Merchant adoption is increasing and with that, banks existence is becoming obsolete.
Not so far into the future, we will be able to pay taxes and bills directly with crypto.
As for the fixed supply of BTC mentioned by Bulltard, yes it is fixed but it can be infinitely inflated when it comes to price like we see now with Tether printer.
Bubble like this will finally pop, and you'll get true valuation of the project but due to panic sales - it may crumble a lot.
I wouldn't be so worried about the price at that point but more about the security of the network.
Topic: What if Bitcoin was like a stable coin (Read 188 times)
I've heard a lot of stories about this kind of scenario that their funds were frozen by the bank because they can't provide any proof where it came from.
But if you have got one, you have nothing to worry about.
But if you have got one, you have nothing to worry about.
You shouldn't be required to prove anything, if they think money came from illegal source they should prove it - not you that it isn't.
And mostly they first freeze your account and then ask questions, so it's more like an extortion of information.
That's why I don't trust them anymore with big sums, If I buy something expensive I buy it in installments so the bank never owns substantial amount of my money.
If they freeze one of my installments, I will send my lawyer on them and create account in different bank.
It's how they become rich and I agree with you that don't trust them with big amounts of money. If you are planning to save a lot for your future, put it into an asset that's liquid.
Not put your entire cash and network through a bank, you don't know what policy they'll modify without any further notice.
I've heard a lot of stories about this kind of scenario that their funds were frozen by the bank because they can't provide any proof where it came from.
But if you have got one, you have nothing to worry about.
But if you have got one, you have nothing to worry about.
You shouldn't be required to prove anything, if they think money came from illegal source they should prove it - not you that it isn't.
And mostly they first freeze your account and then ask questions, so it's more like an extortion of information.
The only people who should ask this questions are the people from tax office, banks are abusing it's powers at this moment.
That's why I don't trust them anymore with big sums, If I buy something expensive I buy it in installments so the bank never owns substantial amount of my money.
If they freeze one of my installments, I will send my lawyer on them and create account in different bank.
Another problem is when you're going to sell a lot from your portfolio, the exchange might even ask you for more additional documents/kyc.
The best strategy is to do it in stages, I don't send big sums anymore to the exchanges after all what was happening.
I now do it in maximum of 5k USD worth of coins, after I receive money in my bank account - I repeat until I get my desired amount.
It can sometimes takes weeks but better than being frozen for months (or forever) and begging doing monkey tricks in front of exchange with all the KYC nonsense.
There's always the possibility of your bank account freezing the funds, you could withdraw it after each step but I don't like dealing with physical money.
That's another reason I have my money in cryptocurrency, no one can freeze it and I can use whatever bank / country I want if I need to use FIAT.
I have the upper hand, not them.
The banks are always monitoring each of our accounts and as long as you're good in the threshold that they set for each customer that they have, you won't trigger their alarm for something suspicious.That's another reason I have my money in cryptocurrency, no one can freeze it and I can use whatever bank / country I want if I need to use FIAT.
I have the upper hand, not them.
I've heard a lot of stories about this kind of scenario that their funds were frozen by the bank because they can't provide any proof where it came from.
But if you have got one, you have nothing to worry about.
and get taxed on it? fuck no. might as well hold fiat.
and no, the price won't "settle down". unless the US decides to burn their $, that won't happen.
btc supply: 21m
$ supply: infinity
no need to be an economist to understand that
and no, the price won't "settle down". unless the US decides to burn their $, that won't happen.
btc supply: 21m
$ supply: infinity
no need to be an economist to understand that
You will pay taxes anyway or end up in jail.
Even if you never trade to FIAT, they will still catch you.
You buy a car - they will want to know the source of funds, etc.
As for the price, you're in for surprise. It's not that simple and you actually have to be economist to understand it.
everyone will still choose Bitcoin for their investment
Not everyone uses gold for investment, why you think Bitcoin will be better than gold in this respect ?
The current Bitcoin price is very immune to inflation and is also unlikely to go to zero again.
It is still a very volatile asset and going below what's needed to secure the network by miners is what I would consider zero.
