Topic: Just a question? (Read 1183 times)

I love the chess analogy!! I to feel it's a matter of when not if so glad to hear someone else say the same but in such an interesting way.
 

Hello again Money Raccoon,


What makes life so fun is the uncertainty of the future.

When two grandmasters of chess sit down at a table, you have no idea who is going to win. It doesn't mean that either one of them should be scared of the challenge.
What we have right now is the government as one grandmaster versus civilians as the other grandmaster.

The government's sole purpose is control. Yielding to Bitcoin would mean yielding financial control. It's not a question of "If" the government will say NO, it's a matter of when.

So when the government says no, the chess game begins.

The reason why Bitcoin exists and is thriving is because there is a demand for it. If government didn't have as much control as they do right now, and if they didn't have a monopoly over the money, and if they weren't actively engaged in debasing the currency through quantitative easing, and if they had a balanced budget, I don't think people would be so excited about Bitcoin. The currency already in existence would be good enough.


This goes around to the bigger game of liberty versus tyranny. If the government wins this battle over bitcoin and the people, then the people will live in tyranny since they are not strong enough to control their government. If the government loses over bitcoin because of the people, then we certainly see more freedom and liberty.

I hope this helps illuminate the situation a little.

Hi GeniuSxBoY ,

Sorry, maybe you miss interpreted my question. I meant, what if the Government(s) said 'NO' to bitcoin and put an embargo on BTC? Surely, this would see a lot of people off loading BTC in favor of other investments thus lowering the market value and forcing BTC market into a type of illicit underground money trading operation (not literally). They could also run a smeer campaign on BTC and lets be honest, Governments can do that. This would be my fear so I posted the question to see is this a valid concern and hear educated responses.

Thanks for your response by the way. I'd like to hear your thoughts again.

Money Raccoon. I will answer your question in as few sentences as possible.


If bitcoin is picked up by the government, I bet your major concern is that the government will print money to buy bitcoin or implement a bitcoin tax to try to collect and  control 50% of the bitcoin market.

The natural law of supply and demand will prevent it. The less coins available the higher the value, the more fiat it will take to buy it. They will debase their own currency while they collect 50% of bitcoin.

 As the coins are picked up by the government (and hoarded), they'll find that operating costs will make them spend bitcoin. Unlike fiat, they can't print bitcoin. Therefore they can only spend bitcoin that they have in their account. This will fix the debt problem.

 There's no way they can spend into debt with bitcoin, unless they produce a bitcoin fiat. The same thing they did with gold.

Still don't feel safe? There is a second line of defense.

If hypothetically, the government DOES manage to own 50% of the bitcoin commodity and you lose trust in it, then individuals can simply migrate to another altcoin.
Be sure to make sure the government never implements a law that outlaws competing currencies. That is a huge red flag for tyranny because the only reason a government would implement this is for control and monopoly over the currency.

But I never said "I told you!". I wasn't even gloating. I simply answered the question I was asked and said I'll get back in when the right opportunity arises.

You will wait for 800, or 900 ?
Its always easy to say "I told you!" when you happen to be right. Even broken clock is right two times a day...

Yeah, I dumped 100% when I seen the inevitable unfold, making some dollar on the way down. I'll get back in when the right opportunity arises. This fall has a long way to go yet!

Maybe temporarily out and buying back lower...

Nope, I don't want out.

looks like you looking for affirmation wobbler. fudge me, cash out and bank it for your family for fck's sake.

fudge it I give up.

100% out?

I think China is giving me a good indication of what'll happen. Glad I got out at over $1000

Thanks though Wobber

There's an influx of emotional noobs lately and I find it futile to communicate with them. If you're in since $30, you've been here enough to understand.

As for your concern, I do not think they'll slowly sell. They are gonna make an auction after the trial. Also, even if they ban it, prohibit it, etc, the value will go down temporarily, as a consequence. But then the price will go massively up.

Well I've looking on this site for about a year and I first got into BTC at about $30. I was around for the Apr crash. Safe to say I have more experience than you would think and there's also little point judging me as it doesn't help answer my question or concern. Thanks.

How much BTC do you have? Because it seem you're new to it.

While Bitcoin is decentralized, the success of BTC for eCommerce rely on businesses adopting BTC, exchanges dealing with banks and Governments adopting BTC as a viable currency. My biggest fear of the three would be the Governments participation. We know that the US Government has a lot of coins that it confiscated and perhaps more. We also know potential risk of loss a lot of tax revenue through money laundering and tax avoidance. I'm curious to know what is the likelihood that the US Government will slowly sell the coins they have confiscated before banning the currency and banks from trading with exchanges, thus crippling BTC growth and inevitable crashing the whole market?

Are these not valid concerns seeing China, the European Union and the US have all voice concerns about BTC? Point of note: I have BTC and I love the idea. I'm just curious to hear educated feedback.