a bank account, where the tracking begins.

If you spend like a wild person, then yeah, they'll get wize. Either that or think you're a drug dealer. But even drug dealers evade the IRS. But BitCoin has one thing going for it that dealers and cash dont... It's anonymous.

That could be the case but it looks like in the mean time, they made a bunch of kids and young adults Rich-a-F! The criminals probably didn't start jumping in till somewhere in the middle or even just lately.

ETA - With the exception of Silk Road but I think Silk Road was just a byproduct of BitCoin. Or at least some kids great idea that got caught in the end. Unfortunately for him, he pretty much gave himself away by making mistakes. He got too comfortable and trusting otherwise he would still be out there evading authority. They may have crashed the sites but they wouldn't have caught him, in my opinion.

At least the price is back on the rise. I have so little invested but I still hope to make some kind of gain. I have to be content to be in it for the long-haul.

originally posted by: LogicalGraphitti
At least the price is back on the rise. I have so little invested but I still hope to make some kind of gain. I have to be content to be in it for the long-haul.

I just read that Jihadist are using it to fund their groups. If this is the case, I can see a lot of buys taking place for large sums of money.

If this is indeed true... that's going to end up being one more nail in the crypto coffin before the Fed dismantles it.

In other news...

South Korean Cryptocurrency Regulator Found Dead at Home