I Predict The Financial Establishment Will Crash Bitcoin

If the US government burned all the federal notes in existence, would you still have money?

 

That's a good question. I don't know the answer.

But back to bitcoin. Now, how would the government go about banning bitcoins, since there are no actual bitcoins in existence and there are no banks that open accounts denominated in bitcoin?

 

I asked the question to show you that your dollars are virtual, just like bitcoin.

If all federal notes in existence were destroyed, you'd still have $x amount of virtual dollars in your bank account.

I've already explained that, I'm not sure why you're hung up on something you can physically touch, since our current method of currency usage is the same paradigm.

You can exchange bitcoin for federal notes in the same way you exchange your virtual dollars for federal notes. It's the same thing.

To know that bitcoin is real currency, all you have to do is find out if someone is willing to exchange tangible goods for bitcoin, and they certainly are. You can buy a car with bitcoin, therefore it must exist.

 

Okay, but you still haven't explained how the government would know whether you possessed bitcoins, tangible or virtual, especially since no banks open up accounts denominated in bitcoin.

 

As I said, when it comes to the federal government getting their taxes, they will find a way.

Here are some examples of the governments actions, and how it is already cracking down on Bitcoin.

https://www.zerohedge.com/news/2017...ack-cryptocurrencies-new-chain-analysis-tools

https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/

https://news.bitcoin.com/irs-crackdown-tracking-bitcoiners-with-chainalysis/

 

I just had an idea, so I'd like to take another bite out of that apple. How about the Interstate Commerce Clause

I would argue that the power to regulate commerce in this way, implies the power to regulate crypto-currencies such as bitcoin. To see how this is so, consider the case that no such power existed. That means that since the power does not reside in the federal government, it must reside in the states. Recall

Therefore the states could in theory, regulate bitcoin individually, which could result in different valuations, which in turn could create chaos in terms of interstate commerce.

Therefore I say the power comes from the power of Congress to regulate interstate commerce.

How about that?

 

Yeah, that has already been pointed out. I tried to address this contention in subsequent posts.

 

How do they know you've opened up an account?

 

You're stuck in the "account" paradigm. These cryptocurrencies do not fit the bank paradigm.

While they may not have your traditional "accounts" the ways banks operate, they do have transactions and exchanges.

That's how they will catch you. They already have ways of going after the blockchain and people who transact in bitcoin.

 

How can they catch you if you don't even have an account?

 

I guess the first thing would be to figure out what the founders meant by commerce.

 

I already explained that multiple times.

From your transactions in using bitcoin.

Same topic covered by the links I provided.

 

Yeah...gotta second that opinion. The meteoric rise is over and hopefully there are some who made some money on the ride. Transmission costs are excessive (mining fees). It was good while it lasted.

 

How do they know that any transaction is mine or yours or anyone else's?

 

I'm not sure why you keep asking the same questions, I've provided sources that answer all of them.

The IRS has been finding bitcoin transactions since 2015.

Bitcoin is an algorithm. It is "software" for lack of a better word.

While it is extremely complicated, anyone with the power and resources of a government like China and the US can break it.

 

I'm not sure whether I asked that question before. The question (which I'm pretty sure I asked for the first time) was: How do they know that any transaction is mine or yours or anyone else's.

I don't own the block chain, or have a computer with the block chain on it. Therefore, there's no way I can own any bitcoin.

 

You're attempting to shoe horn the concept of bitcoin into an old paradigm.

It doesn't work that way.

Just because it doesn't work that way doesn't mean it doesn't "exist".

Clearly bitcoin exists, because people place value on it, and will exchange a tangible good for bitcoin.

If it didn't exist, it could not be used in a transaction.

Since it is being used globally in transactions, clearly it is something.

That you can't touch it or withdraw actual bitcoins is not really relevant.

 

I'm trying to figure out how a person, the blockchain, and bitcoins relate. Given the blockchain and bitcoins, how can a person be convicted of possessing bitcoins?

 

https://support.coinbase.com/customer/portal/articles/1027432-where-is-my-wallet-address-

https://www.coindesk.com/information/how-to-store-your-bitcoins/

 

That only applies to coinbase clients. I'm talking about the blockchain.

 

Then maybe you could learn by reading up on how coinbase accounts relate to the blockchain.

 

I'm familiar. Very many people don't use coinbase. In that case, how does one connect a person to a particular bitcoin?

 

Like this:

https://www.technologyreview.com/s/608716/bitcoin-transactions-arent-as-anonymous-as-everyone-hoped/

 

I gave you another case where there is no physical object and where we convict people.

I don't know what you're concern is.

 

I absolutely agree that the federal government has the right to regulate bitcoin.

And, given that it is being used to hide significant crime (money laundering, drugs, tax dodging, etc.) there is serious reason for them to do that.

It appears that bitcoin was designed as a method of avoiding all law as well as law enforcement.

I'm not sure what methods of enforcement will be required.