Topic: Is Bitcoin losing its purpose? - page 8. (Read 1136 times)
True that bitcoin was intended to be a P2P electronic cash alternative, but as time went by people realized that bitcoin also works well as a store of value, hence why a lot of people cared about the price of bitcoin more than its status as an alternative way to pay whatever they purchased online. It is almost inevitable that bitcoin will get regulated one way or the other, though that per se, IMO, does not lessen or change bitcoin's purpose.
Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.
I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.
If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.
The plans of government have always been this, where the world is moving more and more towards tracking and data collection, there is no chance governments are giving you free hand in your financial transactions, this data relating to your incomes and expenses alone is so monetizable for your banks and credit card companies these days. But these things set apart, I think Bitcoin's utility trajectory isn't going to be as Parabolic as its price chart, that's for sure. The main reason is that the mindset of the retail investors, today the mindset regarding cryptocurrencies isn't like an alternate currency but more like a tool for investment, and trust me 90% of them will support this ban on anonymous transactions because then investment in these currencies would become even easier but how profitable that only time will tell, because reducing utility of bitcoin would make its price just a bubble. Quote
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” -Satoshi Nakamoto
...
With this new U.S. infrastructure bill (now moved to the House of Representatives which is on recess until September 20), the EU’s plans to track all bitcoin transactions and ban anonymous wallets, the massive momentum CBDCs are gaining worldwide as countries responsible for 90% of the world’s GDP research and trial them — it is clear we are on the cusp of something unprecedented. Even the sacred realm of decentralized finance (defi) is no longer safe, with U.S. Securities and Exchange Commission Chairman Gary Gensler recently calling for more authority to regulate defi.
Contrary to Satoshi’s vision for peer-to-peer electronic cash without the need for a financial institution, the picture taking shape is one instead of complete, centralized, coercive control of private finance. Privacy and autonomy in money, in other words, are being made out as relics to be traded in for antiquated ideas of kings ruling peasants, disguised as modern and sensible “regulation.”
...
With this new U.S. infrastructure bill (now moved to the House of Representatives which is on recess until September 20), the EU’s plans to track all bitcoin transactions and ban anonymous wallets, the massive momentum CBDCs are gaining worldwide as countries responsible for 90% of the world’s GDP research and trial them — it is clear we are on the cusp of something unprecedented. Even the sacred realm of decentralized finance (defi) is no longer safe, with U.S. Securities and Exchange Commission Chairman Gary Gensler recently calling for more authority to regulate defi.
Contrary to Satoshi’s vision for peer-to-peer electronic cash without the need for a financial institution, the picture taking shape is one instead of complete, centralized, coercive control of private finance. Privacy and autonomy in money, in other words, are being made out as relics to be traded in for antiquated ideas of kings ruling peasants, disguised as modern and sensible “regulation.”
I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.
If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.
If anyone against CBDC, the person is also againsting Fiat, Bitcoin is not DeFi, Bitcoin is also not a replacement but an alternative, Fiat is inflationary while Bitcoin is deflationary, appreciative and increase in value, while you can make use of it and have privacy, unlike Fiat or CBDC, but there are many reasons we may still need Fiat or CBDC which are legal tender. But Bitcoin as an asset, also as money and appreciate in value over time.
If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all?
Why linking or relating Bitcoin with DeFi? They are two different things, Bitcoin is a complete decentralized digital asset. 
Defi has nothing to do with bitcoin in the first place. Defi has been a scam just like NFT. These are different projects than bitcoin. Bitcoin on layer 1 cannot function as a currency though, that's not a secret however it works quite well as a store value. If you want to pay fast without waiting just use your credit card.
Don't spread the fake or negative news about the bitcoin in the forum.Because still had his originality and many new people investing their money blindly. Even in stock market, they will investigation the stock and then inverse their money.But bitcoin is different, many people invest blindly.
Europe has never cared about privacy, so anonymous tracking or banning of anonymous wallets isn't something that surprises me.
The US infrastructure bill isn't too much about tracking, it's just a dumb way to make sure everyone pays their "fair share" to the cows in the US government. They're forcing intermediaries like miners or 3rd party platforms to fill out IRS forms so they can be taxed, not much about privacy, they just want to dip their greedy hands in the crypto world because they are hemorrhaging money and want to cover themselves for spending 1.2 trillion dollars with an inflation rate already over 5 percent.
The US infrastructure bill isn't too much about tracking, it's just a dumb way to make sure everyone pays their "fair share" to the cows in the US government. They're forcing intermediaries like miners or 3rd party platforms to fill out IRS forms so they can be taxed, not much about privacy, they just want to dip their greedy hands in the crypto world because they are hemorrhaging money and want to cover themselves for spending 1.2 trillion dollars with an inflation rate already over 5 percent.
Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.
I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.
If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.
Quote
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” -Satoshi Nakamoto
...
With this new U.S. infrastructure bill (now moved to the House of Representatives which is on recess until September 20), the EU’s plans to track all bitcoin transactions and ban anonymous wallets, the massive momentum CBDCs are gaining worldwide as countries responsible for 90% of the world’s GDP research and trial them — it is clear we are on the cusp of something unprecedented. Even the sacred realm of decentralized finance (defi) is no longer safe, with U.S. Securities and Exchange Commission Chairman Gary Gensler recently calling for more authority to regulate defi.
Contrary to Satoshi’s vision for peer-to-peer electronic cash without the need for a financial institution, the picture taking shape is one instead of complete, centralized, coercive control of private finance. Privacy and autonomy in money, in other words, are being made out as relics to be traded in for antiquated ideas of kings ruling peasants, disguised as modern and sensible “regulation.”
...
With this new U.S. infrastructure bill (now moved to the House of Representatives which is on recess until September 20), the EU’s plans to track all bitcoin transactions and ban anonymous wallets, the massive momentum CBDCs are gaining worldwide as countries responsible for 90% of the world’s GDP research and trial them — it is clear we are on the cusp of something unprecedented. Even the sacred realm of decentralized finance (defi) is no longer safe, with U.S. Securities and Exchange Commission Chairman Gary Gensler recently calling for more authority to regulate defi.
Contrary to Satoshi’s vision for peer-to-peer electronic cash without the need for a financial institution, the picture taking shape is one instead of complete, centralized, coercive control of private finance. Privacy and autonomy in money, in other words, are being made out as relics to be traded in for antiquated ideas of kings ruling peasants, disguised as modern and sensible “regulation.”
I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.
If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.
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