These "low transaction costs" were a joke from the beginning, as nobody wants to hold onto bitcoins (tokens masquerading as money).
The spread (buying and selling bitcoins for dollars) and high volatility result in high! transaction costs guys.
I explained this in the OP already. And dont assume that the volatility will stop: Artificial agreements to trade useless tokens that nobody wants, for goods are always volatile. Its in the nature of this artificial agreement (I have adressed this already: https://bitcointalksearch.org/topic/m.3926046). Also, most of the people buying bitcoins are speculators, buying because they think they will get rich.
Topic: Why Bitcoin will collapse in price. - page 6. (Read 24607 times)
Absolutely useless "money" as it is a lousy store of value and its only advantage (low transaction costs) is being killed by capital gains taxes and regulation. Capital gains taxes and regulation are a death threat to bitcoin.
sorry, you see any legal alternative to capital gains taxes? The market is comparasion between alternatives.As long as capital gains taxes are on the book, we wont have media of exchange competition. Not that bitcoin tokens would win out. Real money that can be transacted digitally is the way of the future. Real money can only come, ones the public realizes that government is not the answer.
False. Reread the threat. There is a reason why we dont have media of exchange competition.
Absolutely useless "money" as it is a lousy store of value and its only advantage (low transaction costs) is being killed by capital gains taxes and regulation. Capital gains taxes and regulation are a death threat to bitcoin.
sorry, you see any legal alternative to capital gains taxes? The market is comparasion between alternatives.As long as capital gains taxes are on the book, we wont have media of exchange competition. Not that bitcoin tokens would win out. Real money that can be transacted digitally is the way of the future. Real money can only come, ones the public realizes that government is not the answer.
Absolutely useless "money" as it is a lousy store of value and its only advantage (low transaction costs) is being killed by capital gains taxes and regulation. Capital gains taxes and regulation are a death threat to bitcoin.
sorry, you see any legal alternative to capital gains taxes? The market is comparasion between alternatives.As long as capital gains taxes are on the book, we wont have media of exchange competition. Not that bitcoin tokens would win out. Real money (gold silver and maybe platinum) that can be transferred digitally is the way of the future. Real money can only come, once the public realizes that government is not the answer. Maybe some people will back digital money by some other resource.
Absolutely useless "money" as it is a lousy store of value and its only advantage (low transaction costs) is being killed by capital gains taxes and regulation. Capital gains taxes and regulation are a death threat to bitcoin.
sorry, you see any legal alternative to capital gains taxes? The market is comparasion between alternatives.
Absolutely useless "money" as it is a lousy store of value and its only advantage (low transaction costs) is being killed by capital gains taxes and regulation. Capital gains taxes and regulation are a death threat to bitcoin.
Bitcoin: useless tokens masquerading as money. What a joke.
Bitcoin: useless tokens masquerading as money. What a joke.
"Money is not an abstract unit of account, divorceable from a concrete good; it is not a useless token only good for exchanging; it is not a "claim on society"; it is not a guarantee of a fixed price level. It is simply a commodity. It differs from other commodities in being demanded mainly as a medium of exchange."
MURRAY ROTHBARD
which kind of commodiy?
1 a rare
2 a useless/superfluous one
3 a "shining"/visible/autoadvertising one
If you do not get that historically this kind of commodities were choosen, you do not get bitcoin.
"Norway's director general of taxation, Hans Christian Holte, said the currency "doesn't fall under the usual definition of money." The Norwegian government instead decreed Bitcoin to be an asset upon which capital gains tax can be charged. Bloomberg News says profits from Bitcoin will fall under the wealth tax, and that losses can be deducted. Holte also said there will be a 25 percent sales tax for businesses."
http://www.theverge.com/2013/12/15/5214772/bitcoin-not-real-money-says-norway-government
Lol. Another government using the tactic I predicted. Pay capital gains taxes on your gains= prohibiting bitcoin as a medium of exchange.
http://www.theverge.com/2013/12/15/5214772/bitcoin-not-real-money-says-norway-government
Lol. Another government using the tactic I predicted. Pay capital gains taxes on your gains= prohibiting bitcoin as a medium of exchange.
"Money is not an abstract unit of account, divorceable from a concrete good; it is not a useless token only good for exchanging; it is not a "claim on society"; it is not a guarantee of a fixed price level. It is simply a commodity. It differs from other commodities in being demanded mainly as a medium of exchange."
MURRAY ROTHBARD
See you on the moon guys, you, in a refurbished Apollo, I, in my shiny 10 bedroom intergallactic starship with maximum improbability drive.
So gold is valuable because it's nice to look at. Well, that does sound reasonable and removes that pesky human subjectivity from the equation... You know what else is really pretty?
Tulips. Damn, those blooms are just beautiful.
Tulips. Damn, those blooms are just beautiful.
Pretty sure someone has corrected you on this point already, there is no single central world bank that regulates currency, as such all major governments would have to be on board to destroy the use of cryptos, in any case your proposition is baseless, there is no way for you to know governments are going to ban bitcoins.