The cost to mine only increases with time due to energy costs, regulations attacking Bitcoin miners and dropping reward with not enough transaction fees to replace it.
If miners start dropping the difficulty will adjust but the security of the network will be in danger.
In other words, Bitcoin has become a safe haven for rich people to protect their money from a possible decline in value
In the older days, "safe haven" was not as much referring to price but to being hidden from the eyes of government because there is always a risk of unlawful seizures.
For that matter I wouldn't call Bitcoin a safe haven, as we have seen with recent examples - Bitcoin can be seized, by marking them and the government can easily trace it.
You use this marked coins and you end up in jail.
Because of that, I wouldn't feel safe at all having my money on transparent blockchain.
If the price of Bitcoin didn't appreciate in FIAT, would you still hold it and for what reason.
How much your portfolio would change ?
At some point in the future, the price may settle down and the gains of 10x (or any x) will only be a dream.
What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
This is a hypothetical question, we assume this to be true for the discussion - we're not trying to abolish it
PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
How much your portfolio would change ?
At some point in the future, the price may settle down and the gains of 10x (or any x) will only be a dream.
What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
This is a hypothetical question, we assume this to be true for the discussion - we're not trying to abolish it
PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
and get taxed on it? fuck no. might as well hold fiat.
and no, the price won't "settle down". unless the US decides to burn their $, that won't happen.
btc supply: 21m
$ supply: infinity
no need to be an economist to understand that
In fact, your topic is suitable to be put on the Bitcoin discussion board lol
in fact, even though the Bitcoin price will move towards a more stable price, everyone will still choose Bitcoin for their investment. The current Bitcoin price is very immune to inflation and is also unlikely to go to zero again. In other words, Bitcoin has become a safe haven for rich people to protect their money from a possible decline in value
in fact, even though the Bitcoin price will move towards a more stable price, everyone will still choose Bitcoin for their investment. The current Bitcoin price is very immune to inflation and is also unlikely to go to zero again. In other words, Bitcoin has become a safe haven for rich people to protect their money from a possible decline in value
Another problem is when you're going to sell a lot from your portfolio, the exchange might even ask you for more additional documents/kyc.
The best strategy is to do it in stages, I don't send big sums anymore to the exchanges after all what was happening.
I now do it in maximum of 5k USD worth of coins, after I receive money in my bank account - I repeat until I get my desired amount.
It can sometimes takes weeks but better than being frozen for months (or forever) and begging doing monkey tricks in front of exchange with all the KYC nonsense.
There's always the possibility of your bank account freezing the funds, you could withdraw it after each step but I don't like dealing with physical money.
That's another reason I have my money in cryptocurrency, no one can freeze it and I can use whatever bank / country I want if I need to use FIAT.
I have the upper hand, not them.
Wow, you must be rich now but still able to explore things and trying to find some gems again through different projects.
Being rich and being your own bank when it comes to cryptocurrencies is another problem, you'll have to be very careful because you don't want this information to be leaked to criminals.
The "five dollar wrench attack" I'm sure everyone is familiar with is very real and the more money you have, the higher the rank of criminals that will be interested with you so the wrench will become a gun at some point.
And if you pay taxes from crypto, you must assume this information has already leaked because people working there has been caught in the past for leaking information.
That's why I don't even mow the lawn in my backyard without a gun, being your own bank is a good thing but also a big threat.
When cryptocurrencies will be as common as having paypal account, criminals will assume you have one so flashing your wealth is not a good idea.
Seeing how many crypto holders have their "laser eye" avatars on social media is a bit disturbing, I think they don't realize how real this threats are.
I guess, that's the price of freedom.
But in reality, not all of us are rich. We can be well off in life and able to achieve our dream things but it's not that extravagant and way super rich for which is playing in their minds.
Another problem is when you're going to sell a lot from your portfolio, the exchange might even ask you for more additional documents/kyc.
Still it doesn't eliminate the fact we don't have to rely on banks to make transactions especially when you want to send money to someone who lives in other part of the world can find Bitcoin is more convenient as well as economical than traditional banking system cause which takes huge fee as commission and also take couple of days.
Another great thing about cryptocurrencies is that you can send money in weekends and holidays, this is a great value and a big disadvantage for regular banking system.
I also don't like the fact that banks have many hidden operating fees.
Wow, you must be rich now but still able to explore things and trying to find some gems again through different projects.
Being rich and being your own bank when it comes to cryptocurrencies is another problem, you'll have to be very careful because you don't want this information to be leaked to criminals.
The "five dollar wrench attack" I'm sure everyone is familiar with is very real and the more money you have, the higher the rank of criminals that will be interested with you so the wrench will become a gun at some point.
And if you pay taxes from crypto, you must assume this information has already leaked because people working there has been caught in the past for leaking information.
That's why I don't even mow the lawn in my backyard without a gun, being your own bank is a good thing but also a big threat.
When cryptocurrencies will be as common as having paypal account, criminals will assume you have one so flashing your wealth is not a good idea.
Seeing how many crypto holders have their "laser eye" avatars on social media is a bit disturbing, I think they don't realize how real this threats are.
I guess, that's the price of freedom.
I use different project because Bitcoin does not provide what I'm looking for.
For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
Tax office and people who work there know how much I sold, that's it.
For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
Tax office and people who work there know how much I sold, that's it.
Still it doesn't eliminate the fact we don't have to rely on banks to make transactions especially when you want to send money to someone who lives in other part of the world can find Bitcoin is more convenient as well as economical than traditional banking system cause which takes huge fee as commission and also take couple of days.
I use different project because Bitcoin does not provide what I'm looking for.
For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
You're right with that, if it's about privacy there's a stronger one from other projects that are more focused to it.For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
Tax office and people who work there know how much I sold, that's it.
Wow, you must be rich now but still able to explore things and trying to find some gems again through different projects.
I use different project because Bitcoin does not provide what I'm looking for.
For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
Tax office and people who work there know how much I sold, that's it.
For me the value comes from strong privacy, the fact that no one knows how much I have.
In Bitcoin this information, even if very careful - could leak.
Tax office and people who work there know how much I sold, that's it.
It's been moved to off topic.
I have created it in the "off-topic", just wondered if it shouldn't be elsewhere but I think it's ok
Thank you for joining discussion, It is interesting what people think about the value proposition outside FIAT.
Don't mention it, it's a discussion and hopefully others also join and say what think about it. It will also be meaningful if you say something about your own topic. It's been moved to off topic.
I have created it in the "off-topic", just wondered if it shouldn't be elsewhere but I think it's ok
Thank you for joining discussion, It is interesting what people think about the value proposition outside FIAT.
If the price of Bitcoin didn't appreciate in FIAT, would you still hold it and for what reason.
Yes, there were even a lot of decrease through bear markets before and I did held.How much your portfolio would change ?
Totally a lot, and I'm happy to see the increase of it in paper overtime.At some point in the future, the price may settle down and the gains of 10x (or any x) will only be a dream.
What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
The dictation of the people about its value still remains it as a premium. And we've been there for how many times and everyone stayed. What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
It's not a problem about tainted coins, a bitcoin = bitcoin.
This is a hypothetical question, we assume this to be true for the discussion - we're not trying to abolish it
PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
It's been moved to off topic. PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
If the price of Bitcoin didn't appreciate in FIAT, would you still hold it and for what reason.
How much your portfolio would change ?
At some point in the future, the price may settle down and the gains of 10x (or any x) will only be a dream.
What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
This is a hypothetical question, we assume this to be true for the discussion - we're not trying to abolish it
PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
How much your portfolio would change ?
At some point in the future, the price may settle down and the gains of 10x (or any x) will only be a dream.
What will be the reason for people to join in if there are no financial gains, huge fees and some other issues that come with it ? (lack of privacy, tainted coins, etc.)
This is a hypothetical question, we assume this to be true for the discussion - we're not trying to abolish it
PS. I think I have chose the wrong place for this post as this is related to Bitcoin so not "Off-topic", if so - feel free to move it and sorry for the problem.
Jump to: