I Predict The Financial Establishment Will Crash Bitcoin

No, facts do matter.

Bitcoin is a method for terrorists and drug lords to evade the law.

If that were fixed, i would have fewer objections.

Fact.

 

I don't find people who conflate law with morality and conevy this confusion in politically charged terms to be worth talking to.

 

Too bad it always backfires on you then.

 

Think of cash, and then think of the ability to send that cash to anyone anywhere in the world. That sounds pretty convenient to me.

 

I don't see bitcoin having anything to do with that.

 

BTW, from a privacy perspective, Monero is far superior to Bitcoin.

 

Bitcoin can be said to facilitate the interchange of goods and services. That's the link.

 

Okay, I see your point now.

 

I have said it earlier in the thread, but in essence, its about power and control. The financial establishment can control governments through financial castration. Thus they can induce dissatisfaction with a government through the imposition of financial restrictions. For example, a country like Venezuela has been frozen out of the global financial system. Venezuela, and almost anyone doing business with Venezuela in various international markets inevitably needs to access dollars, because no one is going to accept bolivars as payment. So Venezuela either has to get the dollars from banks controlled by the financial establishment OR buy them on the foreign exchange market, which is also controlled by the financial establishment. With an instrument like bitcoin, Venezuela could bypass this system, and thus alleviate some of the distress that is imposed on it by the financial establishment. Its not only Venezuela, but its other countries that the financial and political establishment would like to punish.

 

Actually, I am not in favor of the US government regulating bit coin. I think its good for people to have a means of exchanging goods and services that it outside of the "peeping Tom" system of government control. I don't think that saying that bitcoin can be used by terrorists or criminals is sufficient grounds to defend its regulation by government. That is because, as someone has already pointed out, criminals already have methods of using the current system to accomplish their objectives. I think that in the name of combating terrorism, US citizens have already sacrificed too many of their liberties, which is having the effect of the US government slowly evolving into a police state.

That said, I think it would be good for bitcoin to be regulated for the protection of its users against fraudulent manipulation of its value. I don't know how that could be accomplished without government control. Just saying.

 

Given bitcoin as an example, new development teams are coming out with newer cryptocurrencies with built-in privacy that will be essentially unregulatable.

 

That's interesting. I wonder how they do that. Can you give me an example so that I can perhaps see how they approach the problem?

 

Monero would be a good example

 

Thanks. I am going to look that up when I get a chance. The subject of encryption is quite fascinating.

 

I find it fascinating too. Plus it keeps the state our of my business.

 

That's a good thing. I predict they are going to try to get rid of cash. They have already been floating trial balloons.

 

I agree with you. The definitely are floating trial balloons around that.

 

Everyone is trying to get rid of cash. That has nothing to do with whether it is dollars or something else.

The effort being made by crypto currencies is for the secrecy that allows more profitable crime and movement of money for nefarious purposes,such as terrorism.

 

Or for people who simply want financial privacy.

 

Much to @WillReadmore's chagrin, I have been mining monero. I've got a couple hundred dollars worth. And guess what? I'm not a terrorist or a drug lord. I just like my privacy.

 

My view is that these cryptocurrencies need to be modified to allow the pursuit of criminals.

I'm not suggesting that all owners are criminals.

I am pointing out that they are being used for criminal purpose, including tax avoidance, money laundering and the movement of funds for illegal purpose, even including terrorism. I'd note that one of the major moves against terrorism has been the organization of international banking to allow tracking of major funds movements. And, the same goes for drug running.

I see the negatives of protecting these criminal purposes as overriding some need of individuals to have greater secrecy than what is already provided by our banking system.

 

They're not going to be modified to allow the pursuit of criminals. Part of their whole reason for existence is to provide privacy.

 

They would probably lose quite a bit of their attractiveness if privacy was weakened.

 

But it can't be weakened.

 

My point was that if they made it such that you could track people, like what that guy was saying, then it would be weakened and lose its attractiveness.