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Tron_fdc · 01-17-2018, 02:13 PM

People need to understand that cryptocurrencies are in their infancy right now. It's not a speculatory tool to jump in and out of to make money; it's supposed to be used in the place of a fiat currency. Once pricing stabilizes, and once people start adopting it globally (and not necessarily bitcoin, it could be any iteration of a blockchain currency) you will see more and more people using it, and countries possibly adopting it in place of their fiat. The ENTIRE idea behind it is a decentralized, unregulated (and sometimes anonymous) currency that costs nothing to send to someone in order to pay for goods or services. The original whitepaper can be found here:

https://bitcoin.org/bitcoin.pdf

What people are seeing now are the issues when the currencies are converted to fiat. Exchanges are charging outrageous fees, and that's not the intent behind cryptos at all. I also assume exchanges are (or will be) reporting withdrawals to the tax man, and that's all part and parcel with "regulation". Same with exchanges being shut down or banned; that's fine, but if I'm in China and someone says I can pay in bitcoin, and I have bitcoin, there is NOTHING stopping me from doing so. In fact, that's how it used to work before exchanges even existed. The government would have no clue how to trace these transactions, other than a blockchain ledger recording ownership registrations. That's not going to happen anytime soon, seeing as half the government doesn't even know what the blockchain is, let alone how to utilize it.

Governments have no idea how to regulate them on their own, especially the currencies like Monero that are DESIGNED to be totally anonymous. If I have a pile of Monero, and it's the adopted global currency, CRA is going to have no way of knowing what I'm doing with it or where it's going, and THAT'S THE POINT. Credit card companies, banks, and financial institutions in general SHOULD be pushing for regulation or outright banning of them, seeing as they are the ones that stand to lose the most if it turns into widespread global adoption. Good luck with that though!

IMO it's going to take years (if not decades) for cryptos to take hold and legitimize. I really do think they are going to change our lives (for the better) once it happens though.

01-17-2018, 02:13 PM	#278
Tron_fdc In Your MCP Join Date: Apr 2004 Location: Watching Hot Dog Hans Exp:	People need to understand that cryptocurrencies are in their infancy right now. It's not a speculatory tool to jump in and out of to make money; it's supposed to be used in the place of a fiat currency. Once pricing stabilizes, and once people start adopting it globally (and not necessarily bitcoin, it could be any iteration of a blockchain currency) you will see more and more people using it, and countries possibly adopting it in place of their fiat. The ENTIRE idea behind it is a decentralized, unregulated (and sometimes anonymous) currency that costs nothing to send to someone in order to pay for goods or services. The original whitepaper can be found here: https://bitcoin.org/bitcoin.pdf What people are seeing now are the issues when the currencies are converted to fiat. Exchanges are charging outrageous fees, and that's not the intent behind cryptos at all. I also assume exchanges are (or will be) reporting withdrawals to the tax man, and that's all part and parcel with "regulation". Same with exchanges being shut down or banned; that's fine, but if I'm in China and someone says I can pay in bitcoin, and I have bitcoin, there is NOTHING stopping me from doing so. In fact, that's how it used to work before exchanges even existed. The government would have no clue how to trace these transactions, other than a blockchain ledger recording ownership registrations. That's not going to happen anytime soon, seeing as half the government doesn't even know what the blockchain is, let alone how to utilize it. Governments have no idea how to regulate them on their own, especially the currencies like Monero that are DESIGNED to be totally anonymous. If I have a pile of Monero, and it's the adopted global currency, CRA is going to have no way of knowing what I'm doing with it or where it's going, and THAT'S THE POINT. Credit card companies, banks, and financial institutions in general SHOULD be pushing for regulation or outright banning of them, seeing as they are the ones that stand to lose the most if it turns into widespread global adoption. Good luck with that though! IMO it's going to take years (if not decades) for cryptos to take hold and legitimize. I really do think they are going to change our lives (for the better) once it happens though.