Quote from: Pauws99 on October 13, 2017, 16:36

"That is unless an underlying and unforeseeable flaw in the tech is found, in which case bye bye bitcoin." You can bet there's some very clever people looking for just that.....

I think it was probably a group of people that invented bitcoin and they were almost certainly much smarter than the people that are currently keeping most of the fiat currencies going.  Even I can see the underlying flaw that might well cause most of the big fiat currencies to fail.  This might be scaremongering but it's an interesting read https://dailyreckoning.com/fiat-currency/

How do you know the creators don't know the flaw?

The way I see it, bitcoin is just as fiat as government backed currencies. The only difference is decentralization. Right now it it still rather exotic, but the moment bitcoin (or any other similar product) becomes sufficiently trusted, stable and as popular as any local currency, the respective government isn't gonna just say, ah, the hel* with monetary policies, we give up. It's gonna be either criminalized or something similarly drastic is going to happen. So just make sure you sell it 1 hour before that happens.

The way I see it, bitcoin is just as fiat as government backed currencies. The only difference is decentralization. Right now it it still rather exotic, but the moment bitcoin (or any other similar product) becomes sufficiently trusted, stable and as popular as any local currency, the respective government isn't gonna just say, ah, the hel* with monetary policies, we give up. It's gonna be either criminalized or something similarly drastic is going to happen. So just make sure you sell it 1 hour before that happens.

China banned bitcoin exchanges and a few weeks later, its gone up another $1,000.  I think the only way to ban bitcoin is to turn off the internet, do you think governments can afford to do that?  Monetary policy has been used to delay inevitable problems and is making them worse.  Does anyone really think that governments continuously spending much more than they bring in, printing more and more currency and raising debt ceilings to levels that are astronomical is sustainable in the long term?

Central banks make monetary policy in the US, UK, eurozone. Not governments.

Well, in my country it's a state-owned enterprise. I am pretty sure they don't act independently.

Anywhere else, I doubt if there is a [perceived] financial crisis, the government will act in total conflict with the central bank.  Everything will be negotiated according to the interest of parties involved.

Quote from: sharpshot on October 26, 2017, 08:21

Quote from: niktol on October 26, 2017, 07:23

The way I see it, bitcoin is just as fiat as government backed currencies. The only difference is decentralization. Right now it it still rather exotic, but the moment bitcoin (or any other similar product) becomes sufficiently trusted, stable and as popular as any local currency, the respective government isn't gonna just say, ah, the hel* with monetary policies, we give up. It's gonna be either criminalized or something similarly drastic is going to happen. So just make sure you sell it 1 hour before that happens.

China banned bitcoin exchanges and a few weeks later, its gone up another $1,000.  I think the only way to ban bitcoin is to turn off the internet, do you think governments can afford to do that?  Monetary policy has been used to delay inevitable problems and is making them worse.  Does anyone really think that governments continuously spending much more than they bring in, printing more and more currency and raising debt ceilings to levels that are astronomical is sustainable in the long term?

Doesn't matter what one thinks, if it's declared illegal, it's illegal. There's gonna be fines and sentences. And police forces to make sure you are where you are supposed to be. Try mess with IRS (I presume you are from the US), and face the consequences sooner or later, doesn't matter what you think about exorbitant income taxes.

You don't have to wait to do something what's considered illegal in your country if you take that Pablo Escobarish stance. There are many opportunities out there, a lot more profitable than stock photography.

I think it would be unenforceable without turning off the entire internet.  Do you think everyone using bitcoin is a tax dodger?  It's easier to track than cash-in-hand, the IRS are probably more keen to see bitcoin succeed, if it reduces people using cash-in-hand.  I'm from the UK and if I make any money from cryptocurrency, it will go on my tax form.

Others on the China ban list are Facebook, Google, Twitter and YouTube.  Doesn't seem to of done any harm to them.  I don't think it will be easy to ban in a democratic country.

It's easier to track than cash-in-hand, the IRS are probably more keen to see bitcoin succeed, if it reduces people using cash-in-hand.

They should first stop clinging on the penny, most probably one the few coins in the world that's more expensive to produce than its worth.
And what about that big debate about whose face should be on the dollar bill? How is that relevant, if physical money is not a priority?

Besides these, rest assured: the government loves the monopoly they enjoy in the money issuing business. It is in their interest to protect their privilege.
They will always go out of their way to ban their competition and enforce their monopoly by all means, including violence. I have no doubt that the IRS will hunt you down and lock you up for money laundering, as soon as you become a threat to their business.

Oh, these internet times are so sweet

Watching people without basic education in economy talking about macroeconomics and monetary policies. Because they read something on the internet written by another moron like them. You guys just make me laugh.

I guess in these sweet internet times, everyone became expert in everything.

Geezuz dude, that's some angry post, out of nowhere. Do you need a hug? People are just talking, noone is trying to lecture governments or anything.

Oh, these internet times are so sweet

Watching people without basic education in economy talking about macroeconomics and monetary policies. Because they read something on the internet written by another moron like them. You guys just make me laugh.

I guess in these sweet internet times, everyone became expert in everything.

Does anyone really understand economics?  I'll give you one of my favourite quotes from an economist.
"The only function of economic forecasting is to make astrology look respectable."  John Kenneth Galbraith.

Quote from: sharpshot on October 27, 2017, 11:04

Quote from: nicksimages on October 27, 2017, 06:39

Oh, these internet times are so sweet

Watching people without basic education in economy talking about macroeconomics and monetary policies. Because they read something on the internet written by another moron like them. You guys just make me laugh.

I guess in these sweet internet times, everyone became expert in everything.

Does anyone really understand economics?  I'll give you one of my favourite quotes from an economist.
"The only function of economic forecasting is to make astrology look respectable."  John Kenneth Galbraith.

Yes, it's like sports betting on the "trends" which are just a collection of after the fact data and have almost no effect on the future of a game. I always thought VooDoo and economics predictions had something in common? 

Honestly some principles of economics do hold true, just that there are so many variables and unpredictable facets that a clear look into the future is uncertain.

This is what makes Bitcoin so risky.....the fact that it has risen steeply in the past says nothing about what will happen in the future.