So this happened: http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2#ixz…
"as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency"
Well this is harsh. As expected, the non taxability of BTC transfers is raised as an issue, because well, that's what the gov't does. While most of us agree that some digital platform will likely become the world's currency at some point, my honest guess is that BTC will be extinct within a year. I'm critical of these things to the point of nauseating and no one wants to hear it, so I'll just stop here.
No matter, I'm getting in on the dogecoin action before that gets shut down too. Much profit, so digital.
There is a problem with governments simply banning BTC outright, a black market exists. Sure you might not be able to exchange your BTC for other currencies but if you have a diverse enough black market like we have now one could with some difficulty do most of their transactions in BTC. What governments are really afraid of is that they have no central control over crypto currencies so they can manipulate them when they feel like it. Sure the taxing issue is why the governments are saying they have to ban crypto currencies. In reality taxing a crypto currency transaction would be easier than taxing a cash transaction. So that really makes no sense. Personally if BTC collapses I am going to go in and buy up a huge stash of the currency. It may get pushed into the underworld for an amount of time, however I am confident it will come back.
I don't see it returning if they decide to kill it. The only thing it would be useful for is black market activity. Playing in that market just because you lean libertarian is a pretty bad idea...even though the bitcoins themselves aren't trackable, your online activity is directly observeable.
Hah, Manchin is a clown
"As of December 2013, the Consumer Price Index (CPI) shows 1.3% inflation, while a recent media report indicated Bitcoin CPI has 98% deflation. In other words, spending Bitcoin now will cost you many orders of wealth in the future. This flaw makes Bitcoin’s value to the U.S. economy suspect, if not outright detrimental."
Nothing is funnier than when politicians and corporate bureaucrats start clamoring to make "informed" decisions on technologies they don't understand.
https://www.forbes.com/sites/billybambrough/2021/04/14/tesla-billionair…
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