BITCOIN AS A COMMODITY: IS THIS ANOTHER ATTEMPT AT SUBVERSION?

miyaka26

full member

Activity: 476

Merit: 105

Quote from: amishmanish on November 16, 2017, 11:20:52 PM

Quote from: lucashunter on November 16, 2017, 04:37:28 AM

Buddy I tell you the more the bankers try to undervalue Bitcoin, the more the coin keeps growing in value. It is obvious they won't want it to survive; it is a new concept to them, sooner or later they will get to flow along with it.

The way things are going on right now with bitcoin value being inflated by CME announcements and institutional investors moving in, It looks like the powers that be have done something more insidious than subversion. Its like bitcoin has been co-opted as the latest entrant to this club of the elites.

The same thing repeats that people with majority holdings (Early adopters/ whales who had money to buy during FUDs) see their wealth grow by leaps and bounds as the small investors try to catch up and scrape their savings to buy those mBTC. All the while, the price keeps being manipulated by big buy-walls all the time.

Its really sad and its definitely not the small guys game anymore. But hey, that happens with every new tech right, so no complaints really.

The more the price increases the less the chance for the small investors and baby whales to catch up and that will be the game of this cryptocurrency, btc gave us a chance while it is so much cheaper and affordable even in big dumps that happens last months and the last weeks BCH drama/FUD's by now btc is growing up to $8000 going for 10k speculated by the majority

CME announcements about the launch of bitcoin futures trading and the testing will have a big role why the price is increasing these days.

jekjekman

sr. member

Activity: 378

Merit: 250

I think almost all of the thing that is worth of an investment is you can consider Bitcoin, I believe it is worth to hold it in a long term basis than to spend it like a currency. Bitcoin created many potential income in the whole world and it also opens up a big virtual market that is involve by a huge market capitalization now and we can't stop it to grow now.

Bankers are mad with Bitcoin as they see it as a threat now and in the future for them because Bitcoin offers a much more greater investment power and usage convenience to the people.

jaysabi

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Activity: 2044

Merit: 1115

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Quote from: amishmanish on November 06, 2017, 03:52:48 AM

So, the bankers say that they cannot accept Bitcoin as a currency in the way it is defined by the BIS (Bank of International Settlement).

This can be seen as a clever way to lessen the potential of bitcoin/ cryptocurrencies to replace fiat and to ensure that the supremacy of central banks is maintained.
If you make it a commodity, you pay Fiat to trade in bitcoin and treat it as a good like copper, gold or petroleum. But nobody uses copper to go buy a car or buy a coffee right? Is this what they intend to do??

What do you think would be the impact if bitcoin is treated as a commodity vs a currency? I think it has reached a stage where it does matter what bank/ regulatory authorities say about bitcoin.
https://www.cryptocoinsnews.com/south-koreas-central-bank-chief-bitcoin-commodity-not-currency/

Regardless of what the central banks consider it to be, the far more important point is that everyone treats it like a commodity and not a currency. There's no conspiracy by the central banks, this is just the de facto situation. Nobody uses it as a currency. It's a store of value or get rich quick speculative asset. Bottom line: it's a commodity, and will be a commodity as long as people continue to treat like they do.

ladydark

hero member

Activity: 686

Merit: 500

If bitcoin gets treated as a commodity,then it would not be used in mainstream.It would be just bought as like gold and stored.But no payment with it.Bankers want to minimize the importance of bitcoin by not accepting it as a currency.Even though,bitcoin is mostly bought as a commodity nowadays,its growing acceptance as payment by many companies is also a reason for its increase in demand and value.

amaral1977

sr. member

Activity: 686

Merit: 250

Quote from: amishmanish on November 06, 2017, 03:52:48 AM

So, the bankers say that they cannot accept Bitcoin as a currency in the way it is defined by the BIS (Bank of International Settlement).

This can be seen as a clever way to lessen the potential of bitcoin/ cryptocurrencies to replace fiat and to ensure that the supremacy of central banks is maintained.
If you make it a commodity, you pay Fiat to trade in bitcoin and treat it as a good like copper, gold or petroleum. But nobody uses copper to go buy a car or buy a coffee right? Is this what they intend to do??