I explained it in the OP! Governments protect their monopoly.
Somebody just clarified Chinas position regarding bitcoin:
Quote
"but essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57sQuote
Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
http://youtu.be/rBgQFzyg8pk?t=43m37sBobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
Quote
Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17sBobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
that's an official statement from Bobby Lee of BTC China. 2 follow up questions from the audience answered by Bobby Lee. This clarifies the future of btc in China's economy.
You are naive. More countries will follow suit.
Yawn, great example, believe what you will, if you can provide a reasonable argument indicating bitcoin will collapse I will respond in kind, however you are just posting random tidbits of news that are neither new nor ground breaking, neither do you bother researching the other side of the argument; what governments support BTC ? what are their views ? Research both sides and then let me know.
p.s.
Porc join us. Don't succumb to the socialist hell. Humans with a functioning brain stem, time to wake up while you still can.
I loved this, lol
I want to end my contribution to this thread with this post
We can't trust you, can we ?
Oh God so what should we do, i was going spend lot of money to purchase mining hardwares
Mine the anonymous coin. Click my name, click read my latest posts. Then study.
Mining the anonymous coin wont help.
Lets say this guy lives in the US and the US makes it illegal to mine in the future.
Now if he buys mining equipment and starts the mining process, he will consume energy.
Government officials can go to the energy supplier and check any house that has a high electricity bill.
They will knock on his door and take him into custody.
Microhydropower. Lowest cost energy you can buy. We will change the world. Research it.
Porc join us. Don't succumb to the socialist hell. Humans with a functioning brain stem, time to wake up while you still can.
P.S. You are correct about the Technocracy coming with Smart electric meters that track everything you do. Those who stay in the socialist hell are going to be controlled zombies.
Oh God so what should we do, i was going spend lot of money to purchase mining hardwares
Mine the anonymous coin. Click my name, click read my latest posts. Then study.
Mining the anonymous coin wont help.
Lets say this guy lives in the US and the US makes it illegal to mine in the future.
Now if he buys mining equipment and starts the mining process, he will consume energy.
Government officials can go to the energy supplier and check any house that has a high electricity bill.
They will knock on his door and take him into custody.
Oh God so what should we do, i was going spend lot of money to purchase mining hardwares
Mine the anonymous coin. Click my name, click read my latest posts. Then study.
and those countries will suffer the consequences of their "Fiat inflation"
Pretty sure someone has corrected you on this point already, there is no single central world bank that regulates currency, as such all major governments would have to be on board to destroy the use of cryptos, in any case your proposition is baseless, there is no way for you to know governments are going to ban bitcoins.
I explained it in the OP! Governments protect their monopoly.
Somebody just clarified Chinas position regarding bitcoin:
Quote
"but essentially if bitcoin is not a currency in China and china as a state only recognizes one single currency which is the RMB. therefore all merchants, stores and services can only accept the RMB. since bitcoin is not a currency and not a recognized currency so it's actually a logical conclusion that china for now will not allow goods and services to be sold and paid for by bitcoin" Bobby Lee (CEO of BTC China)"
http://youtu.be/rBgQFzyg8pk?t=21m57sQuote
Audience: Goods/services can not be sold in bitcoin. Im wondering if most investors in china are they expecting that to change?
Bobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
http://youtu.be/rBgQFzyg8pk?t=43m37sBobby Lee: So that’s not going to change anytime soon. The government has made it clear that goods/services can not be priced in btc and can not be sold and paid for in btc. So that’s the current stance. All companies under the china law will follow that.
Quote
Audience: Can you clarify as whether all merchants are not allowed to accept btc or is it only for existing financial institutions?
Bobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
https://www.youtube.com/watch?v=rBgQFzyg8pk&feature=youtu.be&t=45m17sBobby Lee: it’s both. Financial institutions can’t touch it and goods/services are not allowed to be sold or priced in btc. Two different points and they both apply.
that's an official statement from Bobby Lee of BTC China. 2 follow up questions from the audience answered by Bobby Lee. This clarifies the future of btc in China's economy.
You are naive. More countries will follow suit.
Conclusion:
If I am wrong about these points government will come down hard on miners. They could make it illegal to mine bitcoins. Then bitcoin will lose all of its advantages compared to alternative cryptocurrencies. It will be a code like the rest of them.
I predict bitcoin to collapse in price.
EDIT: The price increasing shows bitcoin is used as a speculative vehicle. It does not demonstrate bitcoins viability as a store of value or medium of exchange.
How can you make it illegal to mine?
Governments can pass laws that make it illegal to mine bitcoins. Simple. They can raide miners houses if need be. They can threaten you with death penalities if you mine despite it being prohibited. Again its just another line of attack that is unnecessary as you already have two major lines of attack (with one already being law, ie capital gains) to make sure it wont become a major medium of exchange as I discussed in the OP.
Oh God so what should we do, i was going spend lot of money to purchase mining hardwares
Jump to: