Governments don’t need to actively fight bitcoin. Establishing their own digital currencies off of the lessons and norms of China will be enough. I will use e-Ksh. Over some hazy crypto. Most people will do this. Crypto is literally tulip mania and will die a natural death and the losers will be left reeling.
China is a pace setter not an outlier. Governments have been moving to digital money for a long time now. In Kenya, we use Mpesa as an alternative to actual coins and notes.
Bitcoin is definitely not a “part of the internet.” It’s share if e-commerce is insignificant. China is the world leader in e-commerce and bitcoin plays no role in that. Amazon is the leading brand for e-commerce in the America and does not accept bitcoin payment. Lol. You even have to use Fiat Currency to put bitcoin’s value into context. Nobody wants to transact with 0.7335 of a currency.
Digital money kama mpesa sio crypto so your comparison is moot, also bitcoin being part of the internet is independent of its role in e commerce, so hiyo comparison pia ni poor, I’m not arguing that bitcoin will replace fiat any time soon which is what you think I’m doing going by your replies, I’m saying that bitcoin is here to stay just like some other forms of currency like gold and even sex still exist and no govt least of all China can prevent that, death of fiat might happen in a cyber punk kind of world where the concept of countries becomes strange and the world is much bigger than we can imagine but it will eventually come
@girlciki93 basically arguments zako ziko hivi, if crypto doesn’t look like fiat, doesn’t transact like fiat, doesn’t value like fiat, then it will die, which is pretty poor because you are limiting the value of crypto to poor fiat comparisons which defeats the purpose of differentiating btn them in the first place which further blinds you to the true value and potential of crypto.
And I’m telling you that crypto is no different to tulip mania. The hype will run out and the losers will be left with duds in exchange of their savings/investments. This is going to happen because crypto has no other purpose other than speculation. It cannot appreciate forever because this “utility” is founded on the fact that bitcoin (the anchor crypto and all crypto fluctuate dependent on it) is still being mined. Once this is over, crypto will bubble will burst or should I say the pyramid scheme will have run its course.
tulips hazikua na value, the mania began because someone decided to spread a rumour about their scarcity in a day when info was hard to come by, bitcoin has anonymity value and ‘calculational value’, attributes that the internet is built upon BTW, the passwords that protect your info are hard to crack because of the algorithms that bitcoin relies on that’s what I meant when I said its part of the internet, that’s value, if those passwords are cracked e commerce will collapse along with bitcoin, bitcoin haitapotea pekee yake, everything that relies on the internet for information protection will collapse, that’s real value
Crypto regulation is coming. I suspect when it hits 100K to the dollar, the US governemnt will place its foot down. And that will be the end of the meteoric rise of crypto. Remember crypto was made to bypass government systems. But oh no, not uncle sam. You are only ahead of them for a lil bit.
Theres two values in crypto. The first is crypto as a means of exchange. That is like US dollar to Kenyan shilling exchange rate. That part the US government will not regulate. The second part is where the trouble starts. Crypto as an asset. Think about the following example. Today crypto trades at $55k to a dollar. A Toyota Axio costs $10,000. The dealer today will take an equivalent of 0.2 crypto for the purchase. In anticipation, you purchase 0.2 crypto. During the night, crypto appreciates in value to $60k to a dollar. So instead of purchasing that car for 0.2 crypto, you now purchase it for 0.17 crypto. Since you have 0.03 crypto( $1800) left over, you use it for other needs. You are a happy person. But tax authorities got bypassed. There was a capital gains tax due to overnight rise in the crypto price when it rose from $50 to $60 K.
Many governments will not watch it grow unchecked.
What is your bitterness with crypto? Are you now saying turning a profit trading crypto is as difficult as winning a jackpot? So what he has crypto for speculative purposes? Isn’t that one of the reasons people use money, for speculative purposes? Elon Musk is a billionaire who builds space rocket amongst other things. If he tells you crypto is good, you better listen. And if the Chinese government, the 2nd largest economy in the world, is already driving into crypto, why dismiss it as useless rubbish?
Anonymity transactions existed 10 years ago. Governments caught up. Already, several crypto exchanges have been stopped from trading in certain countries.
undemocratic theocracies and autocracies are irrelevant, halafu kwa hiyo post umesema America will regulate, hiyo itakuwa ngumu, kama wameshindwa kuregulate other freedoms like gun ownership and free speech, there are lobbying groups waiting for them to regulate, one thing I’ve learnt is never under estimate the need for Americans to feel independent from govt scrutiny and interference, they’ll fight it even if it costs them their country just like they’re currently fighting covid restrictions
Kuna dongle unaeza tumia, a kind of radio transceiver that bypasses isps, inatumia satellite, you can connect to blockstream satellite with that, nimekwambia kuna solution to everything especially when it involves fundamental liberties in murica, that satellite bypasses the internet provided by normal isps, kind of like spacex’s starlink
Except you forgot key things. E-commerce is still a very small portion of global retail. Retail is not dependent on the internet.
And value is derived from utility. Bitcoin has no real world utility. It is purely speculation like gambling on football matches. The only result is transfer of wealth.
You are holding bitcoin right now because of its appreciating price. You expect that it will continue to rise and you can sell it off to the next fool in exchange for legal tender. There really is nothing else that YOU can use with bitcoin. You’re using it to speculate.
Don’t you see how retarded it is. Nobody wants to deal with 0.00 anything of anything. It is a layer of complexity.
Bitcoin is not really a means of exchange. It will never have widespread acceptance. And two it’s value will always be communicated in terms of Fiat Currency. When you say 0.05 btc it is meaningless because there’s no context for it. You have to put it in terms of Ksh. Or $. Your speculations about tax is meaningless because crypto will never enjoy widespread use.
Lol. Bitcoin is not an asset. It’s a speculative tool. It has no utility. It’s underlying technology hasn’t benefited anyone. It even has early adopter benefits not dissimilar from those of a Pyramid Scheme.
Because I can think? Don’t blindly buy into appeal to authority. China is not adopting crypto. Lmao. They are testing digital Yuan. It is controlled centrally unlike crypto. So what are you saying?
Elon Musk endorsing crypto does not really mean anything whatsoever. Governments have the final say on legal tender, asset protection and what not.
Of course you can speculate all day the same way people place bets and join pyramid schemes. But don’t spread a lie about crypto being things they are not.