What do you think would be the impact if bitcoin is treated as a commodity vs a currency? I think it has reached a stage where it does matter what bank/ regulatory authorities say about bitcoin.
https://www.cryptocoinsnews.com/south-koreas-central-bank-chief-bitcoin-commodity-not-currency/

I think BTC will e something like a comodity or a store of value asset. But it will be an updrade because you will be able to use to buy stuff. What it´s being difficult to BTC is to escalate to an everyday currency . That you use to buy a cup of coffee or something. But tech is evolving and we will see what the future has for has. One thing is for sure. the future has crypto.

olushakes

sr. member

Activity: 476

Merit: 254

Quote from: amishmanish on November 06, 2017, 03:52:48 AM

So, the bankers say that they cannot accept Bitcoin as a currency in the way it is defined by the BIS (Bank of International Settlement).

This can be seen as a clever way to lessen the potential of bitcoin/ cryptocurrencies to replace fiat and to ensure that the supremacy of central banks is maintained.
If you make it a commodity, you pay Fiat to trade in bitcoin and treat it as a good like copper, gold or petroleum. But nobody uses copper to go buy a car or buy a coffee right? Is this what they intend to do??

What do you think would be the impact if bitcoin is treated as a commodity vs a currency? I think it has reached a stage where it does matter what bank/ regulatory authorities say about bitcoin.
https://www.cryptocoinsnews.com/south-koreas-central-bank-chief-bitcoin-commodity-not-currency/

Whatever the law, policy, definitions, charters etc that they are relying on or hiding under in other to limit the continued influence of bitcoin can not last long. We have seen review of policies and the surprising thing is that when you want to win a battle, you don't fight ay ow level the victory comes from the high up which means by the time the acceptance of bitcoin is being made by large conglomerate, that policy they are relying upon will therefore be reviewed thereafter they will have no option than to accept bitcoin irrespective of their feeling for otherwise.

soham

sr. member

Activity: 406

Merit: 250

Organized financial institutions, specially Banks have started seeing bitcoin as a threat to their business. With 124 billion USD in market cap, bitcoin has given them headache. Because this huge amount of money has been filtered out from the conventional banking channel. This is a huge loss for them. So they will try to maintain their supremacy on public money and will definitely try to discourage us from using bitcoin or any other crypto currency.

But bitcoin as a commodity is also good and will have a positive impact on the crypto community if it happens. A commodity still can be used to purchase anything if the seller is willing to have it. So I see no issue in there. But if the big banks are ready to accept bitcoin as a commodity, I believe it will be another step up for us to become main stream.

amishmanish

legendary

Activity: 1876

Merit: 1157

Quote from: lucashunter on November 16, 2017, 04:37:28 AM

Buddy I tell you the more the bankers try to undervalue Bitcoin, the more the coin keeps growing in value. It is obvious they won't want it to survive; it is a new concept to them, sooner or later they will get to flow along with it.

The way things are going on right now with bitcoin value being inflated by CME announcements and institutional investors moving in, It looks like the powers that be have done something more insidious than subversion. Its like bitcoin has been co-opted as the latest entrant to this club of the elites.

The same thing repeats that people with majority holdings (Early adopters/ whales who had money to buy during FUDs) see their wealth grow by leaps and bounds as the small investors try to catch up and scrape their savings to buy those mBTC. All the while, the price keeps being manipulated by big buy-walls all the time.

Its really sad and its definitely not the small guys game anymore. But hey, that happens with every new tech right, so no complaints really.

lucashunter

member

Activity: 125

Merit: 10

Buddy I tell you the more the bankers try to undervalue Bitcoin, the more the coin keeps growing in value. It is obvious they won't want it to survive; it is a new concept to them, sooner or later they will get to flow along with it.

amishmanish

legendary

Activity: 1876

Merit: 1157

So, the bankers say that they cannot accept Bitcoin as a currency in the way it is defined by the BIS (Bank of International Settlement).

This can be seen as a clever way to lessen the potential of bitcoin/ cryptocurrencies to replace fiat and to ensure that the supremacy of central banks is maintained.
If you make it a commodity, you pay Fiat to trade in bitcoin and treat it as a good like copper, gold or petroleum. But nobody uses copper to go buy a car or buy a coffee right? Is this what they intend to do??

What do you think would be the impact if bitcoin is treated as a commodity vs a currency? I think it has reached a stage where it does matter what bank/ regulatory authorities say about bitcoin.
https://www.cryptocoinsnews.com/south-koreas-central-bank-chief-bitcoin-commodity-not-currency/

Topic: BITCOIN AS A COMMODITY: IS THIS ANOTHER ATTEMPT AT SUBVERSION? (Read 253 times)